According to Statistics Estonia, in January 2022, Estonia’s exports of goods increased by 35% and imports by 36%, compared with January 2021; trade growth was significantly boosted by the increased exports and imports and higher prices of mineral fuels and electricity.
In January, Estonia’s exports of goods amounted to €1.6 billion and imports to nearly €1.8 billion at current prices. The trade deficit was €178 million and grew by €62 million, compared with January 2021, according to Statistics Estonia, the country’s official statistics agency.
Evelin Puura, a leading analyst at the agency, said that, in January, trade was influenced by the low reference base of January 2021 and also by the rising prices of raw materials.
“The rise in prices had the biggest impact on trade in mineral fuels and electricity. In January this year, mineral fuels and electricity accounted for 19% of exports and 20% of imports,” Puura said.
Estonia exports to Finland, Latvia and Sweden
The main commodities exported were mineral fuels and electricity, electrical equipment and wood and articles of wood. Compared with January 2021, the biggest increase occurred in the exports of mineral fuels (incl processed mineral oils, natural gas) and electricity, which grew by €128 million.
The exports of wood and articles of wood (incl wood pellets, coniferous wood strips, plywood) grew by €64 million, and the exports of agricultural products and food preparations (incl feed barley) by €45 million.
The main partner country for Estonia’s exports of goods was Finland, followed by Latvia and Sweden. The main commodities exported were natural gas and parts for engines and loaders to Finland, electricity and motor cars to Latvia, and communication equipment, prefabricated wooden buildings and wood pellets to Sweden.
The biggest increase occurred in exports to Latvia, Finland and Lithuania. More electricity was exported to Latvia and Finland, and there were larger dispatches of transport equipment to Lithuania.
Estonia imports from Finland, Russia and Latvia
The main commodities imported to Estonia were mineral fuels and electricity, base metals and articles of base metal, electrical equipment, and raw materials and products of chemical industry.
The imports of mineral fuels (incl oils imported for processing and natural gas) and electricity increased the most (up by €113 million), followed by imports of base metals and articles of base metal (up by €77 million) and raw materials and products of chemical industry (up by €42 million).
The top partner countries for Estonia’s imports of goods were Finland, Russia and Latvia. The biggest rise was recorded in imports from Finland, Russia and Lithuania.
There were greater imports of electricity and diesel fuel from Finland, greater imports of nitrogen fertiliser and mineral fuels for processing from Russia, and increased imports of diesel fuel and aviation fuel from Lithuania.