Trade balance posts €87m deficit in October

The trade balance showed a deficit of EUR 87 million in October 2020, according to the international trade in goods statistics provided by Finnish Customs.

In January-October 2020, the trade balance had a deficit of EUR 2.9 billion. The deficit was EUR 1.8 billion larger than in the corresponding period of 2019.

The value of Finnish exports of goods decreased by 11.8 per cent year-on-year in October.

The value of Finnish exports was EUR 5.1 billion. Export volume decreased by 6.3 per cent and export prices by 4.7 per cent year-on-year. The value of imports declined by 10.8 per cent in October to EUR 5.2 billion.

Import prices decreased by 0.7 per cent and import volumes by 8.6 per cent compared to October 2019. In January-October, the aggregated value of exports decreased by 14.8 per cent and the value of imports by 11.2 per cent compared with the corresponding period of the previous year.

The aggregated trade balance surplus by commodity group decreased in the trade in forest industry products and metal products in January-October compared with the corresponding period of the previous year. The surplus in the trade in industrial machinery and equipment increased slightly from the corresponding period 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 October compared to the corresponding month of 2019 as export prices fell more than import prices. The point figure in October was 99.1, while it was 103.2 in October 2019. The terms of trade improved from September 2020.

The value of exports of capital goods decreased by 8.8 per cent and the value of exports of industrial supplies by 11.9 per cent in October. The value of exports of fuels and lubricants decreased by 24.1 per cent. The value of exports of consumer goods decreased by 4.9 per cent, but the value of exports of food and beverages increased by 8.4 per cent. The value of exports of transport equipment and parts and accessories decreased by 17.4 per cent.

The value of imports of food and beverages decreased by 9.7 per cent and the value of imports of consumer goods by 1.7 per cent. The value of imports of industrial supplies decreased by 6.4 per cent. The value of imports of capital goods decreased by 13.7 per cent, and the value of imports of transport equipment by 8.8 per cent. The sharpest decline in the value of imports was for fuels and lubricants. The value of imports fell by 32.0 per cent in October compared with the corresponding month last year.

Exports to EU countries fell by 7.2 per cent and exports to non-EU countries by 17.1 per cent in October. Imports from EU countries declined by 7.6 per cent and from non-EU countries by 15.2 per cent in October.

In January-October, exports to EU countries declined by 13.6 per cent and to non-EU countries by 16.2 per cent. During the same period imports from EU countries decreased by 9.3 per cent and from non-EU countries by 13.7 per cent.