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 172% of GDP (World Bank, latest edition). In 2023, the country's primary exports included cars (EUR 895 million), communication equipment (EUR 883 million), electricity (EUR 433 million), prefabricated buildings, whether complete or assembled (EUR 429 million), and refined petroleum products (EUR 418 million). Its main imports comprised cars (EUR 1.56 billion), refined petroleum products (EUR 961 million), electricity (EUR 741 million), communication equipment (EUR 713 million), and packaged medicaments (EUR 596 million - data Statistics Estonia).
Over the same period, the leading export destinations for Estonia were Finland (EUR 3.07 billion), Latvia (EUR 2.16 billion), Sweden (EUR 1.7 billion), Lithuania (EUR 1.49 billion), and Germany (EUR 1.2 billion). The top countries of origin for imports were Finland (EUR 3.29 billion), Germany (EUR 2.47 billion), Latvia (EUR 2.32 billion), Lithuania (EUR 2.18 billion), and Sweden (EUR 1.63 billion - data Statistics Estonia). Overall, Estonia's main trading partners in 2023 were the member states of the European Union, accounting for 74% of exports and 86% of imports.
Estonia's merchandise trade balance is structurally negative. According to figures from the WTO, in 2022, the country exported goods worth USD 22.4 billion (+4% y-o-y), while imports totaled USD 26.2 billion (+10.9%). In terms of services, Estonia is a net exporter: in 2022, exports reached USD 11.4 billion against USD 8.8 billion in imports. According to the World Bank, the country’s trade balance was negative by 0.6% of GDP. According to figures from the national statistics agency, exports of goods totaled EUR 18.2 billion in 2023, against EUR 21.2 billion in imports.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 18,025 | 17,324 | 23,613 | 26,321 | 22,963 |
Exports of Goods (million USD) | 16,101 | 16,340 | 21,560 | 22,381 | 19,669 |
Imports of Services (million USD) | 5,770 | 6,467 | 9,060 | 8,793 | 9,672 |
Exports of Services (million USD) | 8,057 | 6,534 | 10,138 | 11,286 | 12,444 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 145.9 | 143.8 | 138.5 | 157.0 | 171.6 |
Trade Balance (million USD) | -1,436 | -1,035 | -279 | -1,535 | -2,793 |
Trade Balance (Including Service) (million USD) | 842 | 1,249 | -44 | -178 | -249 |
Imports of Goods and Services (Annual % Change) | 5.9 | 3.8 | 0.4 | 21.0 | 5.8 |
Exports of Goods and Services (Annual % Change) | 2.9 | 6.1 | -5.3 | 19.9 | 5.0 |
Imports of Goods and Services (in % of GDP) | 71.6 | 69.9 | 69.2 | 78.7 | 86.1 |
Exports of Goods and Services (in % of GDP) | 74.3 | 73.9 | 69.3 | 78.3 | 85.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -6.9 | -4.8 | 3.1 | 3.7 | 4.0 |
Volume of imports of goods and services (Annual % change) | -5.2 | -4.1 | 2.7 | 3.6 | 4.3 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
Finland | 15.4% |
Latvia | 11.6% |
Sweden | 9.1% |
Lithuania | 8.1% |
Germany | 6.4% |
Russia | 5.9% |
Netherlands | 3.8% |
Norway | 3.3% |
Poland | 3.3% |
Denmark | 2.8% |
United States | 2.7% |
United Kingdom | 2.1% |
France | 1.9% |
Belgium | 1.7% |
Türkiye | 1.4% |
China | 1.4% |
Ukraine | 1.2% |
Spain | 1.1% |
Singapore | 1.0% |
Czech Republic | 0.9% |
See More Countries | 49.3% |
Main Suppliers (% of Imports) |
2023 |
Germany | 11.1% |
China | 9.3% |
Finland | 8.6% |
Lithuania | 6.6% |
Poland | 6.4% |
Latvia | 5.2% |
Sweden | 4.8% |
Netherlands | 3.0% |
United States | 2.8% |
France | 2.4% |
Czech Republic | 2.2% |
Japan | 1.9% |
Spain | 1.7% |
United Kingdom | 1.7% |
Denmark | 1.7% |
Indonesia | 1.6% |
Belgium | 1.5% |
Norway | 1.3% |
Türkiye | 1.2% |
Kazakhstan | 1.1% |
See More Countries | 58.0% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. 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: June 2024
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