Estonia’s export volume to Scandinavia totals 1.3 billion euros during spring
Scandinavian markets are one of the most important adjacent markets for Estonia. Finland and Sweden take first and second place as export partners, respectively. Almost one-third of Estonia’s goods and services are exported north of here. Although exports increased by eight per cent, this result remains below the growth in Estonia’s export volume during the same period in previous years.
During the spring months of this year, Estonian companies exported goods totalling 1.3 billion euros to Scandinavia, accounting for 30 per cent of the total exports of Estonia. Total exports to Finland, Sweden, Norway and Denmark increased by eight per cent compared with the same period last year; simultaneously, Estonia’s total export volume increased by 29 per cent. Exports to Scandinavia saw the most growth in April, increasing by 20 per cent. Exports of services of Estonian companies to Scandinavia decreased by eight per cent in the first quarter of this year, accounting for 32 per cent of Estonia’s total exports of goods and services. Estonia’s total exports of services increased by two per cent during the same period.
GRAPH: Estonia’s exports of goods and services to Scandinavian countries from 2019-2021. Norra/Norway, Rootsi/Sweden, Soome/Finland, Taani/Denmark. (Statistics Estonia)
Finland
Finland has continuously been Estonia’s largest export partner since 2017. Exports to Finland have accounted for 15-16 per cent of the Estonia’s total exports during the last decade. The value of exported goods and services reached 603.4 million euros, accounting for 14 per cent of Estonia’s export volume. During the observed period, exports to Finland increased by 3.5 per cent compared with the same period last year, therefore showing the slowest growth tendency of all Scandinavian export partners.
In terms of categories of goods, electrical devices (18%), iron and steel products (11%) and mechanical machines (10%) made up the majority of the export volume to Finland. The largest growth was seen in the trading section of mineral products, which increased by 387 per cent. This was followed by optical, measuring and photo devices (45% growth) and vehicles and other modes of transport (41% growth). Exports of services to Finland decreased by 19 per cent in the first quarter and accounted for 18 per cent of the export volume of Estonia’s services.
Sweden
During the three months (February-April), Sweden was observed to be the second largest trading partner and the export volume accounted for nine per cent of Estonia’s total export. During the observed period, goods in the value of 395.5 million were exported from Estonia to Sweden, marking an increase of six per cent compared with the same period last year.
In terms of categories of goods, electrical devices (20%), timber and wood products (14%) and furniture and lights (14%) made up the majority of the export volume. The largest growth was seen in the trading section of live animals and animal products, which increased by 213 per cent. This was followed by fur and other leather products (154%) and machines and electrical devices (111%).
Exports of services from Estonia to Sweden reached nine per cent in the last quarter, thus increasing by one-fifth in a year.
Denmark
During the period from February to April, Estonia’s exports to Denmark increased by 20 per cent compared with the same period last year. The export volume to Estonia’s tenth largest export market totalled 146.9 million euros and accounted for three per cent of Estonia’s total export volume.
In terms of categories of goods, timber and wood products (45%), prefabricated houses (12%) and electrical devices (7%) made up the majority of the export volume. The largest growth was seen in the trading section of industrial equipment in April, which increased by 86 per cent. This was followed by the trading section of pulp made from timber or fibrous plant absorbent material (59%) and the trading section of machines and electrical devices (54%).
Exports of services of Estonian companies to Denmark increased the most compared with other Scandinavian countries, reaching up to 39 per cent and accounting for two per cent of the total export volume of Estonia’s services in the first quarter.
Norway
From February to April, Estonia exported goods to the value of 145.9 million euros to Norway, accounting for 3% of the total exports of Estonia. Exports to Estonia’s 11th largest export market grew the most among all of the Scandinavian countries, increasing by 25% in a year.
In terms of categories, prefabricated houses and furniture (33%), timber and wood products (20%) and electrical devices (8%) made up the majority of exports to Norway. The largest growth was seen in optics and measuring devices in April (244% increase), followed by footwear and headgear (150%) and other industrial products (115%).
The exporting of the services of Estonian companies to Norway decreased by 27% in the first quarter of the year, which was the largest drop among all of the Scandinavian countries. The volume of exports of services from Estonia to Norway accounted for 2% of the total exports of services.
Original article (in estonian) available here
The publication of this article is financed by the European Regional Development Fund (ERDF).