The Central Bank of Estonia published an overview of Estonia’s external economy for the third quarter of 2025, pointing to stronger-than-expected global growth and reviving trade that lifted Estonia’s foreign trade turnover by 8% year on year. The balance of payments data showed a current account deficit of EUR 117 million, equal to 1.1% of GDP, with the widening surplus on services helping to support the current account. Foreign trade turnover rose on the back of exports increasing by 8% and imports by 7%, while balance of payments data showed the euro value of goods export turnover up 5% and services exports up 12%. Goods export growth was broad-based but moderate, with the main destination markets contributing to growth including Sweden, Poland, Germany and Lithuania, while exports to the USA were lower than a year earlier and Finland remained in recession. Machinery and equipment, wood and wood products, processed food products and other manufactured products made the largest contributions to goods export growth, and services export growth was driven by business services alongside increases in telecommunications and computer services and travel. On the import side, the turnover of goods imports increased by 4%, supported by machinery, equipment and electronics, with one-off capital goods purchases for national defence cited as a factor during the year, while services imports were up 13%.
Central Bank of Estonia 2025-12-10
Central Bank of Estonia reports Q3 2025 trade rebound and a EUR 117 million current account deficit
The Central Bank of Estonia reported an 8% year-on-year increase in Estonia's foreign trade turnover for Q3 2025, driven by stronger global growth and trade revival. The current account deficit stood at EUR 117 million, or 1.1% of GDP, with a widening surplus on services. Goods exports grew by 5% and services exports by 12%, with significant contributions from machinery, equipment, and business services.