Analytics, Baltic Export, Baltic States – CIS, Estonia, EU – Baltic States, Foreign trade , Good for Business

In September, both Estonia’s exports and imports of goods amounted to 1.3 billion euros at current prices. The trade surplus was 4 million euros. Year on year, the trade deficit narrowed by 165 million euros. The last time that the trade balance was positive was in December 2010.

According to Evelin Puura, leading analyst at Statistics Estonia, trade was in recovery mode in the third quarter. “In September, export turnover was the highest of this year, which had a positive impact on the whole quarter. The main contributors to the growth in exports were electronics industry with communications equipment and agricultural sector with dispatches of cereals,” explained Puura.

In September, the top destination country of Estonia’s exports was Finland, followed by Sweden and Latvia. Exports increased the most to the USA and China, where more communications equipment was exported compared to last year. The biggest decreases occurred in exports to Denmark and France. Compared to the previous year, less shale oil was exported to Denmark and less electrical equipment to France.

The biggest exports from Estonia were electrical equipment, agricultural products and food preparations, wood and articles of wood, and mineral products. Compared to September 2019, the exports of electrical equipment increased by 75 million euros and the exports of agricultural products and food preparations by 31 million euros. The biggest decrease (by 7 million euros) occurred for exports of mineral products.

Of the total exports of goods, the goods of Estonian origin accounted for 74%. Their exports increased by 15% and re-exports decreased by 1%, compared to last year’s September. The biggest increases occurred in the exports of communication equipment, barley, wheat, rye and scrap metal, and the biggest decrease in the export of shale oil.

The main countries of consignment were Finland, Germany and Latvia. Imports decreased the most from Russia and Lithuania, with the biggest decline in the imports of motor fuel. The imports of goods increased the most from Poland on account of the import of buses.

The main commodities imported to Estonia were electrical equipment, transport equipment, mechanical appliances, and agricultural products and food preparations. The biggest decreases occurred in the imports of bulldozers and loaders to be re-exported and the biggest increase in the imports of transportation equipment.