Mineral fuels impacted decline in Estonian exports in January

According to Statistics Estonia, in January 2023, exports and imports of goods at current prices decreased by 9% and 1% respectively, compared with the same month in 2022. Estonia’s exports of goods amounted to 1.5 billion and imports to 1.8 billion euros at current prices. The trade deficit was 272 million euros, up by 127 million euros from a year earlier, Statistics Estonia reported.

Jane Leppmets, an analyst at Statistics Estonia, pointed out that although imports and exports of wood and articles of wood and raw materials and products of chemical industry also declined, the decrease in exports and imports in January was mainly affected by a marked fall in imports and exports of mineral fuels. “Looking at current prices, exports of mineral fuels in 2023 fell by 55% and imports by 44% compared with January last year.