Re-exports significantly increased trade in July

According to Statistics Estonia, in July 2022, Estonia’s exports of goods increased by 13% and imports by 22% compared with July 2021. Re-exports from Estonia grew by 43%; exports of domestic goods remained at the same level year on year.

Estonia’s exports of goods amounted to nearly 1.7 billion and imports to 2 billion euros at current prices. The trade deficit was 349 million euros which is twice as high as in July last year – up by 177 million euros year on year.

Evelin Puura, leading analyst at Statistics Estonia, said that, in July 2022, exports were primarily boosted by re-exports, but the exports of goods of Estonian origin remained at the same level as last year. The biggest increase was recorded in the imports and re-exports of mineral fuels, electricity and natural gas. Year on year, export prices have risen by 27% and import prices by 29%. “In July, the top destination for Estonia’s exports was Latvia – in June, it was Finland. The change in the main partner country for exports was mainly due to the re-exports of electricity and also the rising prices of electricity,” explained Puura.

The main commodities exported in July were mineral fuels and electricity, electrical equipment, agricultural products and food preparations, and wood and articles of wood. Compared with July 2021, the biggest increase occurred in the exports of mineral fuels and electricity (up by 123 million euros), agricultural products and food preparations (up by 45 million euros), and machinery and mechanical appliances (up by 24 million euros).

The main partner country for Estonia’s exports of goods was Latvia, followed by Finland and Lithuania. The main commodities exported were electricity and motor cars to Latvia, metal structures and other steel products and electrical equipment to Finland, and mineral fuels and motor cars to Lithuania. The biggest increase occurred in exports to Latvia, Greece and Lithuania. “There were larger dispatches of electricity, flat-rolled products and motor cars to Latvia, and greater exports of mineral fuels to both Greece and Lithuania,” said Puura.

Goods of Estonian origin accounted for 64% of the total exports of goods, down by 7% year on year. The exports of goods of Estonian origin have mainly been affected by the decreased exports of mineral products, base metals and articles of base metal, and parts of transport equipment.

The main commodities imported to Estonia were mineral fuels and electricity, base metals and articles of base metal, transport equipment, electrical equipment, and agricultural products and food preparations. The imports of mineral fuels and electricity increased the most (up by 185 million euros), followed by imports of agricultural products and food preparations (up by 47 million euros) and imports of transport equipment (up by 42 million euros).

The top partner countries for Estonia’s imports of goods were Finland, Lithuania and Germany. The biggest rise was recorded in imports from Finland, Lithuania and Turkey. There were bigger imports of electricity, natural gas and motor fuels from Finland, bigger imports of motor fuels from Lithuania, and greater imports of base metals and articles of base metal (incl. bars and rods of iron, pipes, metal structures) from Turkey.