Re-exports significantly increased trade in July

Estonia’s exports of goods amounted to nearly 1.7 billion and imports to 2 billion euros at current prices. The trade deficit was 349 million euros which is twice as high as in July last year – up by 177 million euros year on year.

Evelin Puura, leading analyst at Statistics Estonia, said that, in July 2022, exports were primarily boosted by re-exports, but the exports of goods of Estonian origin remained at the same level as last year. The biggest increase was recorded in the imports and re-exports of mineral fuels, electricity and natural gas. Year on year, export prices have risen by 27% and import prices by 29%. “In July, the top destination for Estonia’s exports was Latvia – in June, it was Finland. The change in the main partner country for exports was mainly due to the re-exports of electricity and also the rising prices of electricity,” explained Puura.

The main commodities exported in July were mineral fuels and electricity, electrical equipment, agricultural products and food preparations, and wood and articles of wood. Compared with July 2021, the biggest increase occurred in the exports of mineral fuels and electricity (up by 123 million euros), agricultural products and food preparations (up by 45 million euros), and machinery and mechanical appliances (up by 24 million euros).

The main partner country for Estonia’s exports of goods was Latvia, followed by Finland and Lithuania. The main commodities exported were electricity and motor cars to Latvia, metal structures and other steel products and electrical equipment to Finland, and mineral fuels and motor cars to Lithuania. The biggest increase occurred in exports to Latvia, Greece and Lithuania. “There were larger dispatches of electricity, flat-rolled products and motor cars to Latvia, and greater exports of mineral fuels to both Greece and Lithuania,” said Puura.

More information and source: https://www.stat.ee/en/node/258664