Statistics: Imports hit a record high in June
Growth in trade is mainly linked to the European Union, says Evelin Puura, chief analyst at Statistics Estonia.
She said, “In June, exports grew by more than 200 million euros and imports by more than 300 million euros. In the second quarter, Finland, the United States and Sweden were the main destination for Estonia’s exports, while Finland, Russia and Germany were the main partner and importing countries for goods.”
In June, Estonia’s exports of goods amounted to 1.5 billion euros, while imports were 1.7 billion euros, at current prices, making the value of Estonia’s imports the highest ever.
The trade deficit was 235 million euros, 224 million euros more than in June 2020, and the highest level since December 2019.
Mineral fuels, transportation equipment, electrical equipment, machinery and mechanical devices were the main imports in June 2021.
Imports of mineral fuels increased the most (156 million euros), followed by imports of transportation equipment (an increase of 90 million euros) and machinery and mechanical equipment (an increase of 51 million euros).
Finland, Russia and Germany were the most important countries in terms of imports, both in terms of share of origin and in terms of import growth.
The main engines were the import of mineral fuels and softwoods from Russia, electricity from Finland and passenger cars from Germany.
Electrical equipment, mineral fuels, wood and wood products were the main exports in June 2021, while the largest increases were in exports of mineral fuels (+84 million euros), electrical equipment (+47 million euros) and transportation. Equipment (more than 32 million euros) between June 2020 and June 2021, according to Estonia.
Finland, Sweden and Latvia remain Estonia’s most important export destinations, with Latvia seeing an increase in electricity exports while the largest increase was in exports of US-related goods and communications equipment.
An increase in exports to the Netherlands of processed fuel oil has also been reported.
Re-exports from Estonia increased by 28 percent, while exports of domestic goods increased by 25 percent. Seventy percent of total exports were of Estonian origin, with the largest increases in processed fuels, softwood lumber, wood doors and communications equipment.
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