FX.co ★ Estonia Trade Gap Narrows In January

In January, Estonia's foreign trade deficit diminished from the same period last year. This decline was attributed to a faster reduction in imports compared to exports, according to data from Statistics Estonia.

The trade shortfall fell to 122 million euros in January from last year's 182 million euros during the same period. In January, exports experienced an annual drop of 11.0 percent, while imports saw a steeper decline of 13.0 percent.

The main cause of the drop in domestically produced goods exports was attributed to a decrease in outflows of base metals and articles constituted from such materials. Furthermore, the biggest falls within the import sector were observed in mineral products, electrical equipment, and mechanical appliances.