Estonia Trade Deficit Widens In June

Estonia’s trade deficit widened in June from the last year, figures from Statistics Estonia showed on Tuesday.

The trade deficit increased to EUR 284 million in June from EUR 256 million in the same month last year. In May, the trade deficit was EUR 285 million.

Exports increased 26.0 percent yearly in June, following a 32.0 percent rise in May.

Imports rose 24.0 percent annually in June, following a 35.0 percent increase in the previous month.

“Imports have grown at a faster pace in both quarters of the first half-year, which has doubled the trade deficit compared with the same periods last year,” Evelin Puura, leading analyst at Statistics Estonia, said.

The trade deficit widened due to faster price increases for imported raw materials and goods than for exported goods, Puura added.

The main export partners were Finland, Latvia and Sweden, and the import partners were Finland, Germany and Sweden.

In the second quarter, exports rose 21.0 percent and imports gained 30.0 percent. The trade deficit was EUR 1.103 billion.

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