In December, Estonia witnessed an increase in its trade deficit compared to the same month the previous year, primarily due to imports expanding at a quicker pace than exports, as revealed by data from Statistics Estonia on Monday.
The trade deficit escalated to EUR 381 million in December, up from EUR 271 million in the corresponding month a year prior. This contrasts with November, where the trade shortfall stood at EUR 201 million.
Year-on-year, exports in December rose by 2.0 percent, following a 3.0 percent increase in November. However, imports surged by 9.0 percent from the previous year, a significant uptick compared to the 2.0 percent growth observed in the preceding month.
Statistics Estonia highlighted that the primary commodities imported included transport equipment, electrical equipment, and agricultural products along with food preparations. Latvia, Finland, and Germany were identified as the predominant sources of these imports.
For the entirety of 2024, Estonia experienced a 4.0 percent decrease in exports compared to 2023, while imports declined by 2.0 percent. Consequently, the nation’s trade deficit expanded to EUR 3.3 billion, rising from EUR 3.03 billion the prior year.
