Estonia’s Trade Dynamics: Statistics Show Significant Decrease in 2023

Statistics Estonia has released data indicating a notable decline in foreign trade during 2023. According to the report, exports of goods decreased by 16 percent, while imports dropped by 17 percent compared to the previous year. Exports totaled €18 billion, with imports reaching €21 billion at current prices, resulting in a trade deficit of €3 million, which is €695 million lower than in 2022.

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

Regarding trade categories, Leppmets pointed out that the largest trade deficit was observed in the trade of transport equipment, raw materials and products of chemical industry, and mineral products. Conversely, the largest surplus was noted in the trade of wood and articles of wood and miscellaneous manufactured articles. Key findings from 2023 include electrical equipment, agricultural products and food preparations, and wood and wood products being the main exported goods, each representing 14 percent, 11 percent, and 11 percent of Estonia’s total exports, respectively. Significant decreases were observed in exports of mineral products, wood and wood products, and miscellaneous manufactured goods, while exports of transportation equipment increased notably.

Despite these changes, the share of goods of Estonian origin in total exports remained unchanged at 64 percent. Year-on-year, Estonia’s total exports decreased by 16 percent, re-exports by 15 percent, and exports of goods of Estonian origin by 17 percent. The decline in exports of goods of Estonian origin was mainly attributed to a decrease in exports of processed oil, shale oil, and communication equipment. Estonia’s main export partners in 2023 were Finland with 17 percent of Estonia’s total exports, Latvia with 12 percent, and Sweden with 9 percent. The main exported goods varied depending on the partner country.

In terms of imports, electrical equipment, transport equipment, mineral products, and agricultural products and food preparations were the main commodities imported in 2023. Major decreases were recorded in the imports of mineral products, base metals and articles of base metal, and wood and articles of wood, while imports of transport equipment increased notably. The top partner countries for Estonia’s imports of goods were Finland, Germany, and Latvia, with the main commodities imported differing accordingly.

Last December, exports of goods fell by 23 percent and imports by 29 percent compared to the previous year. Electrical equipment, agricultural products and food preparations, and wood and articles of wood were among the main commodities exported, while transport equipment, agricultural products and food preparations, and electrical equipment were the main commodities imported.

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