Export of Estonian goods decreased in June

2023-08-09 08:05:58

Exports of Estonian-made goods fell in June, the press service of the Statistics Department told BNS on Wednesday, according to which in June goods were exported for 1.6 billion euros, and imported for 1.9 billion euros. Compared to the same month in 2022, exports of goods decreased by 14% at current prices, and imports by 13%. The trade deficit in June amounted to 271 million euros, which is 33 million euros less than a year ago.

In general, in the second quarter of 2023 compared to the second quarter of 2022, exports of goods decreased by 11% and imports by 15%. Goods were exported for 4.8 billion euros and imported for 5.6 billion euros. The trade deficit amounted to 802 million euros, which is 329 million less than in the second quarter a year earlier.

Analyst of the Department of Statistics Jane Leppmets noted that, compared to the previous year, in June this year, exports of Estonian goods primarily decreased. “Estonian goods were exported in June by 20% less than last year. Re-exports remained almost at the level of the previous year (-1%), thus, exports fell primarily due to a decrease in exports of Estonian-made goods. The export of Estonian-made mineral fuels has decreased the most,” Leppmets added.

The most exported goods in June were electrical equipment (15% of Estonia’s total exports), mineral products (11%) and vehicles (11%). Most of all, namely by 220 million euros, the export of mineral products decreased. This was followed by a reduction in exports of timber and wood products, as well as various industrial products, by 59 million and 30 million euros, respectively. Compared to the previous year, exports of vehicles (by 61 million euros), mechanical equipment (by 27 million euros) and agricultural products and foodstuffs (by 15 million euros) increased the most.

Finland was Estonia’s largest export partner in June (15% of Estonia’s total exports). This was followed by Latvia (12%), Sweden (9%) and Lithuania (9%). Electrical equipment, including static converters, was most exported to Finland, mineral products, including electricity, to Latvia, electrical equipment, including communication equipment, to Sweden, and vehicles, including h cars. Exports of goods from Estonia to the United States of America, Latvia and Egypt decreased the most. Less than a year earlier, electrical equipment, including communication equipment, was exported to the United States of America, mineral products, including electricity, to Latvia, and mineral products, including various mineral oils, to Egypt. Exports of goods to Singapore and Lithuania grew the most. Mineral products, including various mineral oils, were exported to Singapore more than before, and vehicles, including cars, were exported to Lithuania.

In June, the most imported goods were vehicles (14% of Estonia’s total imports), electrical equipment (12%), mineral products (12%), and agricultural products and foodstuffs (12%). Most of all, namely by 198 million euros, the import of mineral products to Estonia decreased. This was followed by a decrease in imports of wood and wood products, as well as metal and metal products, by 64 million and 51 million euros, respectively. Imports of transport vehicles increased the most in Estonia (by 58 million euros), as well as agricultural products and foodstuffs (by 16 million euros).

In June, Finland ranked first among Estonia’s import partners (16% of Estonia’s total imports). Germany (11%), Lithuania (10%) and Latvia (10%) followed. Mineral products, including electricity, were imported from Finland to Estonia most of all, vehicles, including cars, from Germany, mineral products, including petroleum oils, from Lithuania, and mineral products from Latvia , including natural gas. Imports of goods from Russia, Finland and Sweden decreased most of all, from where less mineral products were imported. From Russia, less than last year, various mineral oils were imported, from Finland – electricity, and from Sweden – mineral and petroleum oils. Imports of goods from Lithuania grew the most, from where more mineral products, including petroleum oils, were imported than last year.

The post Export of Estonian goods decreased in June first appeared on gazeta.ee.