Statistics: Imports and exports halved year-on-year to May

Statistics: Imports and exports halved year-on-year to May

Until May 2021, exports totaled 1.5 billion euros year on year, an increase of 47 percent, while imports reached 1.6 billion euros, an increase of 50 percent.

“Export and import prices were also affected by the continued rise in material prices,” said Evelyn Bora, senior analyst at Statistics Estonia.

It should also be noted that the benchmark for May 2020 was at its lowest level during the year as exports and imports decreased by a quarter compared to the previous year,” noting that growth was mainly driven by trade with countries outside the European Union.

This included a significant increase in imports of mineral fuels from Russia and exports of electrical equipment to the United States

Finland, Russia and Germany were the most important countries of origin for imports, while imports from Russia and Lithuania registered the largest increases, particularly in fuel imports.

Finland, the United States and Sweden constituted the biggest turning points for Estonian exports, with the first of these exports showing the largest increase of all the beneficiary countries, mainly thanks to communications equipment.

Fuel exports from Estonia to Denmark and the Netherlands have also increased.

Passenger car imports from Germany increased.

The trade deficit in May 2021 was 175 million euros, 84 million euros more than in May 2020.

Statistics Estonia says re-exports from Estonia increased by 42 percent, while exports of domestic goods increased by 48 percent.

Goods of Estonian origin accounted for 71 percent of total exports.

The largest increase in the export of goods of Estonian origin occurred using processed fuels, communications equipment, sawn softwoods and prefabricated wooden buildings.

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Mineral fuels (+120 million euros), electrical equipment (+93 million euros), transportation (+51 million euros), timber and wood materials were the main exported commodities, compared to May 2020 to 2021.

Estonia’s foreign trade 2019-2021 Source: Estonia stats

The main commodities imported into Estonia were mineral fuels, electrical equipment, transportation, machinery and mechanical devices.

According to Estonia, imports of transport equipment increased (+98 million euros), followed by imports of mineral fuels (+78 million euros) and machinery and mechanical equipment (+62 million euros).

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