Re-export of fuel boosted October exports in Estonia

 Although at first sight it is good news that Estonian exports in October were 13 percent higher than a year earlier, this is mainly because of growth in re-export of oil products.

Riina Kerner, analyst of Statistics Estonia, told Postimees that the volume of oil products that Estonia imports and then re-exports has gone up in recent months. “This is not re-export of oil in transit, but these oil products are processed in Estonia by adding substances to them and increasing their value,” she said.

Kerner said that although this was not the same as export of products made in Estonia, but it still benefits the economy because of added value. “Whether you like or not, but Estonia is a country that largely re-processes goods or adds value to them,” she said.

While earlier imported the majority of such oil from Russia, the key import market is now Belarus. These oil products are processed in Estonia and then shipped to US and other countries.

If you deduct 1.5 billion kroons that was the value of re-export of oil products in October from the total export amount, the remaining amount is about the same as a year ago.

Read more: BBN

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