Estònia: Visió econòmica i política
Estonia is considered one of the most liberal countries in the world and is very open to trade, which represents 141.9% of GDP (World Bank, latest edition). In 2020, the country mainly exported radio-telephony transmission tools (7.7%), petroleum oils other than crude (4.4%), prefabricated buildings (2.8%), and motor cars (2.8 %). The main imports comprised petroleum oils other than crude (5.9%), motor cars (5%), radio-telephony transmission tools 3.1%), and medicaments (2.8%).
In 2020, the country’s major trading partners were the European Union, led by Finland (15.1%), Sweden (10%) and Latvia (8.7%), Russia (8.4%), and the United States (7.7%). Imports came mainly from the EU area (9.8% Germany, 9% Finland and 5.4% Poland), China (9.3%), and Russia (9.1% - Comtrade).
Estonia's merchandise trade balance is structurally negative. According to figures from WTO, in 2020 the country exported goods worth USD 16.3 billion (+1.7% y-o-y), while imports totalled USD 17.3 billion (-3.8%). Nevertheless, when computing also the trade in services, the total balance of trade is positive and is estimated to account for 0.5% of the country’s GDP in 2020 (down from 4.1% one year earlier - World Bank). In fact, Estonia exported USD 6.4 billion worth of services, importing USD 6.2 billion (-19.6% and +7.8%, respectively). According to preliminary figures from the national statistics agency, exports totalled EUR 1.5 billion on the year to May 2021, a rise of 47%, while imports came to EUR 1.6 billion, up by 50%. Finland, the U.S. and Sweden were the largest destinations for the country’s exports, with Sweden seeing the largest increase of all recipient nations, particularly driven by telecoms equipment.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 16,673 | 19,140 | 18,035 | 17,341 | 23,609 |
Exports of Goods (million USD) | 14,554 | 17,017 | 16,110 | 16,381 | 21,518 |
Imports of Services (million USD) | 4,665 | 5,566 | 5,743 | 6,190 | 8,259 |
Exports of Services (million USD) | 6,779 | 7,787 | 7,990 | 6,419 | 9,943 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 147.6 | 145.9 | 143.8 | 138.5 | 157.0 |
Trade Balance (million USD) | -1,030 | -1,436 | -1,035 | -279 | -1,535 |
Trade Balance (Including Service) (million USD) | 1,099 | 842 | 1,249 | -44 | -178 |
Imports of Goods and Services (Annual % Change) | 4.0 | 5.9 | 3.8 | 0.4 | 21.0 |
Exports of Goods and Services (Annual % Change) | 4.8 | 2.9 | 6.1 | -5.3 | 19.9 |
Imports of Goods and Services (in % of GDP) | 71.8 | 71.6 | 69.9 | 69.2 | 78.7 |
Exports of Goods and Services (in % of GDP) | 75.8 | 74.3 | 73.9 | 69.3 | 78.3 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -1.8 | 4.3 | 3.4 | 3.4 | 3.3 |
Volume of imports of goods and services (Annual % change) | -5.7 | 4.2 | 4.4 | 4.4 | 4.1 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Finland | 13.9% |
Latvia | 9.6% |
United States | 9.0% |
Sweden | 8.7% |
Russia | 6.4% |
Germany | 6.0% |
Netherlands | 5.8% |
Lithuania | 5.6% |
United Kingdom | 3.5% |
Denmark | 3.0% |
Norway | 3.0% |
Poland | 2.9% |
France | 1.9% |
Belgium | 1.2% |
Italy | 1.1% |
China | 1.0% |
Switzerland | 1.0% |
Türkiye | 0.9% |
Ukraine | 0.9% |
Singapore | 0.9% |
See More Countries | 52.4% |
Main Suppliers (% of Imports) |
2021 |
Russia | 11.6% |
Germany | 9.3% |
China | 8.7% |
Finland | 8.5% |
Lithuania | 5.5% |
Poland | 5.1% |
Sweden | 4.5% |
Latvia | 4.4% |
Belarus | 3.4% |
Italy | 2.6% |
Netherlands | 2.5% |
France | 2.3% |
United States | 1.9% |
United Kingdom | 1.6% |
Belgium | 1.5% |
Japan | 1.5% |
Spain | 1.4% |
Switzerland | 1.3% |
Czech Republic | 1.3% |
Denmark | 1.2% |
See More Countries | 56.4% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
6.4 bn USD of services exported in 2017 | |
31.47% | |
25.36% | |
20.56% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 19.00% |
Research and developmentResearch and development | 1.56% |
11.28% | |
7.36% | |
1.86% | |
1.05% | |
0.67% | |
0.31% | |
0.08% |
4.5 bn USD of services imported in 2017 | |
34.84% | |
27.60% | |
20.12% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 19.74% |
Research and developmentResearch and development | 0.38% |
9.50% | |
3.30% | |
1.36% | |
1.11% | |
1.02% | |
0.60% | |
0.55% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023
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