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Estonia’s exports of goods increased by 20% and imports by 28% compared with August 2021

Estonia’s exports of goods amounted to nearly 1.9 billion and imports to almost 2.2 billion euros at current prices. The trade deficit was 288 million euros – it grew by 170 million euros and was over two times higher than in August last year.

Evelin Puura, leading analyst at Statistics Estonia, said that, in August, exports and imports increased the most in trade with European Union (EU) countries. In trade with non-EU countries, there was a rise in exports, while imports decreased. The biggest fall occurred in imports from Russia and Belarus. “Compared with August 2021, there were several key commodities no longer imported from Belarus, including mineral products (incl. oils, bitumen), wood and articles of wood (incl. sawn timber, plywood), and base metals and articles of base metal (incl. wire, bars and rods, metal pipes). In imports from Russia, there has been a drastic decrease in the imports of mineral products (incl. oils, fuels) and there have been no imports of wood and articles of wood,” said Puura.

The main commodities exported in August were mineral fuels and electricity, electrical equipment, wood and articles of wood, and agricultural products and food preparations. Compared with August 2021, the biggest increase occurred in the exports of mineral fuels and electricity (up by 76 million euros), agricultural products and food preparations (up by 62 million euros), and machinery and mechanical appliances (up by 50 million euros). The biggest fall was registered in the exports of electrical equipment (down by 12 million euros).

The main partner country for Estonia’s exports of goods was Latvia, followed by Finland and Sweden. The main commodities exported were electricity and motor cars to Latvia, natural gas, engine parts and metal structures to Finland, and prefabricated wooden buildings and communication equipment to Sweden. The biggest increase occurred in exports to Latvia, India and Finland. “There were larger dispatches of electricity, scrap metal and motor cars to Latvia, greater exports of processed fuel oil to India, and bigger dispatches of natural gas and rape to Finland,” explained Puura. 

More information and source: https://www.stat.ee/en/news/imports-russia-and-belarus-fell-sharply-august 

25.10.2022

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