In May, Estonia’s largest trading partner was Finland
Text Timo Huttunen Photo Payam Moin Afshari / Unsplash
According to the Statistics Estonia, in May 2022, Estonia’s goods exports increased by 31 per cent and imports by 33 per cent compared to May 2021. Trade increased with most of its existing trading partners.
In May, Estonia’s goods exports were 1.9 billion euros, and imports were almost 2.2 billion euros. The trade deficit was 265 million euros. The amount is EUR 88 million more than in May 2021.
Statistics Estonia’s leading analyst Evelin Puura stated that the growth in trade was broad-based. There was growth in almost all areas, and exports decreased only in electrical equipment.
“Trade with the main partner countries also increased, only trade with Russia and the United States decreased. The decline in trade with Russia is due to the gradual entry into force of sanctions related to the war in Ukraine. Exports of electrical equipment to the US have decreased significantly,” Puura said.
The most important export products were mineral fuels, electricity, electrical equipment, and wood and lumber. Compared to May 2021, the export of mineral fuels and electricity increased the most. The increase was 197 million euros. The export of metals and metal products increased by 59 million euros, and the export of wood and wood products by 55 million euros. Exports of electrical equipment decreased the most, by EUR 11 million.
Finland was the most important trade partner for Estonia’s goods exports. Latvia and Sweden followed. “The main commodities exported were metal structures and other steel products and electrical equipment to Finland, electricity, scrap metal and automobiles to Latvia, and communication equipment and prefabricated wooden buildings to Sweden. The biggest increase occurred in exports to Latvia, Finland, Sweden, and Egypt. More electricity was exported to Latvia, and there were larger dispatches of mineral fuels to Sweden and Egypt,” Puura added.
The share of goods originating in Estonia was 72 per cent of the total export of goods. Of the goods originating in Estonia, the export of mineral fuels, scrap metal, and wood and wood products grew the most.
The most important commodities imported to Estonia were mineral fuels, electricity, metals and metal products, electrical equipment and mechanical equipment. Imports of mineral fuels and electricity increased the most (128 million euros). The next largest increase was the import of metals and metal products (91 million euros) and the import of wood and wood products (52 million euros).
The most important partner countries for Estonian goods imports were Finland, Lithuania and Germany. Imports from Finland and Lithuania increased the most. Imports of electricity and scrap metal increased from Finland and motor fuels from Lithuania.