According to the Department of Statistics, in August 2024, exports of goods decreased by 1% compared to the same period last year, and imports by 8%. Almost 1.5 billion euros worth of goods were exported at current prices and more than 1.6 billion euros were imported. The trade turnover deficit amounted to 169 million euros, which is 122 million less than a year earlier.
According to the head of the foreign trade group of the Department of Statistics, Evelyn Puura, the impact on trade in August this year was exerted by the continuing decline in exports and imports with member states of the European Union: “Compared to last year, in August, exports with member states decreased by 3%, imports – by 8%. At the same time, exports to countries outside the European Union increased by 6%.”
The most exported goods in August were electrical equipment (16% of total exports), agricultural products and food products (11%), as well as timber and wood products (11%). In annual comparison, exports of mineral fuels (by 31 million euros) and mechanical machinery (by 26 million euros) fell the most. The largest increase (by 25 million euros) was in the export of electrical equipment from Estonia.
In August, the most goods were exported to Finland (15% of total exports), Latvia (13%) and Sweden (9%). The largest exports to Finland were electrical equipment (including telephones, motor parts), mineral products (including natural gas) to Latvia, and wood products (including windows and doors) to Sweden. Merchandise exports fell the most to Singapore (by €44 million) and Finland (by €39 million), where fewer mineral products (including shale oil and fuel oil) were exported compared to last year. Exports of goods grew most of all to the Netherlands (by 34 million euros), where mineral products (including shale oil) were exported most of all.
Exports of Estonian-made goods decreased by 2% in August compared to the same month in 2023. Their share in total exports remained at last year’s level and this year amounted to 63%.
In August, the most imported products were agricultural products and food products, electrical equipment and mineral products (the share of all was 13%). In annual comparison, imports of electrical equipment (by 39 million euros) and mechanical machinery (by 35 million euros) fell the most. Imports of agricultural products and food products increased the most (by 10 million euros).
The main import partners in August were Finland (16% of total imports), Lithuania and Germany (11% each). Most mineral products were imported from Finland and Lithuania, and vehicles from Germany. Compared to last year, imports of goods decreased most from Denmark (by 32 million euros), Finland (by 32 million euros), Germany and the USA (22 million euros each). Electrical equipment (including current generators) was imported from Denmark less than last year, mineral products (including electricity) from Finland, vehicles (including cars, tractors) from Germany ) and from the United States of America – mineral products. Imports of goods from Sweden increased the most (by 5 million euros).
From January 2024, backdated import data estimates are partially replaced by detailed data from other countries. The updated data was first published in the database on June 10, 2024.
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Source: www.dv.ee
