According to allcitypopulation, Estonia is a small country situated in Northern Europe, bordering the Baltic Sea and Gulf of Finland. It is bordered by Latvia to the south, Russia to the east, and Finland to the north. With an area of 45,227 km2 (17,462 sq mi), Estonia is one of the smallest countries in Europe. Despite its small size, Estonia has a diverse geography with forests covering almost half of its land area. The climate is temperate with warm summers and cold winters.
The population of Estonia is 1.3 million people and it has a low population density compared to other European countries. The majority of Estonians are ethnic Estonians (around 68%) while Russians make up 25% of the population and other minorities include Ukrainians, Belarusians, Finns and Latvians. The official language is Estonian but many people also speak English or Russian as well as German or Swedish in some parts of the country. According to Petwithsupplies, the capital city of Estonia is Tallinn with a population of 394,000 (estimate 2009). Other major cities include Tartu with a population of 102 300, Narva with a population of 66 000, Kohtla-Järve with a population of 44 700, Pärnu with a population of 43 400 (estimate 2009).
Estonia has a market-based economy that relies heavily on foreign investment and exports for growth and development. In recent years the country has seen strong economic growth due to increased foreign investments in many sectors such as information technology, banking services, telecommunications and tourism which have helped modernize production processes resulting in improved quality products that have been able to compete on international markets more successfully than before.
The main industries in Estonia are manufacturing (including electronics); food processing; textiles; chemicals; woodworking; engineering; shipbuilding; oil refining; engineering & machinery manufacture; construction materials production; pharmaceuticals production etc., which account for around 60 percent of total GDP each year respectively followed by services (including finance & banking) which account for around 28 percent each year respectively while agriculture accounts for around 12 percent each year respectively.
Estonia’s main trading partners are Finland, Sweden, Germany and Russia with exports mainly consisting of machinery & equipment; wood products; textiles & apparel etc., while imports mainly consist of machinery & equipment; chemicals etc., from these countries respectively. In terms of currency Estonian Kroon is used as official currency but Euros can also be used in some places while US dollars can be used throughout the country.
Foreign Trade of Estonia
Estonia is a small country located in Northern Europe. It has an open economy with a strong emphasis on foreign trade. In 2019, exports accounted for 53% of Estonia’s GDP, while imports accounted for 41%. Estonia’s main export partners are Finland, Sweden, Latvia, Germany and Russia. Its main import partners are Finland, Germany, Sweden and Lithuania. Estonia has a liberalized foreign trade regime and is a member of the World Trade Organization (WTO). The country also has several free trade agreements with other countries in the European Union (EU) and the Eurasian Economic Union (EAEU). Estonia’s exports consist mostly of machinery and equipment, wood products, mineral fuels and chemicals. Its major imports consist of machinery and equipment, mineral fuels and chemicals. Estonia has seen significant growth in its foreign trade over the past decade due to its strong economic performance and integration into the EU market.
Major Trading Partners of Estonia
Estonia’s major trading partners are Finland, Sweden, Latvia, Germany and Russia. Finland is Estonia’s largest trading partner and accounts for nearly one-fifth of its total trade. The two countries have a long history of cooperation and have benefited from the free trade agreement they signed in 1994. Estonian exports to Finland consist mostly of machinery and equipment, wood products, and mineral fuels. Finnish imports to Estonia include machinery and equipment, mineral fuels, chemicals and food products.
Sweden is Estonia’s second largest trading partner and accounts for 13% of its total trade. The two countries have a free trade agreement that was signed in 1995. Estonian exports to Sweden mainly consist of machinery and equipment, wood products, mineral fuels and chemicals. Swedish imports to Estonia consist of machinery and equipment, mineral fuels, chemicals, food products and textiles.
Latvia is Estonia’s third largest trading partner, accounting for 11% of its total trade. The two countries have a free trade agreement that was signed in 1995. Estonian exports to Latvia consist of machinery and equipment, wood products, mineral fuels and chemicals. Latvian imports to Estonia include machinery and equipment, mineral fuels, chemicals, food products and textiles.
Germany is Estonia’s fourth largest trading partner accounting for 10% of its total trade. The two countries have a free trade agreement that was signed in 1994. Estonian exports to Germany consist mostly of machinery and equipment, wood products, mineral fuels and chemicals. German imports to Estonia include machinery and equipment, mineral fuels, chemicals, food products and textiles.
Russia is Estonia’s fifth largest trading partner accounting for 8% of its total trade. The two countries have a free trade agreement that was signed in 1994. Estonian exports to Russia consist mostly of machinery and equipment, wood products, minerals fuels and chemicals. Russian imports to Estonia include machinery and equipment, mineral fuels, chemicals and food products.
Major Imports and Exports of Estonia
Estonia is a small country located in Northern Europe, bordering the Baltic Sea. It has a population of 1.3 million and an area of 45,339 km² which makes it one of the smallest countries in the European Union. Estonia is a highly developed economy and has been part of the Eurozone since 2011. Trade plays an important role in Estonian economy and accounts for around 45% of its GDP.
Estonia’s major exports include machinery and equipment, wood products, mineral fuels, chemicals and food products. Machinery and equipment accounts for a large share of Estonian exports with 27%, followed by wood products (14%), mineral fuels (11%), chemicals (9%) and food products (8%). The main export destinations for Estonian goods are Finland (20%), Sweden (13%), Latvia (11%), Germany (10%) and Russia (8%).
Estonia’s major imports include machinery and equipment, mineral fuels, chemicals, food products and textiles. Machinery and equipment account for 24% of Estonian imports followed by mineral fuels (12%), chemicals (11%), food products (10%) and textiles (9%). The main import sources for Estonian goods are Finland (21%), Sweden(13%), Latvia(12), Germany(10)and Russia(8).
In addition to its trade with other EU countries Estonia also has active trade relations with countries outside the European Union such as Norway, China, United States, Canada and Japan. Estonia’s main exports to non-EU countries are machinery & equipment followed by wood products & mineral fuels while its main imports from non-EU countries are machinery & equipment followed by chemicals & food products.
Overall, Estonia has experienced steady growth in both exports & imports over the past decade thanks to its robust economic performance coupled with strong trading relationships with other EU member states as well as other countries around the world. This growth is expected to continue as Estonia continues to expand its economic ties both within Europe & beyond its borders.