According to Statistics Estonia, foreign trade in goods was up in December 2024: exports increased by 2% and imports by 9% compared with December 2023.
Jane Leppmets, foreign trade analyst at Statistics Estonia, said that there was a marked decline in trade in goods in the first quarter of 2024, as exports were down by 16% and imports by 11%. “In the third quarter, imports were unchanged and there was a slight uptrend in exports. The positive trend was even more noticeable in the fourth quarter, with exports increasing by 6% and imports by 7%,” explained Leppmets.
In December 2024, exports of goods increased by 2% and imports by 9% compared with December 2023. Exports of goods amounted to 1.3 billion and imports to 1.7 billion euros at current prices. The trade deficit in December was 381 million euros, which is 110 million euros more than a year earlier.
The main commodities exported in December were electrical equipment, agricultural products and food preparations, and wood and articles of wood. The main commodities imported were transport equipment, electrical equipment, and agricultural products and food preparations. Finland, Latvia and Lithuania were the top export partners in December. The largest imports were registered from Latvia, Finland and Germany.
Estonia’s top export partners were Nordic and Baltic countries
Last year, re-exports fell by 9% and exports of goods of Estonian origin by 1%. Under goods of Estonian origin, the biggest fall was registered in the exports of prefabricated wooden buildings and scrap metal. This was balanced by the increased exports of agricultural products and food preparations, and optical instruments. The share of goods of Estonian origin in total exports grew by two percentage points year on year, accounting for 65% in 2024.
Source: Statistics Estonia
The main commodities exported in 2024 were electrical equipment (15% of Estonia’s total exports), agricultural products and food preparations (12%) and wood and articles of wood (11%). The biggest fall occurred in the exports of mineral products (down by 433 million euros) and mechanical appliances (down by 164 million euros). The greatest increase occurred in the exports of agricultural products and food preparations which were up by 117 million euros.
Estonia’s top export partners in 2024 were Finland (16% of total exports), Latvia (11%) and Sweden (9%). The main commodities exported were electrical equipment to Finland and Sweden and mineral products to Latvia. The biggest decrease occurred in exports to Finland (down by 326 million euros), where Estonia exported fewer mineral products (incl. natural gas).
Estonia’s main trade partner in 2024 was Finland
The main commodities imported last year were transport equipment (14% of Estonia’s total imports), electrical equipment (13%), and agricultural products and food preparations (13%). The biggest fall occurred in the imports of mineral products (down by 443 million euros) and mechanical appliances (down by 326 million euros). The largest increase occurred in the imports of agricultural products and food preparations which were up by 224 million euros.
Estonia’s main import partners in 2024 were Finland (13% of Estonia’s total imports), Germany (12%), Latvia (11%), and Lithuania (11%). The main commodities imported were mineral products from Finland, Latvia and Lithuania, and transport equipment from Germany. Compared with 2023, the biggest fall occurred in imports of goods from Finland (down by 537 million euros), as there were fewer arrivals of mineral products (incl. electricity).
Are you interested in trading with Estonia? Enterprise Estonia is providing sourcing services for foreign enterprises. Contact Estonian export advisors or use our free e-consulting service to start trade with Estonia.
