Page 65 - RusRPTSept23

5.2 Balance of payments, current account 5.2.1 Import/export dynamics
● Partners & regions
Russia became the largest destination for Estonia’s exports exclusive of trade with EU countries for the first time in March 2023, ousting the US from the top slot, ERR state television and radio portal reported on August 30.
In March 2023, Russia accounted for 15.7% of Estonia’s total exports outside the EU, followed by Norway (14.9%) and the US (13%), according to the portal. Meanwhile, in February 2022, the US accounted for 21% of the republic’s exports outside the European Union, followed by Russia (15.1%) and Norway (12.9%). By May 2023 the US’ share fell to 9.8%, whereas in June the US was no longer among Estonia’s top three importers outside the EU as the UK’s share reached 12.3% of Estonia’s exports outside the EU worth 436mn euro.
ERR reported citing figures provided by the republic’s statistics department in May that Estonia’s exports to Russia rose by 17mn euro this March y/y to 74mn euro.
In July exports to Russia display a familiar pattern: E&SE Asia down 40-60% from pre-invasion, China, Kazakhstan and Turkey all up.
Exports to Russia USD value 2Q2023 vs 2Q2021
RUSSIA Country Report September 2023 www.intellinews.com