Trade up in June, despite imports from Russia and Belarus being down
Text Mark Taylor Photo Mikko Virta
According to Statistics Estonia, in June 2022, Estonia’s exports of goods increased by 26% and imports by 24% compared with June 2021. Compared with the second quarter of last year, exports grew by 21% and imports by 30%. In June and in the second quarter as a whole, trade was primarily boosted by the increased exports and imports of mineral fuels and electricity, as well as wood and articles of wood. 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 284 million euros – up by 28 million euros compared with June 2021.
“Imports have grown at a faster pace in both quarters of the first half-year, which has doubled the trade deficit compared with the same periods last year. The trade deficit has, in turn, been widened by faster price increases for imported raw materials and goods than for exported goods,” explained Evelin Puura, a leading analyst at Statistics Estonia.
The main commodities exported in June were mineral fuels and electricity, electrical equipment, as well as wood and articles of wood. Compared with June 2021, the biggest increase occurred in the exports of mineral fuels and electricity, which grew by 163 million euros. The exports of wood and articles of wood was up by 62 million euros, and the exports of agricultural products and food preparations by 38 million euros.
Estonia’s biggest trading partner was Finland, followed by Latvia and Sweden. “The main commodities exported were metal structures and other steel products and electrical equipment to Finland, electricity and automobiles to Latvia, and wood and articles of wood, prefabricated wooden buildings and communication equipment to Sweden. The biggest increase occurred in exports to Latvia, Norway, and Finland. More electricity, wood and articles of wood, and bitumen were exported to Latvia, and there were larger dispatches of motor fuels and prefabricated wooden buildings to Norway and metal structures to Finland,” added Puura.
The main commodities imported to Estonia were mineral fuels and electricity, transport equipment, and electrical equipment. The imports of mineral fuels and electricity increased the most (up by 110 million euros), followed by imports of base metals and articles of base metal (up by 64 million euros), and wood and articles of wood (up by 40 million euros).
The top partner countries for Estonia’s imports of goods were Finland, Germany, and Sweden. The biggest rise was recorded in imports from Finland, Sweden, and the Netherlands. There were greater imports of electricity and motor fuels from Finland, transport equipment and mineral products from Sweden, and various measuring instruments, mineral products, and gravel from the Netherlands. Imports fell the most from Belarus and Russia.