Mineral fuels impacted the decline in exports in January
According to Statistics Estonia, in January 2023, exports and imports of goods at current prices decreased by 9% and 1% respectively, compared with the same month in 2022. Estonia’s exports of goods amounted to 1.5 billion and imports to 1.8 billion euros at current prices. The trade deficit was 272 million euros, up by 127 million euros from a year earlier.
The figure in the news release was corrected on 14.03.2023.
Jane Leppmets, an analyst at Statistics Estonia, pointed out that although imports and exports of wood and articles of wood and raw materials and products of chemical industry also declined, the decrease in exports and imports in January was mainly affected by a marked fall in imports and exports of mineral fuels. “Looking at current prices, exports of mineral fuels in 2023 fell by 55% and imports by 44% compared with January last year. Exports of electricity to Latvia and imports from Finland as well as imports of various mineral products from Russia and Belarus decreased,“ Leppmets added.
The main commodities exported in January were electrical equipment (for 202 million euros), wood and articles of wood (for 183 million euros), and agricultural products and food preparations (for 168 million euros). The biggest decreases were registered in the exports of mineral products, including shale oil and electricity (down by 174 million euros), raw materials and products of chemical industry, incl. fertilisers (down by 37 million euros), and wood and articles of wood, incl. wood sawn lengthwise (down by 14 million euros). Compared with the same period of 2022, the biggest increase occurred in the exports of agricultural products and food preparations (up by 38 million euros). A rise was also recorded in exports of transport equipment (up by 21 million euros) and machinery and mechanical appliances (up by 11 million euros). Compared with a year ago, the share of goods of Estonian origin in exports has remained almost unchanged, accounting for 67% of the total exports in January 2023.
Estonia's largest export partner in January was Finland (18% of total exports), followed by Latvia and Sweden (both 11%). The main commodities exported were electrical equipment to Finland and Sweden and mineral products, incl. electricity, to Latvia. Exports fell to both non-EU (18%) and EU (6%) countries. The biggest decreases were recorded in exports to the Netherlands, the United States, and Latvia, and increases to Finland, Nigeria, and Sweden.
The main commodities imported to Estonia in January were electrical equipment (for 231 million euros), mineral products (for 193 million euros), and transport equipment (for 191 million euros). The biggest decreases occurred in the imports of mineral products, including various oils and electricity (down by 155 million euros), wood and articles of wood, incl. wood sawn lengthwise (down by 28 million euros), raw materials and products of chemical industry, incl. fertilisers (down by 27 million euros), and base metals and articles of base metal, incl. flat-rolled products (down by 26 million euros). The biggest increases were recorded in the imports of electrical equipment (up by 46 million euros), agricultural products and food preparations (up by 35 million euros), and transport equipment (up by 23 million euros).
The top partner countries for Estonia’s imports of goods were Finland (14% of Estonia’s total imports), Latvia (11%), and Germany (11%).The main imports were mineral products from Finland and Latvia and transport equipment from Germany. The share of trade with EU countries in Estonia’s imports in January was 79%, with imports from euro area countries accounting for 60% of Estonia’s total imports. The biggest fall occurred in imports from countries outside the European Union, including Russia and Belarus (both down by 95%), while imports from EU member states, incl. Germany, Poland, and Latvia, increased the most.
Statistics Estonia performs the statistical activity “Foreign trade” for the Ministry of Economic Affairs and Communications with the aim to determine how exporting and importing enterprises are performing in Estonia.
|Month||Exports, million euros||Imports, million euros||Balance, million euros|
|2022||2023||Change, %||2022||2023||Change, %||2022||2023|
|Country of destination, group of countries||Exports, million euros||Share, %||Change on previous year, %||Country of consignment, group of countries||Imports, million euros||Share, %||Change on previous year, %|
|Euro area 20||840||56||-8||Euro area 20||1,060||60||8|
|1. Finland||265||18||18||1. Finland||246||14||-8|
|2. Latvia||163||11||-15||2. Latvia||190||11||16|
|3. Sweden||162||11||11||3. Germany||186||11||24|
|4. Lithuania||106||7||12||4. Lithuania||164||9||-1|
|5. Germany||99||7||-17||5. Poland||135||8||34|
|6. Netherlands||73||5||-49||6. Sweden||128||7||5|
|7. Russia||53||4||-1||7. Netherlands||92||5||23|
|8. Denmark||52||3||-18||8. China||67||4||-11|
|9. Poland||50||3||-5||9. Belgium||48||3||22|
|10. Norway||49||3||6||10. Italy||43||2||23|
|Commodity section (chapter) by Combined Nomenclature (CN)||Exports||Imports||Balance, million euros|
|Million euros||Share, %||Change on previous year, %||Million euros||Share, %||Change on previous year, %|
|Agricultural products and food preparations (I–IV)||168||11||29||176||10||25||-8|
|Mineral products (V)||144||10||-55||193||11||-44||-49|
|Raw materials and products of chemical industry (VI)||80||5||-31||144||8||-16||-63|
|Articles of plastics and rubber (VII)||50||3||19||82||5||-6||-32|
|Wood and articles of wood (IX)||183||12||-7||49||3||-36||133|
|Paper and articles thereof (X)||33||2||-3||30||2||21||2|
|Textiles and textile articles (XI)||37||3||5||64||3||8||-27|
|Base metals and articles of base metal (XV)||137||9||0||171||10||-13||-34|
|Machinery and mechanical appliances (84)||129||9||9||173||10||5||-44|
|Electrical equipment (85)||202||14||-3||231||13||25||-30|
|Transport equipment (XVII)||117||8||22||191||11||14||-74|
|Optical, measuring, precision instruments (XVIII)||46||3||27||41||2||13||5|
|Miscellaneous manufactured articles (XX)||109||7||0||40||2||-11||69|
More detailed data have been published in the statistical database. Due to rounding, the sum of rows in some tables may differ from the sum total of the column.
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