According to Statistics Estonia and Eesti Pank, in the second quarter of 2024, Estonia’s exports and imports of services both grew by 3%. Exports of services totalled 3.1 billion euros and imports of services 2.3 billion euros at current prices. Telecommunications, computer and information services had the biggest trade surplus.

Jane Leppmets, analyst at Statistics Estonia, said that foreign trade in services continued slow but steady growth, and exports exceeded imports for most types of services. “The greatest surplus was registered in telecommunications, computer and information services, where exports were 312 million euros higher than imports. There was also a large surplus in trade in other business services, with exports exceeding imports by 201 million euros,” added Leppmets.

In the second quarter, the top services exported were other business services (incl. other business support services, advertising and management services) for 868 million euros. This was followed by exports of telecommunications, computer and information services (incl. computer programming and consultancy) for 751 million euros, and exports of transport services (incl. road freight transport) for 671 million euros.

GOOD TO KNOW
According to Statistics Estonia, in July 2024, Estonia’s exports of goods increased also by 5% and imports by 1% compared with July 2023. Exports of goods amounted to over €1.3 billion and imports to nearly €1.7 billion at current prices. 

Compared with the second quarter of 2023, the biggest increase occurred in exports of telecommunications, computer and information services (up by 94 million euros), while the largest decrease was observed in exports of other business services (down by 75 million euros).

The balance of foreign trade in services was in surplus by 802 million euros, which is 39 million euros more than in the second quarter last year.

The main partner countries for Estonia’s exports of services in the second quarter were Finland (17% of total exports), the United States (8%), and Germany (8%). The main services supplied to Finland were travel services.

Telecommunications, computer and information services had the biggest trade surplus

Telecommunications, computer and information services were the most exported service to the United States, and transport services were the biggest export item to Germany. The biggest rise was recorded in exports of services to the United States (up by 79 million euros, or 44%), and Germany (up by 65 million euros, or 35%). The greatest decrease occurred in exports of services to Latvia, which fell by 48 million euros, or 24%.

The top services imported in the second quarter were other business services (incl. other business support services, advertising and management services) for 667 million euros. This was followed by imports of transport services (incl. road and sea freight transport) for 664 million euros, and telecommunications, computer and information services (incl. computer programming and consultancy) for 439 million euros. Year on year, the biggest rise occurred in imports of transport services (up by 48 million euros), while imports of other business services decreased the most (down by 31 million euros).

The top partner countries for Estonia’s imports of services were Finland (8% of total imports), Germany (8%), Lithuania (7%) and Latvia (7%). Transport services were the main type of service purchased from these countries. The biggest increase was recorded in imports of services from Latvia (up by 20 million euros, or 15%) and the United States (up by 20 million euros, or 29%). The largest decrease was seen in imports of services from Ireland (down by 24 million euros, or 20%) and Russia (down by 16 million euros, or 59%).

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