According to Statistics Estonia, in July 2024, Estonia’s exports of goods increased 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.
The main commodities exported in July were electrical equipment (16% of Estonia’s total exports), agricultural products and food preparations (13%), and wood and articles of wood (10%). The biggest year-on-year rises were seen in the exports of electrical equipment (up by €37 million) and agricultural products and food preparations (up by €33 million). The largest decrease occurred in the exports of transport equipment (down by €25 million).
Jane Leppmets, analyst at Statistics Estonia, said that the exports growth in July 2024 was seen partly due to the comparison with lower-than-usual exports of goods in July 2023. “Year on year, re-exports fell by 5% but exports of goods of Estonian origin were 12% higher than last year. There was an increase in the exports of shale oils and dairy products of Estonian origin. In addition to the rise in exports of goods of Estonian origin, their share in total exports increased by 4 percentage points to 64%,” Leppmets pointed out.
Exports to Singapore grew most
Estonia’s top export partner in July was Finland (15% of total exports), followed by Latvia (11%) and Lithuania (9%). The main commodities exported were electrical equipment to Finland and transport equipment to Latvia and Lithuania. Exports of goods to Singapore grew the most (by €32 million, or 17 times), with more mineral products dispatched there than last year. The greatest decrease occurred in exports to Latvia (down by €27 million, or 16%), where Estonia exported less mineral products.
The main commodities imported in July were transport equipment (15% of Estonia’s total imports), agricultural products and food preparations (14%), and electrical equipment (14%). The biggest year-on-year increases were recorded in the imports of raw materials and products of chemical industry (up by €26 million, or 19%) and agricultural products and food preparations (up by €26 million, or 13%). The greatest decrease occurred in the imports of mineral products (down by €59 million, or 30%).
In July, the top partner countries for imports of goods were Finland (12% of Estonia’s total imports), Germany, and Lithuania (11% each). The main commodities imported were mineral products from Finland and Lithuania and transport equipment from Germany. The biggest year-on-year increase in imports of goods was from Turkey (up by €35 million, or more than 3 times), from which more transport equipment was purchased than last year. Imports fell from Finland (by €62 million, or 23%), from where less mineral products were imported.
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