The customs authorities of the three Baltic States have agreed on uniform application of EU sanctions against Russia and Belarus, BNS reports. The directors of the Estonian, Latvian, and Lithuanian customs departments agreed to introduce stricter controls on sanctioned goods exported to or transiting through Russia and Belarus to third countries. The measures include requiring…
Latvia and Lithuania were among the largest exporters of beer to Russia in 2023, LRT reported, citing Russian news agency RIA Novosti. According to the report, the value of Lithuania’s beer exports to Russia amounted to USD 36.5mn in 2023, which was up by 1.9 times from 2022, accounting for just over 15% of Russia’s…
Latvia’s Ministry of Finance plans to submit draft laws on the state budget for 2024 and budget plans for 2024-2026 to the parliament, the Saeima, on 3 November 2023, LETA reports. The government will discuss the budget at its next meeting. The new coalition government’s declaration pledges to carry out a “balanced social, environmental, and…
The presidents of the Baltic States and Poland met on the sidelines of the UN General Assembly in New York to discuss the transport of Ukrainian grain through EU ports, ERR reports. Estonian President Alar Karis noted that shipping Ukrainian grain via Baltic ports required cooperation with Poland. Viktorija Cmilyte-Nielsen, speaker of the Lithuanian parliament,…
The European Commission (EC) is not considering paying subsidies to cover the cost of transporting Ukrainian grain through Baltic ports, EC Vice-President Valdis Dombrovskis stated. Speaking in an interview with BNS, Dombrovskis said that the EC may provide financing for removing administrative or infrastructure bottlenecks, however. Also, the EC supported Lithuania’s proposal to move customs,…
Exports of goods from Latvia to countries that continue to trade with Russia have increased rapidly, LSM reports. At the same time as exports to Russia have come to a halt due to sanctions, exports to countries of the Eurasian Economic Union have risen sharply. Exports of mechanical and electrical equipment to Russia have fallen…
Many Estonian companies continue doing business with Russia, ERR reports. Altogether 500-600 Estonian businesses still trade goods with Russia. The total value of goods exported from Estonia to Russia has not changed since Russia’s full-scale invasion of Ukraine in 2022, when it amounted to EUR 50-70mn per month. This is partly due to the rise…
Estonia’s GDP totalled EUR 9.42bn at current prices in the the second quarter of 2023, which was up 5.1% from the same period of 2022, according to data from Statistics Estonia, ERR reports. Real GDP fell by 2.9% over a year, however. Compared to the first quarter of 2023, seasonally adjusted real GDP decreased by…
Estonia’s GDP will decline by 1.8% in 2023 and grow by 1.5% in 2024, according to SEB Bank’s latest forecast, ERR reports. The average unemployment rate will reach 6.5% in 2023 and 6.9% in 2024, the bank projects. Mihkel Nestor, chief economist at SEB, noted that the outlook for the Estonian economy has deteriorated in…