According to Statistics Estonia, in October 2024, Estonia’s exports of goods increased by 12% and imports by 10% compared with October 2023. Exports of goods amounted to nearly €1.7 billion and imports to nearly €2 billion at current prices.
Compared with October 2023, the growth in foreign trade in October 2024 was the highest this year, said Jane Leppmets, foreign trade analyst at Statistics Estonia.
“Re-exports of goods increased by 5% in October, while exports of goods of Estonian origin grew by as much as 17%. The share of goods of Estonian origin in total exports was also up from October last year, accounting for 66% in October 2024. Wood and articles of wood as well as electrical equipment of Estonian origin were the most exported items. The exports of these goods also increased the most,” Leppmets pointed out.
Exports of goods of Estonian origin grew in October 17%. Source: Statistics Estonia
The main commodities exported in October were electrical equipment (16% of Estonia’s total exports), agricultural products and food preparations (14%), and wood and articles of wood (11%). Compared with October 2023, the biggest increases were recorded in the exports of agricultural products and food preparations (up by €52 million), electrical equipment (up by €45 million), and wood and articles of wood (up by €44 million). The biggest fall was recorded in the exports of base metals and articles of base metal – down by €8 million.
October 2024 sees record-breaking foreign trade levels
Estonia’s top export partners in October were Finland (15% of Estonia’s total exports), Latvia (12%), Sweden (8%), and Lithuania (8%). The main commodities exported were electrical equipment to Finland, mineral products to Latvia, wood and articles of wood to Sweden, and transport equipment to Lithuania. Exports of goods to the United States increased the most (by €45 million, or slightly more than doubled), with more electrical equipment exported than in the previous year.
The main commodities imported in October were transport equipment (14% of Estonia’s total imports), electrical equipment (13%), and agricultural products and food preparations (12%). The biggest year-on-year increases were seen in the imports of transport equipment (up by €43 million), agricultural products and food preparations (up by €32 million), and electrical equipment (up by €30 million). The biggest fall, by €9 million, was recorded in the imports of mechanical appliances.
Estonia’s top import partner in October was Finland (14% of total exports), followed by Germany (11%) and Latvia (10%). The main commodities imported were mineral products from Finland, transport equipment from Germany, and agricultural products and food preparations from Latvia. Year on year, the biggest increase occurred in imports of goods from Poland (up by €34 million or 26%), with more transport equipment imported.
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