Trade deficit stands at €2.6b last year

The balance of trade showed a deficit of 427 million euros in December. In January-December, the balance of trade had a deficit of slightly over 2.6 billion euros, according to international trade in goods statistics provided by Finnish Customs.

In December 2017, the trade deficit was 350 million euros, and in January-December the trade balance showed a deficit of almost 2.8 billion euros, said a Customs press release on Thursday.

The value of Finnish exports of goods increased by three per cent in December year-on-year. The value of Finnish exports was 4.9 billion euros. Export prices rose by 3.2 per cent and export volume by 0.8 per cent. In January-December exports increased by seven per cent year-on-year.

Meanwhile, the value of imports increased by four per cent in December and was 5.3 billion euros. Import prices increased by 1.3 per cent and import volume by 4.2 per cent. In January-December, the total import value rose by six per cent compared to the previous year.

Exports of machinery and equipment declined slightly in December. Exports of passenger cars grew steadily. Exports of oil products fell sharply. Exports of other chemical products were close to the December 2017 level.

The strong growth rate in exports of chemical forest industry products continued in December, but the value of timber exports fell sharply. Exports of copper, zinc and nickel declined. Exports of instruments and apparates increased sharply in December.

Imports of fuels and lubricants increased significantly in December. Imports of industrial supplies and transport equipment grew also. Imports of capital goods, consumer goods and food decreased.

Exports to EU member states increased by five per cent in December, but exports to non-EU countries remained at the level of the previous year. Exports to the United Kingdom and China decreased, but increased to other major export countries.

Imports from EU countries declined by one per cent, but imports from non-EU countries increased by 12 per cent in December. Imports from Germany, China and Sweden decreased, while imports from Russia, the Netherlands and the United States increased.