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 | 2016 | 2017 | 2018 | 2019 | 2020 |
Imports of Goods (million USD) | 14,948 | 16,673 | 19,140 | 18,035 | 17,341 |
Exports of Goods (million USD) | 13,171 | 14,554 | 17,017 | 16,110 | 16,381 |
Imports of Services (million USD) | 4,191 | 4,665 | 5,566 | 5,743 | 6,190 |
Exports of Services (million USD) | 6,108 | 6,779 | 7,787 | 7,990 | 6,419 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
Foreign Trade (in % of GDP) | 150.4 | 147.6 | 146.3 | 143.9 | 141.9 |
Trade Balance (million USD) | -902 | -1,030 | -1,432 | -994 | -202 |
Trade Balance (Including Service) (million USD) | 872 | 1,073 | 799 | 1,264 | -33 |
Imports of Goods and Services (Annual % Change) | 6.5 | 4.0 | 5.7 | 3.8 | 0.9 |
Exports of Goods and Services (Annual % Change) | 4.8 | 4.8 | 3.9 | 6.5 | -5.0 |
Imports of Goods and Services (in % of GDP) | 73.4 | 71.8 | 71.9 | 69.9 | 70.7 |
Exports of Goods and Services (in % of GDP) | 77.0 | 75.8 | 74.5 | 74.0 | 71.2 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2021 | 2022 (e) | 2023 (e) | 2024 (e) | 2025 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 13.4 | 7.3 | 5.1 | 3.4 | 3.4 |
Volume of imports of goods and services (Annual % change) | 14.6 | 8.2 | 6.0 | 4.7 | 4.5 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2020 |
Finland | 15.1% |
Sweden | 10.0% |
Latvia | 8.7% |
Russia | 8.4% |
United States | 7.7% |
Germany | 6.1% |
Lithuania | 5.5% |
Netherlands | 3.8% |
Denmark | 3.2% |
Norway | 3.2% |
Poland | 2.3% |
United Kingdom | 2.3% |
France | 1.8% |
China | 1.7% |
Belgium | 1.4% |
Ukraine | 1.2% |
Italy | 1.1% |
Australia | 1.0% |
Turkey | 0.8% |
Switzerland | 0.7% |
See More Countries | 50.1% |
Main Suppliers (% of Imports) |
2020 |
Germany | 9.8% |
China | 9.3% |
Russia | 9.1% |
Finland | 9.0% |
Poland | 5.4% |
Lithuania | 5.4% |
Sweden | 5.2% |
Latvia | 5.0% |
Italy | 2.9% |
Netherlands | 2.8% |
France | 2.5% |
United States | 2.5% |
United Kingdom | 2.1% |
Belarus | 1.7% |
Japan | 1.6% |
Czech Republic | 1.6% |
Spain | 1.6% |
Denmark | 1.5% |
Belgium | 1.4% |
Switzerland | 1.3% |
See More Countries | 57.4% |
Source: Comtrade, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
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Actualitzacions: April 2022
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