Statistics: Estonia’s foreign trade deficit rises to €352 million

According to Statistics Estonia, in November 2022, Estonia’s exports of goods at current prices for November remained at the same level as a year before, while imports increased by 12 percent. The country’s trade deficit now stands at €352 million, an increase of €220 million on year.

The latest data provided by Statistics Estonia shows, that Estonia’s exports of goods at current prices amounted to €1.7 billion and imports to €2.1 billion in November 2022.

Between November 2021 and November 2022, the country’s trade deficit rose by €220 million, reaching €352 million.

“Imports from EU countries increased by 21 percent, while imports from non-EU countries decreased by 14 percent. The decline was significantly influenced by the reduction of imported goods and raw materials from Russia and Belarus,” said Evelin Puura, leading analyst at Statistics Estonia.

As a result, the proportion of imports from EU countries rose to 80 percent. “The situation is different for exports. In November, total exports remained at the same level as the previous year. This was a result of a decline in the export of goods of Estonian origin. However, (the decline) was offset by an increase in re-exports,” Puura added.

Estonia’s largest export partner in November 2022 was Finland (17 percent of total exports), followed by Latvia (13 percent) and Sweden (10 percent).

The main commodities exported to Finland November were natural gas, machinery parts, and unprocessed wood. Electricity, natural gas and automobiles were the commodities exported most to Latvia. Communication equipment and prefabricated wooden buildings were the products exported most to Sweden in November.

The biggest growth in exports to individual countries were to Latvia (up €41 million), Sweden (up €15 million), and Denmark (up €14 million). Compared with the same month in 2021, Estonia exported higher amounts of electricity, natural gas, and nitrogen fertilizer to Latvia.

More communication equipment, wood strips, and prefabricated wooden buildings were exported to Sweden, and larger amounts of fuel oil and legumes were sent to Denmark. Exports to the U.S. were down by €83 million in November, while those to Gibraltar also fell by €34 million. Meanwhile, exports to the U.K. and the Netherlands both dropped by €16 million the United Kingdom. Less communication equipment was exported to the U.S., while lower amounts of mineral fuels went to the other three countries.

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