Imports of goods increased in November
Text Mark Taylor Photo Andrei Chertkov
According to Statistics Estonia, in November 2022, Estonia’s exports of goods at current prices remained at the same level and imports increased by 12 per cent compared with November 2021. In November, Estonia’s exports of goods at current prices amounted to 1.7 billion and imports to 2.1 billion euros. The trade deficit was 352 million euros, which is 220 million euros more than the year previously.
“Imports from EU countries increased by 21 per cent, while imports from non-EU countries decreased by 14 per cent. The decline was significantly influenced by a drop in imports of goods and raw materials from Russia and Belarus,” said Evelin Puura, a leading analyst at Statistics Estonia.
“The situation is different in exports: in November, total exports remained at the level as the previous year. This was influenced by a decline in exports of goods of Estonian origin. However, it was offset by an increase in re-exports,” Puura added.
Estonia’s largest export partner in November 2022 was Finland (17 per cent of total exports), followed by Latvia (13 per cent) and Sweden (10 per cent). The main commodities exported were natural gas, parts of machinery, and wood to Finland, electricity, natural gas, and automobiles to Latvia, and communication equipment and prefabricated wooden buildings to Sweden. The biggest increase occurred in exports to Latvia (up by 41 million euros), Sweden (up by 15 million euros), and Denmark (up by 14 million euros).
Compared with last year, more electricity, natural gas, and nitrogen fertiliser were exported to Latvia, communication equipment, wood strips, and prefabricated wooden buildings to Sweden, and fuel oil and legumes to Denmark. Exports decreased to the United States (down by 83 million euros), Gibraltar (down by 34 million euros), the United Kingdom, and the Netherlands (both by 16 million euros).
The main commodities exported in November were mineral fuels and electricity (for 260 million euros), electrical equipment (for 231 million euros), and agricultural products and food preparations (for 194 million euros). Compared with November 2021, the biggest increase occurred in the exports of agricultural products and food preparations, transport equipment, and mechanical appliances. The biggest drop, however, was recorded in the exports of base metals and wood.
The top partner countries for Estonia’s imports of goods were Finland (17 per cent of Estonia’s total imports), Lithuania and Latvia (both 11 per cent). Compared with November 2021, the biggest rise was recorded in imports from Finland (up by 65 million euros), followed by Latvia with an increase of 58 million euros, and Lithuania with 49 million euros. Compared with a year earlier, more electricity and motor fuel from Finland, natural gas from Latvia, and motor fuels from Lithuania were imported to Estonia. The biggest decrease occurred in imports from Belarus (down by 52 million euros) and Russia (down by 48 million euros).