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Trade grew by over 40% in August year on year

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Posted on 11. October 2021 8:00

According to Statistics Estonia, in August, exports of goods increased by 46% and imports by 40% year on year. Trade growth was significantly influenced by the increase in the exports and imports of mineral fuels and wood and articles of wood.

In August, Estonia’s exports of goods amounted to 1.6 billion euros and imports to 1.7 billion euros at current prices. The trade deficit was 92 million euros, which is 22 million euros lower than in August 2020.

Evelin Puura, leading analyst at Statistics Estonia, noted that trade was greatly influenced by the increased exports and imports of mineral products which grew, respectively, nearly four and three times. “In August, there was a significant rise in trade in mineral fuels and electrical energy. There was an increase in the processing of imported fuel oils and aviation fuels, but also in the imports of gasoline and diesel fuels and in electrical energy trade,” explained Puura.

According to Puura, mineral fuels, which are reprocessed in Estonia, held the biggest share among mineral products in terms of both quantity and value. “For example, various fuel oil preparations are imported and, by the addition of components, turned into fuels with different quality and purpose,” said Puura.

The main commodities exported in August were mineral fuels, electrical equipment, and wood and articles of wood. Compared to August 2020, the biggest increases occurred in the exports of mineral fuels (up by 262 million euros), electrical equipment (up by 75 million euros) and wood and articles of wood (up by 53 million euros).

The main partner country for Estonia’s exports of goods was Finland, followed by Latvia and the USA. The biggest increase occurred in exports to the Netherlands, the USA and Finland. There were larger dispatches of processed fuel oil to the Netherlands, more dispatches of telecommunications equipment to the USA, and re-exports of natural gas to Finland.

Re-exports from Estonia increased by 55% and exports of domestic goods by 43%. Goods of Estonian origin accounted for 69% of the total exports of goods. In the case of goods of Estonian origin, the biggest rise occurred in the exports of fuels, telecommunications equipment, coniferous sawn timber and continuously shaped coniferous strips and friezes.

The main commodities imported to Estonia were mineral fuels, electrical equipment, and base metals and articles of base metal. The imports of mineral fuels increased the most (up by 189 million euros), followed by imports of base metals and articles of base metal (up by 63 million euros) and wood and articles of wood (up by 55 million euros).

In August, the top partner countries for Estonia’s imports of goods were Finland, Russia and Germany. The biggest rise was recorded in imports from Russia, Finland and Belarus. There were increased imports of fuel oils, motor fuel and coniferous sawn timber from Russia, electrical energy from Finland, and fuel oils from Belarus.

Estonia's foreign trade by month, 2019–2021
Estonia’s foreign trade by month, 2020–2021
Month Exports, million euros Imports, million euros Balance, million euros
2020 2021 Change, % 2020 2021 Change, % 2020 2021
TOTAL 8,904 11,513 29 9,631 12,632 31 -727 -1,119
January 1,146 1,189 4 1,165 1,305 12 -19 -117
February 1,088 1,258 16 1,213 1,327 9 -124 -69
March 1,234 1,466 19 1,388 1,651 19 -154 -185
April 1,016 1,560 53 1,086 1,636 51 -69 -77
May 1,001 1,472 47 1,095 1,645 50 -94 -172
June 1,170 1,476 26 1,181 1,715 45 -11 -240
July 1,163 1,503 29 1,304 1,672 28 -141 -169
August 1,086 1,589 46 1,200 1,681 40 -114 -92
Main foreign trade partners of Estonia, August 2021
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, %
TOTAL 1,589 100 46 TOTAL 1,681 100 40
EU-27 1,061 67 46 EU-27 1,178 70 29
Euro area 19 802 50 56 Euro area 19 901 54 33
Non-EU 528 33 46 Non-EU 504 30 76
1. Finland 240 15 37 1. Finland 231 14 49
2. Latvia 167 11 53 2. Russia 225 13 187
3. USA 158 10 94 3. Germany 164 10 25
4. Sweden 139 9 15 4. Lithuania 151 9 30
5. Netherlands 135 9 327 5. Latvia 136 8 15
6. Germany 88 6 53 6. Sweden 118 7 13
7. Lithuania 85 5 19 7. Poland 99 6 24
8. United Kingdom 80 5 112 8. Netherlands 75 4 46
9. Russia 59 4 -6 9. China 65 4 2
10. Norway 46 3 17 10. Belarus 56 3 409
Exports and imports by commodity section, August 2021
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, %
TOTAL 1,589 100 46 1,681 100 40 -92
Agricultural products and food preparations (I–IV) 130 8 25 152 9 9 -23
Mineral products (V) 358 23 273 306 18 162 53
Raw materials and products of chemical industry (VI) 69 4 18 143 9 29 -74
Articles of plastics and rubber (VII) 47 3 27 99 6 45 -52
Wood and articles of wood (IX) 165 10 48 99 6 124 66
Paper and articles thereof (X) 32 2 20 25 1 21 7
Textiles and textile articles (XI) 31 2 5 61 4 13 -30
Base metals and articles of base metal (XV) 107 7 31 171 10 58 -64
Machinery and mechanical appliances (84) 110 7 15 152 9 19 -41
Electrical equipment (85) 248 16 43 179 11 10 69
Transport equipment (XVII) 89 6 20 130 8 28 -41
Optical, measuring, precision instruments (XVIII) 39 2 -13 33 2 -6 6
Miscellaneous manufactured articles (XX) 111 7 13 42 2 34 69
Other 54 3 -2 91 5 14 -37

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.

See also the foreign trade section on our website. Visualised data of Estonia’s foreign trade can be viewed in Statistics Estonia’s application.

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.

 

For further information:

Kadri Kütt
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181

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