In March, foreign trade was affected by the decreased trade in mineral fuels, metals and wood
According to Statistics Estonia, in March 2023, Estonia’s exports and imports of goods decreased by 15% and 12%, respectively, compared with March 2022. In the first quarter as a whole, both exports and imports of goods fell by 8%.
In March, Estonia’s exports of goods amounted to 1.7 billion and imports to 1.9 billion euros at current prices. The trade deficit was 206 million euros, up by 20 million euros year on year. In the first quarter, Estonia’s exports of goods totalled 4.7 billion and imports 5.3 billion euros. The quarterly trade deficit was 577 million euros, which is 23 million euros less than in the first quarter of 2022.
Jane Leppmets, analyst at Statistics Estonia, noted that although export and import prices rose, respectively, by 9% and 5% in March year on year, there was still a decrease in exports and imports in March as well as in the first quarter of 2023, compared with the corresponding period of 2022. “The indicators for March and the first quarter were significantly influenced by the decreased trade in mineral fuels, base metals and articles of base metal, and wood and articles of wood. There was an especially drastic decline in the imports of mineral fuels from Russia,” added Leppmets.
The main commodities exported in March were electrical equipment, wood and articles of wood, and mechanical appliances. The biggest fall was recorded in the exports of mineral products (down by 264 million euros). The exports of base metals and articles of base metal decreased by 36 million euros and the exports of raw materials and products of chemical industry by 18 million euros. The biggest increase occurred in the exports of transport equipment (up by 44 million euros), mechanical appliances (up by 38 million euros), and agricultural products and food preparations (up by 11 million euros). Year on year, the share of goods of Estonian origin in exports remained on a similar level – it was 66% of total exports in March 2023.
Estonia’s top export partner in March was Finland (17% of total exports), followed by Latvia (11%) and Sweden (10%). The main commodities exported were electrical equipment (incl. static converters) to Finland, mineral products (incl. electricity) to Latvia, and electrical equipment (incl. communication equipment) to Sweden. The biggest decline was registered in exports to the United States, Latvia and Egypt. There were decreased exports of communication equipment to the USA, reduced exports of electricity to Latvia, and fewer dispatches of fuel oils to Egypt. There was a rise in exports to Finland, Lithuania and Russia. There were greater exports of natural gas to Finland, increased dispatches of motor cars to Lithuania, and more exports of food preparations to Russia.
The main commodities imported to Estonia in March were electrical equipment, transport equipment, mechanical appliances, and agricultural products and food preparations. Similarly to exports, the biggest decrease occurred in the imports of mineral products which were down by 180 million euros. The imports of base metals and articles of base metal decreased by 49 million euros, and the imports of wood and articles of wood by 38 million euros. The biggest increases were recorded in the imports of transport equipment (up by 54 million euros), electrical equipment (up by 23 million euros), and agricultural products and food preparations (up by 10 million euros).
In March, the top partner countries for Estonia’s imports of goods were Finland (14% of Estonia’s total imports), Germany (12%), and Latvia (11%). The main commodities imported were mineral products (incl. electricity) from Finland, transport equipment (incl. motor cars) from Germany, and mineral products (incl. natural gas) from Latvia. The biggest fall occurred in imports from Russia, Finland and Lithuania. In March, there were decreased imports of mineral oils from Russia, smaller imports of electricity from Finland, and fewer imports of petroleum oils from Lithuania. There was a rise in imports from Latvia, Czechia and the Netherlands. Year on year, there were bigger imports of natural gas from Latvia, greater imports of motor cars from Czechia, and increased exports of various electrical equipment from the Netherlands.
| Month | Exports, million euros | Imports, million euros | Balance, million euros | |||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2023 | Change, % | 2022 | 2023 | Change, % | 2022 | 2023 | |
| 1st quarter | 5,130 | 4,713 | -8 | 5,731 | 5,290 | -8 | -600 | -577 |
| January | 1,636 | 1,492 | -9 | 1,781 | 1,750 | -2 | -145 | -257 |
| February | 1,509 | 1,525 | 1 | 1,778 | 1,639 | -8 | -269 | -114 |
| March | 1,986 | 1,696 | -15 | 2,172 | 1,902 | -12 | -186 | -206 |
| Country of destination, group of countries | Exports, million euros | Share, % | Change on previous year, % | Country of consignment, group of countries | Imports, million euros | Share, % | Change on previous year, % |
|---|---|---|---|---|---|---|---|
| TOTAL | 1,696 | 100 | -15 | TOTAL | 1,902 | 100 | -12 |
| EU-27 | 1,254 | 74 | -6 | EU-27 | 1,632 | 86 | -2 |
| Euro area 20 | 911 | 54 | -9 | Euro area 20 | 1,210 | 64 | -6 |
| Non-EU | 442 | 26 | -32 | Non-EU | 269 | 14 | -47 |
| 1. Finland | 288 | 17 | 8 | 1. Finland | 275 | 14 | -21 |
| 2. Latvia | 191 | 11 | -31 | 2. Germany | 219 | 12 | -1 |
| 3. Sweden | 178 | 10 | 2 | 3. Latvia | 209 | 11 | 14 |
| 4. Lithuania | 132 | 8 | 16 | 4. Lithuania | 185 | 10 | -17 |
| 5. Germany | 114 | 7 | -1 | 5. Poland | 162 | 8 | 6 |
| 6. Russia | 74 | 4 | 30 | 6. Sweden | 147 | 8 | 6 |
| 7. Denmark | 68 | 4 | 8 | 7. Netherlands | 105 | 6 | 18 |
| 8. Norway | 65 | 4 | 13 | 8. China | 70 | 4 | -8 |
| 9. Poland | 56 | 3 | -12 | 9. Italy | 62 | 3 | 8 |
| 10. USA | 56 | 3 | -63 | 10. Czechia | 49 | 3 | 80 |
| Commodity section (chapter) by Combined Nomenclature (CN) | Exports | Imports | Balance, million euros | ||||
|---|---|---|---|---|---|---|---|
| Million euros | Share, % | Change on previous year, % | Million euros | Share, % | Change on previous year, % | ||
| TOTAL | 1,696 | 100 | -15 | 1,902 | 100 | -12 | -206 |
| Agricultural products and food preparations (I–IV) | 173 | 10 | 7 | 206 | 11 | 5 | -33 |
| Mineral products (V) | 125 | 7 | -68 | 169 | 9 | -52 | -44 |
| Raw materials and products of chemical industry (VI) | 85 | 5 | -18 | 195 | 10 | -12 | -110 |
| Articles of plastics and rubber (VII) | 56 | 3 | 3 | 93 | 5 | -21 | -37 |
| Wood and articles of wood (IX) | 216 | 13 | -5 | 77 | 4 | -33 | 139 |
| Paper and articles thereof (X) | 35 | 2 | -12 | 31 | 2 | -5 | 4 |
| Textiles and textile articles (XI) | 46 | 3 | 18 | 73 | 4 | -1 | -27 |
| Base metals and articles of base metal (XV) | 141 | 8 | -20 | 179 | 9 | -21 | -38 |
| Machinery and mechanical appliances (84) | 177 | 11 | 27 | 213 | 11 | 0 | -37 |
| Electrical equipment (85) | 236 | 14 | -6 | 253 | 13 | 10 | -18 |
| Transport equipment (XVII) | 155 | 9 | 39 | 243 | 13 | 28 | -88 |
| Optical, measuring, precision instruments (XVIII) | 53 | 3 | 16 | 42 | 2 | 10 | 11 |
| Miscellaneous manufactured articles (XX) | 134 | 8 | -6 | 48 | 3 | -10 | 85 |
| Other | 63 | 4 | -37 | 79 | 4 | -31 | -16 |
Statistics Estonia performs the statistical activity “Foreign trade” for the Ministry of Economic Affairs and Communications with the aim to determine how exporting and importing enterprises are performing in Estonia.
See also the foreign trade section on our website. Visualised data of Estonia’s foreign trade can be viewed in Statistics Estonia’s application.
More detailed data have been published in the statistical database. Due to rounding, the sum of rows in some tables may differ from the sum total of the column.
For further information:
Helen Maria Raadik
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181
press [at] stat.ee