According to Statistics Estonia and Eesti Pank, in the first quarter of 2024, Estonia’s exports of services grew by 2%, while imports were unchanged from the same period last year.
Jane Leppmets, analyst at Statistics Estonia, noted that the growth in foreign trade in services in the first quarter was smaller than the year before. “In the fourth quarter of 2023, exports of services increased by 6% and imports by 8%, and last year as a whole, both exports and imports of services increased by 9%. In the first quarter of 2024, however, such growth figures were no longer seen,” Leppmets added.
Sales of services to non-residents totalled €2.8 billion and purchases of services from non-residents amounted to €2.2 billion at current prices. The balance of foreign trade in services was in surplus by €595 million, which is €45 million more than a year earlier.
The most exported services in the first quarter were other business services (incl. other business support services, advertising and management services), worth €831 million. This was followed by exports of telecommunications, computer and information services (incl. computer programming and consultancy) for €691 million, and exports of transport services (incl. road freight transport) for €592 million. Compared with the first quarter of 2023, the biggest increase occurred in exports of telecommunications, computer and information services, while the largest decrease was observed in exports of transport services.
In the first quarter of 2024 Estonia’s exports of services grew by 2% compared 2023. Source: Statistics Estonia
The top partner country for Estonia’s exports of services was Finland (15% of total exports), with travel and transport services being the biggest export items. Finland was followed by the United States, Germany and Sweden (all accounting for 7% of total exports). Telecommunications, computer and information services were the most exported services to the United States and Sweden, and other business services to Germany.
The biggest rise was seen in exports of services to Hungary (up by €33 million) and the USA (by €30 million). The greatest fall, however, was recorded in exports to Latvia (down by €47 million) and Russia (by €33 million).
The main services imported to Estonia in the first quarter were other business services (incl. other business support services, management and advertising services) for €645 million. This was followed by transport services (incl. road and sea freight transport) for €559 million, and telecommunications, computer and information services (incl. computer programming and consultancy) for €447 million. Compared with the first quarter of 2023, the biggest rise occurred in imports of construction services (up by €46 million). Imports of transport services declined the most – by €66 million.
The top partner countries for imports of services in the first quarter were Germany (8% of Estonia’s total imports), Lithuania and Finland (7% of total imports each). The main services purchased were transport services from Germany and Finland and other business services from Lithuania. The biggest increase was recorded in imports of services from Hungary (up by €57 million) and the USA (by €26 million). The largest decrease was seen in imports from Ireland (down by €51 million) and Russia (by €31 million).
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