Trade balance posts €1.7b deficit in H1

The trade balance showed a deficit of about EUR 1.7 billion in the January-June 2020 period, while there was a deficit of EUR 10 million in the first six months of last year, according to the international trade in goods statistics provided by the Finnish Customs on Monday.

The trade balance showed a deficit of EUR 209 million in June this year, while in June 2019, the trade balance had a surplus of EUR 80 million.

In June, the value of Finnish exports of goods decreased by 15 per cent year on year. The value of Finnish exports was almost EUR 4.5 billion.

Export volumes decreased by 11.3 per cent and export prices by 3.7 per cent year on year.

The value of imports declined by 9.6 per cent in June to almost EUR 4.7 billion. Import prices decreased by 3.0 per cent and import volumes by 4.0 per cent compared to that in June 2019.

In January-June, the aggregated value of exports decreased by 17.3 per cent and the value of imports by 12.2 per cent compared to that in the corresponding period of last year.

Exports of machinery and transport equipment declined 7.5 per cent in June. Exports of forest industry products diminished 17 per cent. Exports of metals and metal products decreased 28.5 per cent. Exports of chemicals and related products declined 5.6 per cent.

The value of exports of petroleum products declined 49.6 per cent. Exports of foodstuff increased 9.1 per cent, but exports of instruments and apparatus declined 26 per cent.

The value of imports of industrial supplies fell by 11.2 per cent, but imports of capital goods remained at the level of the previous year in June. The value of imports of fuels and lubricants diminished 46.3 per cent. Imports of transport equipment and parts decreased 11.7 per cent. Imports of consumer goods increased by 11.1 per cent and of food and beverages by 3.9 per cent in June.

Exports to EU countries fell by 13.6 per cent and exports outside the EU by 16.5 per cent in June.

Imports from EU countries declined by 6.9 per cent and from countries outside the EU by 13.5 per cent in June.

Exports to all major trading partners decreased in June. Exports to Germany decreased 17.4 per cent, exports to Sweden 10.3 per cent, and exports to the United States 27.1 per cent.

Imports from China increased by 34.9 per cent and from the United States by 1.4 per cent, but imports from other major import countries decreased in June. Imports from Germany decreased by 16.8 per cent and imports from Sweden by 6.1 per cent.

In January-June, exports to EU countries declined by 17.5 and to non-EU countries by 17.1 per cent. During the same period, imports from EU countries decreased by 10.9 per cent and from outside the EU by 14.2 per cent.