Finnish export declines by 11.8% in August

The volumes of Finnish export decreased by 11.8 per cent and export prices decreased by 2.3 per cent in August year on year, according to the international trade in goods statistics provided by the Finnish Customs.

The value of exports of goods decreased by 14.5 per cent year on year in August standing at EUR 4.3 billion.

The value of imports also declined by 13.9 per cent in August to EUR 4.6 billion.

Import prices increased by 0.1 per cent but import volumes declined by 13.1 per cent compared to that in August 2019.

In January-August, the aggregated value of exports decreased by 16.3 per cent and the value of imports by 12.2 per cent compared with that in the corresponding period of last year.

In August 2020, the trade balance showed a deficit of EUR 256 million.

In January-August 2020, the trade balance had a deficit of EUR 2.4 billion. The deficit was almost EUR 1.7 billion larger than that in the corresponding period of last year.

The aggregated trade balance surplus by commodity group decreased in the trade in forest industry products and metal products in January-August compared with that in the corresponding period of last year.

The surplus in the trade in industrial machinery and equipment increased slightly from that in the corresponding period of last year.

The deficit increased in the trade in transport equipment and electrical machinery and equipment but decreased in the trade in oil and petroleum products and foodstuffs.

The terms of trade weakened in August compared to that in the corresponding month of 2019, as export prices fell and import prices increased slightly.

The point figure in August was 99.0, while it was 101.5 in August 2019.

The value of exports of capital goods decreased by 8.9 per cent and the value of exports of industrial supplies by 19.6 per cent in August. The value of exports of fuels and lubricants decreased by 28.7 per cent.

The value of exports of consumer goods fell by 5.4 per cent but the value of exports of food and beverages rose by 2.2 per cent. The value of exports of transport equipment and parts and accessories rose by 1.8 per cent.

The value of imports of food and beverages decreased by 7.9 per cent and the value of imports of other consumer goods by 1.9 per cent. The value of imports of industrial supplies decreased by 18.2 per cent. The value of imports of capital goods decreased by 2.5 per cent and the value of imports of transport equipment by 2.6 per cent. The sharpest decline in the value of imports was in fuels and lubricants. The value of imports fell by 45.0 per cent in August compared with that in the corresponding month of last year.

Exports to EU countries fell by 13.8 per cent and exports to non-EU countries by 15.2 per cent in August. Imports from EU countries declined by 11.1 per cent and from non-EU countries by 17.6 per cent. In January-August, exports to EU countries declined by 15.8 per cent and to non-EU countries by 16.8 per cent. During the same period imports from EU countries decreased by 10.5 per cent and from non-EU countries by 14.6 per cent.