Balance of trade posts €87m deficit in February

The balance of international trade showed a deficit of 87 million euros in February this year, according to according to international trade in goods statistics provided by Finnish Customs.

However, in January-February, the trade balance showed a surplus of 428 million euros, said an official press release.

In February 2018, the trade balance was 369 million euros in deficit and in January-February, the deficit was 593 million euros.

The value of Finnish exports of goods increased by seven per cent in February year-on-year.

The value of Finnish exports was slightly over 5.1 billion euros. Export prices rose by 2.5 per cent and export volume by 4.5 per cent. In January-February, the value of exports increased by nine per cent year-on-year.

The value of imports increased by one per cent in February and was slightly over 5.2 billion euros. Import volume increased by 0.6 per cent and import prices by 1.5 per cent. In January-February, the value of imports declined by one per cent.

Exports of machinery and equipment grew strongly in February. The exports of passenger cars was almost at the level of February last year. The value of oil products and steel exports increased. The exports of both chemical and mechanical forest industry products grew steadily in February.

The growth in exports of instruments and meters was slightly faster. Exports of copper, nickel and cobalt declined in February. The value of imports of industrial supplies, investment goods and consumer goods declined, but the value of imports of transport equipment and energy products increased.

Exports to EU member states increased by seven per cent in January and exports to non-EU countries by six per cent in February.

Exports to China and Sweden fell and exports to Germany were at the same level as a year ago, but exports to other major trading partners increased. Imports from EU countries increased by three per cent, but imports from non-EU countries decreased by four per cent in February. Imports from Germany and the Netherlands decreased, but imports from other major trading partners increased.