Imports to Estonia grew by 36% year on year to November

In the context of high inflation, the Estonian economy has experienced year on year to November a considerable increase in both imports (+36%) and exports (+30%), official statistics showed.
Statistics Estonia wrote in a press release on Monday, January 10, that in November, Estonia’s exports of goods amounted to 1.7 billion euros and imports to 1.9 billion euros at current prices. The trade deficit was 149 million euros. In November 2020, it was 58 million euros. The trade deficit increase was driven by trade in raw materials and products of chemical industry, and transport equipment.
Evelin Puura, leading analyst at Statistics Estonia, commented that trade is most active and also grows the most with Estonia’s neighbours: Finland, Latvia, Lithuania and Sweden. The share of the countries accounts for 41% of Estonia’s total trade. «The exports and imports of goods were at a record high level in November. In addition to growing volumes, higher prices continued to impact trade growth,» explained Puura.
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The main commodities exported were mineral fuels, electrical equipment, wood and articles of wood. The main partner country for Estonia’s exports of goods was Finland, followed by Latvia and Sweden. The largest increase occurred in exports to Finland, Latvia and Germany. More electricity and scrap metal was exported to Latvia, more natural gas and parts of electrical engines to Finland, and there were larger dispatches of prefabricated wooden buildings and stainless steel waste to Germany.
The main commodities imported to Estonia were mineral fuels, electrical equipment, and machinery and mechanical appliances. The top partner countries for Estonia’s imports of goods were Finland, Germany and Lithuania. Year on year, the biggest rise was recorded in imports from Finland, Russia and Lithuania. Imports increased for electricity and sawn pine timber from Finland, various fuel oils from Russia, and motor fuels and pharmaceuticals from Lithuania, Statistics Estonia wrote in a press release.