According to Statistics Estonia and Eesti Pank, in 2024, Estonia’s exports of services grew by 7% and imports by 5%.
Exports of services totalled €12.5 billion and imports €9.5 billion at current prices. The balance of foreign trade in services was in surplus by €2.9 billion, which is €333 million more than in 2023.
Jane Leppmets, foreign trade analyst at Statistics Estonia, said that foreign trade in services continues to grow steadily and reached a record level in 2024. “Exports of services were most affected by an increase in sales of telecommunications, computer and information services (up by €459 million) and imports by a rise in purchases of travel services (up by €134 million). Other business services, transport services, and telecommunications, computer and information services accounted for the largest shares,” said Leppmets.
“The top partner countries for exports last year were Finland (15% of Estonia’s total exports), the United States (8%) and Germany (8%). The main partners for imports of services were Germany (8% of total imports), Finland (7%) and Lithuania (7%),” Leppmets noted.
Estonia’s top service export partner was Finland
In the fourth quarter of 2024, exports of services increased by 6% and imports by 7%. Exports of services amounted to €3.3 billion and imports to €2.5 billion at current prices. The balance of foreign trade in services was in surplus by €731 million, which is €13 million more than a year earlier.
In the fourth quarter, the top services exported were other business services (incl. other business support services, advertising and management services) for €1.02 billion. This was followed by exports of telecommunications, computer and information services (incl. computer programming and consultancy) for €879 million, and exports of transport services (incl. road freight transport) for €648 million.
Compared with the fourth quarter of 2023, the biggest increase occurred in the exports of telecommunications, computer and information services (up by €92 million) and other business services (up by €62 million). The greatest fall was seen in the exports of construction services – down by €16 million.
In the fourth quarter of 2024, exports of services increased by 6% and imports by 7%. Photo: Statistics Estonia
The top partner countries for Estonia’s exports of services in the fourth quarter were Finland (15% of total exports), Germany and the United States (8% each). The main services supplied to Finland were travel services. Transport services were the most exported service to Germany, and telecommunications, computer and information services were the biggest export item to the United States. The biggest rise was recorded in exports of services to the United Kingdom (up by €45 million or 27%), driven by telecommunications, computer and information services. The greatest fall was seen in exports of services to Sweden (down by €31 million or 14%), to which less telecommunications, computer and information services and transport services were sold.
Import from Luxembourg skyrocketed
The most imported services in the fourth quarter were other business services (incl. other business support services, management and advertising services), worth €851 million, followed by transport services (incl. road and sea freight transport) for €655 million, and telecommunications, computer and information services (incl. computer programming and consultancy) for €521 million. Compared with the fourth quarter of 2023, the biggest rise occurred in the imports of other business services (up by €70 million). Purchases of construction services decreased the most (by €12 million).
The top partner countries for Estonia’s imports of services were Lithuania (8% of Estonia’s total imports), Germany (7%), Finland (7%) and the United Kingdom (7%). The main services purchased were other business services from Lithuania and the United Kingdom and transport services from Germany and Finland.
The greatest rise was recorded in imports of services from Luxembourg (up by €37 million or more than two times) and the United Kingdom (up by €34 million or 25%), due to increased purchases of other business services. The biggest decline occurred in imports of services from the United Arab Emirates (down by €22 million or 31%), as fewer transport services were purchased.
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