Estonia’s merchandise trade deficit widened by 8.7% y/y to EUR76.4m in September, according to figures of the statistical office, published on Friday. In cumulative terms, the foreign trade deficit expanded by 2.4% y/y to EUR1.5bn in the period January-September.
Back to monthly figures, export growth picked up to 10.7% y/y, recovering slightly, after a tangible deceleration in August and signaling for still stable demand across Estonia’s trading partners. The top destination countries of Estonia’s exports in September were Finland (15% of total), Sweden (10%), the USA (10%) and Latvia (10%). The increase was supported by the export of electrical equipment and wood and wood products. Regarding commodity groups overall, the biggest share in exports was held by mineral products (18% of total), followed by electrical equipment (16%) and wood and articles of wood (10%).
Meanwhile, import growth slowed down to 10.6% y/y in September, down from 12.2% y/y in August, continuing its moderation for the third consecutive month and hinting at slowing domestic demand. Estonia’s key import partners during the month were Finland (14%), Russia (11%), Lithuania (10%) and Sweden (10%).The biggest increase occurred in imports from Russia (up by EUR72m), Sweden (up by EUR27m) and Finland (up by EUR24m), driven by imports of mineral products and electrical equipment. The main commodities imported to Estonia in September were mineral products, electrical equipment and mechanical appliances with the greatest increase registered by the imports of mineral products and mechanical appliances.