Foreign trade decreased significantly in 2023

Jane Leppmets, analyst at Statistics Estonia, noted that Estonia's main trading partners in 2023 were the member states of the European Union, accounting for 74% of exports and 86% of imports. “Exports and imports to and from EU member states decreased by 12% and 10% respectively in 2023, whereas exports to and imports from non-EU countries fell by 26% and 43%, respectively. Imports of goods from Russia decreased by as much as 92%,” Leppmets added.

Leppmets also pointed out that the largest trade deficit was recorded in the trade of transport equipment, raw materials and products of chemical industry, and mineral products. "The largest surplus was seen in the trade of wood and articles of wood and miscellaneous manufactured articles," added Leppmets.

The main commodities exported in 2023 were electrical equipment (14% of Estonia’s total exports), agricultural products and food preparations (11%) and wood and articles of wood (11%). The biggest decreases were observed in exports of mineral products (down by 2.6 billion euros), wood and articles of wood (down by 406 million euros), and miscellaneous manufactured articles (down by 221 million euros). Exports of transport equipment increased the most, by 425 million euros.

The share of goods of Estonian origin in total exports in 2023 remained unchanged from a year earlier, standing at 64%. Year on year, Estonia's total exports decreased by 16%, re-exports by 15%, and exports of goods of Estonian origin by 17%. The fall in exports of goods of Estonian origin was mainly due to a decrease in exports of processed oil, shale oil, and communication equipment.

Estonia’s top export partners in 2023 were Finland (17% of Estonia's total exports), Latvia (12%), and Sweden (9%). The main commodities exported were electrical equipment, base metals and articles of base metal, and mineral products to Finland, mineral products, transport equipment, and agricultural products and food preparations to Latvia, and electrical equipment, wood and articles of wood, and miscellaneous manufactured articles to Sweden. Year on year, the biggest decline was registered in exports of goods to Finland (down by 672 million euros), Latvia (by 662 million euros), and the United States (by 657 million euros). There were decreased exports of natural gas to Finland, electricity to Latvia, and communication equipment to the US. The greatest increase occurred in exports to Lithuania (up by 189 million euros), where more transport equipment was exported.

The main commodities imported in 2023 were electrical equipment (13% of Estonia’s total imports), transport equipment (13%), mineral products (12%), and agricultural products and food preparations (12%). The biggest decreases were recorded in the imports of mineral products (down by 2.8 billion euros), base metals and articles of base metal (down by 480 million euros), and wood and articles of wood (down by 368 million euros). Imports of transport equipment increased the most, by 203 million euros.

The top partner countries for Estonia’s imports of goods were Finland (15% of Estonia’s total imports), Germany (12%), and Latvia (11%). The main commodities imported were mineral products, electrical equipment, and base metals and articles of base metal from Finland, transport equipment, mechanical appliances, and electrical equipment from Germany, and mineral products, agricultural products and food preparations, and electrical equipment from Latvia. The biggest fall compared with 2022 occurred in imports of goods from Russia (down by 1.7 million euros), Finland (down by 916 million euros), and Latvia (down by 537 million euros). There were fewer imports of processed oils from Russia, electricity from Finland, and natural gas from Latvia. Imports of goods from Czechia increased the most, by 113 million euros. More transport equipment was imported from there than before.

Last December, exports of goods fell by 23% and imports by 29%. Exports of goods amounted to 1.3 billion and imports to 1.6 billion euros at current prices. The trade deficit in December was 282 million euros, which is 264 million euros less 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, agricultural products and food preparations, and electrical equipment. In December, the biggest exports of goods were to Finland, Latvia, and Sweden, while the largest imports came from Finland, Lithuania, Germany, and Latvia.