The surplus of the foreign trade balance of services in the second quarter amounted to 658 million. euros, the only period in recent years when the surplus was higher was in 2021. IV quarter. Estonia’s trade surplus was mainly due to an increase in the export of travel services and a decrease in the import of communication, computer and information services.
The balance of foreign trade in services was positive in the first and second quarters of 2022, said Estonian statistics analyst Jane Lipmets, Estonian companies provided more services to non-residents than they bought. “When it comes to trade in services, exports tend to outpace imports, which offsets the negative trade balance in goods,” Liebmets said.
In this quarter, the export of services increased both to the EU and to non-EU countries. However, imports of services from EU countries fell, mainly due to lower purchases from Germany, which fell by €586 million year-on-year. At the same time, services purchased by non-EU countries grew, which accounted for 65 percent of total service exports and 73 percent of service imports in the second quarter.
In the second quarter, Estonia mainly exported transport services, other business services and communication, computer and information services. Compared to 2021 in the second quarter, the export of travel services increased the most, which, compared to 2021, increased by 251 million. The export of communication, computer and information services also grew (140 million euros), the export of transport services – 112 million. euros. Only the exports of intellectual property usage fees, maintenance and repair services, and production services decreased.
Finland was once again Estonia’s largest service export partner in the second quarter, providing key travel and transportation services. It is followed by Sweden, where transport services accounted for the highest level of exports from Estonia, and the United States, to which Estonian companies exported telecommunications, computer and information services.
Exports to Latvia grew the most in the second quarter, while other business services also grew, including professional and management consulting services, as well as travel services. The second largest increase in exports was to Finland, due to higher exports of travel and transport services. This was followed by the export of services to the Netherlands, Estonian companies provide more business and other transport services than before.
The main services imported into Estonia in the second quarter were transport services, telecommunications, computer and information services and other business services. Compared to the second quarter of 2021, the largest increase was in the import of travel services (163 million euros), transport services (118 million euros) and other business services (98 million euros). The import of communication, computer and information services decreased the most during the year (498 million euros) due to the 2021 reached a high level.
Finland was Estonia’s largest service import partner country, mainly providing transport and travel services. Finland was followed by Germany and Lithuania, where transport and other business services were the main services provided by these countries. Imports from a partner country increased the most in the second quarter from Ireland, as purchases of other business services increased. Finland has also significantly increased its spending on transport services from Estonia.
You can find more information about the export and import of Estonian services here.