The Central Bank of Estonia published balance of payments data showing that Estonia’s exports and imports of goods and services grew by 2.8% in the first quarter, with exports up 2.6% and imports up 3%. It linked softer foreign trade momentum to higher global uncertainty and goods supply disruptions after the war between the USA and Iran began at the end of February. The current account showed a deficit of EUR 148 million, equal to 1.4% of gross domestic product, but this was smaller than a year earlier because a larger surplus in services offset a wider deficit in goods. Goods exports rose 2% in the first quarter, supported by machinery and equipment, electrical equipment, and metal and metal products. Export turnover increased most to Latvia and Sweden, while the strongest average annual growth was in Poland, Germany and Lithuania. Goods imports rose 4%, driven by higher national defence inventories, defence investment and stronger domestic demand, especially for machinery, equipment and electronics. Services exports increased 4%, led by a 19% rise in business services and a 5% increase in travel services, while computer and transport services declined. Within transport, maritime exports increased and road transport exports decreased.
Central Bank of Estonia2026-06-08
Central Bank of Estonia reports EUR 148 million first quarter current account deficit as export growth slows
The Central Bank of Estonia reported that exports and imports of goods and services grew by 2.8% in the first quarter, with a current account deficit of EUR 148 million (1.4% of GDP), narrower than a year earlier as a larger services surplus offset a wider goods deficit. It attributed softer foreign trade momentum to higher global uncertainty and goods supply disruptions following the war between the USA and Iran. Goods trade was driven by machinery, equipment and defence-related imports, while services exports rose on strong business and travel services despite weaker computer and transport services.