Trade balance shows €4m deficit in October

The balance of trade posted a deficit of EUR four million in October, according to the international trade in goods statistics provided by the Finnish Customs.

In January-October, the trade balance showed a deficit of EUR 838 million, said a Customs press release.

In October 2018, the trade balance stood at a deficit of EUR 242 million and in January-October a deficit of approximately EUR 2.5 billion.

The value of Finnish exports of goods in October decreased by 2.1 per cent year on year.

The value of Finnish exports was almost EUR 5.7 billion. Export volumes decreased by two per cent, but export prices increased by 0.3 per cent year on year.

The value of imports fell by six per cent year on year in October to around EUR 5.7 billion. Import prices decreased by 5.5 per cent, but import volumes increased by one per cent compared to that in October 2018.

In January-October, the value of exports increased by 2.2 per cent, while the value of imports decreased by 0.8 per cent from that in the corresponding period of 2018.

Exports of machinery and equipment grew steadily in October. The exports of passenger cars grew rapidly. The export value of nickel, copper, instruments and meters also increased in October, while that of forest industry and chemical industry products decreased in October.

The value of imports of transport equipment and parts increased slightly from October 2018, while that of other main groups declined.

Exports to EU countries fell by three per cent and exports to non-EU countries by one per cent year on year in October.

Exports to Germany, China and Russia increased in October, but exports to Sweden and the Netherlands declined. Imports from EU countries fell by seven per cent year on year and imports from non-EU countries by four per cent in October.

Imports from Russia, China and the United States increased slightly, while imports from Germany, Sweden and the Netherlands decreased.

Exports to the United Kingdom increased by 11 per cent in October but declined by one per cent in January-October. Imports from the United Kingdom fell by two per cent in October and by three per cent in January-October.

In January-October, exports to EU countries grew by one per cent and exports to non-EU countries by four per cent. During the same period, imports from EU countries increased by a per cent, while imports from outside the EU decreased by three per cent.