Finland’s trade deficit in July stands at €448m

The balance of international trade showed a deficit of 448 million euros in July, according to the Finnish Customs.

In January-July, the trade balance posted a deficit of 315 million euros. In July 2018, the trade balance had a deficit of 384 million euros, and in January-July there was a deficit of almost 1.6 billion euros.

In July, the value of Finnish exports of goods, however, increased by 0.7 per cent year on year to five billion euros. Export prices decreased by 1.4 per cent, but export volume rose by 2.8 per cent. In January-July, the value of exports increased by 3.2 per cent year on year.

In July, the value of imports rose by 1.8 per standing at 5.5 billion euros. Import volume stepped up by 4.4 per cent, but import prices fell by 3.3 per cent year on year. In January-July, the value of imports declined by 0.2 per cent compared to the corresponding half of the previous year.

The value of exports of industrial machinery and equipment, and the value of exports of electrical machinery and equipment increased in July.

Exports of transport equipment increased also. As in recent months, the value of metal exports escalated by exports of gas pipelines to the high seas and Russia. Exports of oil products and forestry industry products declined in July as well as exports of chemical industry products. The import value in all main commodity groups increased in July except in fuels and lubricants.

Exports to EU countries fell by three per cent, but exports to non-EU countries rose by six per cent in July. Exports to the US, Germany and Russia increased in July, but exports to other major trading partners declined.

Imports from EU countries increased by three per cent and imports from non-EU countries by one per cent in July. Imports from China and Germany swelled, while imports from other major trading partners declined. In January-July, exports to EU countries grew by one per cent and exports to non-EU countries by six per cent. During the same period, imports from EU countries rose one per cent, but imports from outside the EU fell by two per cent.