Trade balance posts €182m deficit in Nov

The trade balance showed a deficit of EUR 182 million in November 2020, according to the international trade in goods statistics provided by the Finnish Customs.

In January-November 2020, the trade balance had a deficit of EUR 3.0 billion. The deficit was EUR 1.9 billion larger than that in the corresponding period of the previous year.

The value of Finnish exports of goods in November decreased by 3.4 per cent year-on-year. The value of Finnish exports was EUR 5.0 billion. Export volume increased by 1.1 per cent, but export prices decreased by 3.6 per cent year-on-year.

The value of imports declined 2.0 per cent in November to EUR 5.1 billion. Import prices decreased by 2.5 per cent, but import volumes increased by 0.9 per cent compared to that in November 2019. In January-November, the aggregated value of exports decreased by 13.7 per cent and the value of imports by 10.3 per cent compared with that in 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-November compared with that in the corresponding period of the previous year.

The surplus in the trade in industrial machinery and equipment increased slightly from that in the corresponding period of the previous 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 November compared to that in the corresponding month of 2019 as export prices fell more than import prices. The point figure in November was 97.8, while it was 98.8 in November 2019. The terms of trade weakened also from that in October 2020.

Exports to EU countries fell by 0.1 per cent and exports to non-EU countries by 7.3 per cent in November.

Imports from EU countries increased by 0.3 per cent but imports from non-EU countries decreased by 5.3 per cent in November. In January-November, exports to EU countries declined by 12.4 per cent and to non-EU countries by 15.3 per cent. In the same period, imports from EU countries decreased by 8.5 per cent and from non-EU countries by 12.9 per cent.