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In May, trade grew again by a half

News
Posted on 9. July 2021 8:00

According to Statistics Estonia, in May, exports of goods increased by 47% and imports by 50% year on year. Trade growth was influenced in addition to last year’s low reference base by exports and imports of mineral fuels, electrical equipment and transport equipment.

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).

The main partner country for Estonia’s exports in goods was Finland, followed by the USA 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.

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 5,491 6,953 27 5,941 7,577 28 -450 -624
January 1,148 1,190 4 1,165 1,305 12 -17 -115
February 1,090 1,261 16 1,212 1,329 10 -122 -68
March 1,235 1,471 19 1,387 1,653 19 -152 -182
April 1,017 1,562 54 1,085 1,647 52 -68 -84
May 1,002 1,469 47 1,094 1,644 50 -92 -175
Main foreign trade partners of Estonia, May 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 1,469 100 47 TOTAL 1,644 100 50
EU-27 983 67 43 EU-27 1,187 72 45
Euro area 19 699 48 42 Euro area 19 884 54 42
Non-EU 486 33 56 Non-EU 457 28 67
1. Finland 211 14 19 1. Finland 206 13 27
2. USA 141 10 150 2. Russia 193 12 77
3. Sweden 137 9 16 3. Germany 174 11 66
4. Latvia 129 9 37 4. Lithuania 151 9 57
5. Germany 99 7 45 5. Latvia 132 8 28
6. Lithuania 94 6 54 6. Sweden 120 7 50
7. Netherlands 73 5 140 7. Poland 111 7 54
8. Russia 73 5 32 8. Netherlands 66 4 23
9. Denmark 67 5 145 9. Belarus 50 3 563
10. Norway 54 4 55 10. China 50 3 -9
Exports and imports by commodity section, May 2021
Commodity section (chapter) by Combined Nomenclature (CN)     Balance, million euros
Exports, million euros Share, % Change on previous year, % Imports, million euros Share, % Change on previous year, %
TOTAL 1,469 100 47 1,644 100 50 -175
Agricultural products and food preparations (I–IV) 116 8 21 148 9 23 -33
Mineral products (V) 198 14 153 234 14 50 -36
Raw materials and products of chemical industry (VI) 72 5 29 153 9 52 -81
Articles of plastics and rubber (VII) 49 3 52 94 6 46 -45
Wood and articles of wood (IX) 161 11 33 78 5 71 83
Paper and articles thereof (X) 31 2 34 24 2 22 8
Textiles and textile articles (XI) 34 2 29 56 3 31 -22
Base metals and articles of base metal (XV) 117 8 35 153 9 55 -36
Machinery and mechanical appliances (84) 124 8 28 178 11 54 -54
Electrical equipment (85) 244 17 61 185 11 40 59
Transport equipment (XVII) 111 8 85 180 11 119 -70
Optical, measuring, precision instruments (XVIII) 33 2 -33 34 2 2 -2
Miscellaneous manufactured articles (XX) 123 8 42 43 3 50 80
Other 58 4 42 84 5 57 -26

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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