Estonia's trade activity saw a notable shift in August, with exports and imports experiencing significant changes.
What happened
The country's goods exports rose by 3% compared to the same period last year, totaling approximately €1.5 billion. On the other hand, imports increased by 10%, exceeding €1.8 billion. This disparity led to a trade deficit of €360 million.
According to Statistics Estonia, the main foreign trade partners for Estonia were Finland, Latvia, and Lithuania. A substantial increase in imports of mineral products, particularly automotive fuel, was observed, with a 30% rise year over year. This surge was largely attributed to the rising global prices of petroleum.
In terms of exports, electrical equipment accounted for 15% of commodities, followed by agricultural and food products at 11%. The largest export market for Estonia was Finland, making up 17% of the total, followed by Latvia at 13% and Lithuania at 10%. Notably, shipments to Latvia experienced the most significant growth, increasing by 19% due to higher exports of mineral products, including natural gas and electricity.