The trade deficit was almost two times smaller in November
According to Statistics Estonia, in November 2023, Estonia’s exports of goods amounted to 1.5 billion and imports to 1.7 billion euros. Compared with November 2022, exports of goods decreased by 12% and imports by 19% at current prices. The trade deficit in November was 200 million euros, which is 198 million euros less than a year earlier.
Jane Leppmets, analyst at Statistics Estonia, noted that the trade deficit in November 2023 was two times smaller than in November 2022. “There was a large deficit in trade with European Union countries. However, trade with non-EU countries was in surplus – exports of goods to these countries exceeded imports in November,” explained Leppmets.
The main commodities exported in November 2023 were electrical equipment (17% of Estonia’s total exports), and agricultural products and food preparations (12%). The biggest fall was recorded in the exports of mineral products (incl. electricity) which decreased by 141 million euros. “The exports of wood and articles of wood (including wood pellets) decreased by 35 million euros and the exports of miscellaneous manufactured articles (including prefabricated wooden buildings) by 20 million euros. The exports of transport equipment and electrical equipment increased by 37 million and 21 million euros, respectively,” said Leppmets. She added that, in November, the share of goods of Estonian origin remained at the same level as the year before and was 65% of total exports. Compared with November 2022, the exports of goods of Estonian origin decreased by 12%, just like total exports.
Leppmets said that Estonia’s top export partner in November was Finland (15% of Estonia’s total exports), followed by Latvia (12%) and Sweden (9%). The main commodities exported were electrical equipment (incl. static converters) to Finland, mineral products (incl. electricity) to Latvia, and electrical equipment (incl. communication equipment) to Sweden. “Compared with November 2022, the biggest decline was registered in exports to Finland (down by 59 million euros), Latvia (down by 47 million euros), and the Netherlands (down by 39 million euros). Year on year, there were decreased exports of natural gas to Finland, electricity to Latvia, and shale oil to the Netherlands. The greatest increase occurred in exports to Singapore (up by 30 million euros), where Estonia exported more mineral products (including shale oil) than last year,” she said.
The main commodities imported in November were transport equipment (13% of Estonia’s total imports), mineral products (12%), electrical equipment (12%), and agricultural products and food preparations (12%). The biggest fall was recorded in the imports of mineral products (incl. gas oils) – down by 233 million euros. The imports of electrical equipment (incl. phone parts) decreased by 58 million euros, the imports of mechanical appliances (incl. air conditioning machines) by 40 million euros, and the imports of raw materials and products of chemical industry (incl. pharmaceuticals) by 40 million euros. The biggest rise occurred in the imports of transport equipment (up by 50 million euros).
According to Leppmets, the top partner country for Estonia’s imports of goods in November was Finland (15% of Estonia’s total imports), followed by Germany (12%) and Lithuania (12%). The main commodities imported were mineral products (incl. electricity) from Finland, transport equipment (incl. motor cars) from Germany, and mineral products (incl. gas oils) from Lithuania. The biggest fall occurred in imports of goods from Russia (down by 116 million euros), Finland (down by 84 million euros), and Latvia (down by 46 million euros). “There were decreased imports of gas oils from Russia, electricity from Finland, and natural gas from Latvia. Imports from Czechia grew by 13 million euros, as there were more arrivals of transport equipment, including motor cars, than the year before,” explained Leppmets.
| Month | Exports, million euros | Imports, million euros | Balance, million euros | |||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2023 | Change, % | 2022 | 2023 | Change, % | 2022 | 2023 | |
| TOTAL | 19,602 | 16,699 | -15 | 22,862 | 19,376 | -15 | -3,260 | -2,677 |
| January | 1,637 | 1,493 | -9 | 1,782 | 1,657 | -7 | -145 | -164 |
| February | 1,509 | 1,526 | 1 | 1,770 | 1,644 | -7 | -261 | -117 |
| March | 1,985 | 1,707 | -14 | 2,171 | 1,917 | -12 | -186 | -210 |
| April | 1,601 | 1,500 | -6 | 2,136 | 1,749 | -18 | -536 | -249 |
| May | 1,929 | 1,644 | -15 | 2,229 | 1,970 | -12 | -301 | -326 |
| June | 1,838 | 1,597 | -13 | 2,144 | 1,856 | -13 | -306 | -259 |
| July | 1,698 | 1,266 | -25 | 2,049 | 1,640 | -20 | -351 | -374 |
| August | 1,890 | 1,482 | -22 | 2,190 | 1,772 | -19 | -300 | -290 |
| September | 1,931 | 1,475 | -24 | 2,125 | 1,670 | -21 | -194 | -196 |
| October | 1,843 | 1,478 | -20 | 2,126 | 1,772 | -17 | -283 | -294 |
| November | 1,741 | 1,531 | -12 | 2,139 | 1,730 | -19 | -398 | -200 |
| 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 | 1,531 | 100 | -12 | TOTAL | 1,730 | 100 | -19 |
| EU-27 | 1,081 | 71 | -14 | EU-27 | 1,501 | 87 | -12 |
| Euro area 20 | 801 | 52 | -15 | Euro area 20 | 1,133 | 65 | -16 |
| Non-EU | 449 | 29 | -7 | Non-EU | 229 | 13 | -46 |
| 1. Finland | 232 | 15 | -20 | 1. Finland | 259 | 15 | -24 |
| 2. Latvia | 178 | 12 | -21 | 2. Germany | 213 | 12 | 1 |
| 3. Sweden | 133 | 9 | -20 | 3. Lithuania | 207 | 12 | -9 |
| 4. Lithuania | 129 | 8 | 21 | 4. Latvia | 179 | 10 | -20 |
| 5. Germany | 115 | 8 | 18 | 5. Poland | 139 | 8 | 6 |
| 6. Poland | 57 | 4 | 3 | 6. Sweden | 132 | 8 | 5 |
| 7. Russia | 53 | 3 | -27 | 7. Netherlands | 94 | 5 | -15 |
| 8. Norway | 52 | 3 | -15 | 8. Italy | 55 | 3 | -3 |
| 9. Denmark | 48 | 3 | -21 | 9. Czechia | 47 | 3 | 36 |
| 10. Netherlands | 44 | 3 | -47 | 10. China | 45 | 3 | -41 |
| Commodity section (chapter) by Combined Nomenclature (CN) | Exports | Imports | Balance | ||||
|---|---|---|---|---|---|---|---|
| Million euros |
Share, % |
Change on previous year, % | Million euros | Share, % | Change on previous year, % | Million euros | |
| TOTAL | 1,531 | 100 | -12 | 1,730 | 100 | -19 | -200 |
| Agricultural products and food preparations (I–IV) | 187 | 12 | -4 | 211 | 12 | 0 | -24 |
| Mineral products (V) | 119 | 8 | -54 | 216 | 12 | -52 | -97 |
| Raw materials and products of chemical industry (VI) | 74 | 5 | -15 | 157 | 9 | -20 | -83 |
| Articles of plastics and rubber (VII) | 44 | 3 | -13 | 79 | 4 | -16 | -36 |
| Wood and articles of wood (IX) | 153 | 10 | -19 | 49 | 3 | -19 | 104 |
| Paper and articles thereof (X) | 32 | 2 | -7 | 28 | 2 | -10 | 4 |
| Textiles and textile articles (XI) | 38 | 2 | -19 | 67 | 4 | -12 | -29 |
| Base metals and articles of base metal (XV) | 122 | 8 | -8 | 146 | 8 | -11 | -24 |
| Machinery and mechanical appliances (84) | 155 | 10 | 0 | 168 | 10 | -19 | -13 |
| Electrical equipment (85) | 253 | 17 | 9 | 213 | 12 | -21 | 40 |
| Transport equipment (XVII) | 150 | 10 | 33 | 223 | 13 | 29 | -73 |
| Optical, measuring, precision instruments (XVIII) | 50 | 3 | -10 | 46 | 3 | -2 | 5 |
| Miscellaneous manufactured articles (XX) | 102 | 7 | -16 | 46 | 3 | -19 | 56 |
| Other | 52 | 3 | -24 | 81 | 5 | -20 | -29 |
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. Statistics Estonia’s foreign trade application provides visualised foreign trade data for Estonia.
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