Rapid Growth in Exports

In April 2024, the total value of Estonia’s goods exports reached €1.8 billion, which is a 5% increase compared to the same period last year. The main export categories included machinery and equipment, which made up a significant portion of total exports. There was also stable growth in the export of chemical products and mineral fuels over several months.

Estonia’s largest export partners were Finland, Sweden, and Latvia, with a significant portion of goods going to these countries. Exports to Germany and the Netherlands also remained important.

Imports Grow Even Faster

While exports grew significantly, imports rose at an even faster rate. In April, the total value of goods imported into Estonia amounted to €2.1 billion, a 9% increase compared to the previous year. The largest import categories were machinery, vehicles, and mineral fuels.

Estonia’s top import partners were Finland, Germany, and Lithuania. Goods from Poland and Sweden also saw notable growth. The increase in imports has been largely influenced by the recovery of the European Union and other international markets after the pandemic, as well as higher demand for industrial products.

Trade Deficit Grows

Despite the rise in exports, the faster growth in imports widened the trade deficit. In April, the trade deficit was €300 million, slightly more than the same time last year. This indicates that the Estonian economy remains significantly dependent on goods imported from abroad.

Future Outlook

Experts predict that Estonia’s foreign trade will continue to grow in the coming months. Although there is still uncertainty in the global economy and energy crises may affect certain product categories, Estonian businesses have shown resilience and the ability to adapt to changing conditions, as well as to find new markets and partners.

Source: ERR News - Estonia’s Foreign Trade Grows Year-on-Year