In May, Estonian exports of goods grew 47% and imports 50% year on year. Trade growth was influenced in addition to 2020 low reference base by exports and imports of mineral fuels, electrical equipment and transport equipment, Estonian official statistics showed.
Statistics Estonia wrote in a press release on Friday, July 9, that in May, Estonia’s exports of goods amounted to 1.5 billion euros and imports to 1.6 billion euros at current prices. The trade deficit was 175 million euros, having increased by 84 million euros compared to May 2020.
Evelin Puura, leading analyst at Statistics Estonia, said that the growth was mainly driven by trade with non-EU countries: there was a significant boost in imports of mineral fuels from Russia and exports of electrical equipment to the USA. «Export and import prices were also influenced by the continuously rising prices of materials. It should also be noted that the reference base of May 2020 was at the lowest of the year, with exports and imports having decreased by a quarter compared to the year before,» said Puura.
The main commodities exported were electrical equipment, mineral fuels, and wood and articles of wood. Compared to May 2020, the biggest increases occurred in the exports of mineral fuels (up by 120 million euros), electrical equipment (up by 93 million euros) and transport equipment (up by 51 million euros).
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The main partner country for Estonia’s exports in goods was Finland, followed by the US and Sweden. The biggest increase occurred in exports to the USA, with larger dispatches of telecommunication equipment. Exports increased also to the Netherlands and Denmark, where more processed fuel oil was exported.
Re-exports from Estonia increased by 42% and exports of domestic goods by 48%. Goods of Estonian origin accounted for 71% of the total exports of goods. The biggest rise in the exports of goods of Estonian origin occurred for processed fuels, telecommunication equipment, coniferous saw timber and prefabricated wooden buildings.
The main commodities imported to Estonia were mineral fuels, electrical equipment, transport equipment, and machinery and mechanical appliances. The imports of transport equipment increased the most (up by 98 million euros), followed by imports of mineral fuels (up by 78 million euros) and machinery and mechanical appliances (up by 62 million euros).
Goods were imported the most from Finland, Russia and Germany. Imports increased the most from Russia and Lithuania, with more mineral fuels and motor fuels imported. From Germany, imports of passenger cars increased, according to Statistics Estonia.