Statistics: Trade grows by more than a third, through January 2022 | Economy

In January 2022, Estonia’s merchandise exports increased by 35% and imports by 36%, year-on-year, according to the agency.

Exports of goods in January amounted to 1.6 billion euros; imports at nearly 1.8 billion euros, at current prices.

The trade deficit stood at €178 million and increased by €62 million between January 2021 and January 2022.

Evelin Puura, chief analyst at Statistics Estonia, said: “Rising 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.

The trade was influenced by the weak January 2021 baseline and also by rising commodity prices, Puura added.

Exports

The main export products were mineral fuels and electricity, electrical equipment and wooden articles.

Compared to January 2021, the largest increase occurred in exports of mineral fuels (including processed mineral oils, natural gas) and electricity, which increased by €128 million.

Exports of wood and articles of wood (including wood pellets, softwood slats, plywood) increased by EUR 64 million, while exports of agricultural products and food preparations (including including feed barley) of EUR 45 million.

Re-exports from Estonia increased by 49% and exports of domestic goods by 29%.

Goods of Estonian origin accounted for 70% of total goods exports. In the case of goods of Estonian origin, the largest increase was recorded in exports of feed barley, processed fuels and scrap metal.

Estonia’s main export partner was Finland, followed by Latvia and Sweden.

The main export products were natural gas and parts for engines and chargers to Finland, electricity and automobiles 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 shipments of transport equipment to Lithuania.

Trade per month. Source: Statistics Estonia

Imports

The main products imported into Estonia were mineral fuels and electricity, base metals and base metal articles, electrical equipment, raw materials and chemical industry products, according to Statistics Estonia.

Imports of mineral fuels (including oils imported for processing and natural gas) and electricity increased the most (+€113 million), followed by imports of base metals and articles of base metal ( +€77 million) and raw materials and chemical industry products (+€42 million).

The main partner countries for Estonia’s goods imports were Finland, Russia and Latvia.

The biggest increase was recorded in imports from Finland, Russia and Lithuania. There was an increase in imports of electricity and diesel fuel from Finland, an increase in imports of nitrogen fertilizers and mineral fuels for processing from Russia and an increase in imports of diesel fuel and fuel aviation from Lithuania.

More detailed information is here, here and here.

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