According to Statistics Estonia, in June 2024, Estonia’s exports of goods decreased by 14% and imports by 11% compared with June 2023. Exports of goods amounted to nearly 1.4 billion and imports to more than 1.6 billion euros at current prices.
Jane Leppmets, analyst at Statistics Estonia, said that, in the first six months, Estonia’s exports of goods totalled nearly 8.6 billion and imports almost 10.2 billion euros at current prices. “In the first half of 2024, exports of goods were down by 11% and imports fell by 7%. The fall in exports in June and in the first six months overall was mainly due to decreased exports of mineral products, mechanical appliances and transport equipment,” added Leppmets.
The main commodities exported in June were electrical equipment (15% of Estonia’s total exports), agricultural products and food preparations (12%), transport equipment (10%) and wood and articles of wood (10%). Year on year, the biggest decrease occurred in the exports of mineral products (down by 59 million euros, or 33%) and mechanical appliances (down by 46 million euros, or 28%).
Source: Statistics Estonia
The exports of goods of Estonian origin were down by 11% from June last year. “The share of goods of Estonian origin in total exports rose by two percentage points compared with June 2023, reaching 65% in June this year,” said Leppmets.
Neighbours increased exports of electrical equipment
Estonia’s top export partner in June was Finland (15% of total exports), followed by Latvia (14%) and Sweden (10%). The main commodities exported were electrical equipment to Finland and Sweden, and mineral products to Latvia. Compared with June last year, the biggest decline occurred in exports of goods to Finland (down by 44 million euros, or 18%), Singapore (down by 36 million euros, or 98%), the United Kingdom (down by 33 million euros, or 53%) and Russia (down by 31 million euros, or 50%).
The main commodities imported in June were agricultural products and food preparations (14% of Estonia’s total imports), electrical equipment (13%), and transport equipment (13%). Year on year, the biggest fall was registered in the imports of transport equipment (down by 60 million euros, or 22%), mechanical appliances (down by 46 million euros, or 24%), and base metals and articles of base metal (down by 28 million euros, or 17%). The greatest increase occurred in the imports of agricultural products and food preparations which were up by 12 million euros, or 6%.
In June, the top partner countries for Estonia’s imports of goods were Finland (14% of total imports), Lithuania (11%) and Germany (10%). The main commodities imported were mineral products from Finland and Lithuania, and transport equipment from Germany. The biggest fall was registered in the imports of goods from Finland (down by 60 million euros, or 20%), and Germany (down by 55 million euros, or 24%), while imports of goods from the USA showed the biggest increase (up by 23 million euros), being a little over two times higher than in June last year.
The trade deficit was 268 million euros, which is 20 million more than in June last year.
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