10.11.2022 | Estonia

In September, the share of trade with European Union countries increased

Text Mark Taylor
Photo Andrei Chertkov

According to Statistics Estonia, in September 2022, Estonia’s exports of goods increased by 14 per cent and imports by 19 per cent at current prices compared with September 2021. In the third quarter of 2022, exports were up by 16 per cent and imports by 22 per cent. Trade was mainly boosted by the increased exports and imports of mineral products as well as by rising prices in general.

“In September, Estonia’s exports of goods amounted to nearly 1.9 billion and imports to 2.1 billion euros at current prices. The trade deficit was 155 million euros, which is 92 million euros more than in September last year. In the third quarter as a whole, the trade deficit was over two times bigger than in the third quarter of 2021,” explained Jane Leppmets, analyst at Statistics Estonia.

The main commodities imported to Estonia in September were mineral products (for 411 million euros), electrical equipment (for 250 million euros), transport equipment (for 212 million euros), and agricultural products and food preparations (for 205 million euros). The greatest increase occurred in the imports of gas oils, electricity, motor cars, electrical equipment, and vegetable oils.

The top partner countries for Estonia’s imports of goods were Finland (17 per cent of total imports), Latvia (11 per cent) and Germany (11 per cent). Imports from Finland outvalued imports from all non-EU countries combined. This was due to increased imports from Finland and also the dramatic decline in imports from Russia. The main commodities imported were mineral products from both Finland and Latvia, and transport equipment from Germany.

In September 2021, EU countries represented 73 per cent of imports to Estonia, while in September 2022 their share in imports was already 83 per cent.

Compared with September 2021, the biggest rise was recorded in imports from Latvia (up by 81 million euros), followed by imports from Finland (up by 66 million euros) and Lithuania (up by 63 million euros). In September, similarly to August, the biggest decrease year on year occurred in imports from Russia (down by 132 million euros) and Belarus (down by 51 million euros).