Trade balance posts €2.1b deficit in 2020

The trade balance showed a deficit of EUR 2.1 billion in 2020, which was EUR 1.3 billion higher than the deficit in the previous year, according to the international trade in goods statistics provided by the Finnish Customs.

In December, 2020 the trade balance, however, showed a surplus of EUR 1.0 billion, according to the statistics of Customs released recently.

The value of Finnish exports of goods increased by 7.1 per cent year on year in December.

The value of Finnish exports was EUR 6.1 billion. Export volume increased by 9.9 per cent, but export prices decreased by 1.8 per cent year on year.

The value of imports declined 4.6 per cent in December to EUR 5.0 billion. Import prices decreased by 0.1 per cent and import volumes by 4.6 per cent compared to that in December 2019.

During the year 2020, the aggregated value of exports decreased by 11.9 per cent and the value of imports by 9.8 per cent year on year. The aggregated trade balance surplus by commodity group decreased in the trade in forest industry products and metal products in 2020 compared to that in 2019.

The surplus in the trade in industrial machinery and equipment increased slightly. 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 December 2020 compared to that in the corresponding month of 2019 as export prices fell more than import prices. The point figure in December was 96.9, while it was 98.6 in December 2019. The terms of trade weakened also from November 2020.

The value of exports of capital goods decreased by 0.3 per cent, but the value of exports of industrial supplies increased by 13.9 per cent in December.

The value of exports of fuels and lubricants declined 27.1 per cent year on year. The value of exports of consumer goods dropped 4.8 per cent and the value of exports of food and beverages by 5.0 per cent. The value of exports of transport equipment and parts and accessories rose by 19.3 per cent.

The value of imports of food and beverages rose by 3.0 per cent, but the value of imports of consumer goods increased by 11.9 per cent. The value of imports of industrial supplies declined 8.0 per cent. The value of imports of capital goods decreased by 1.4 per cent, but the value of imports of transport equipment rose by 11.7 per cent. The sharpest decline in the value of imports was for fuels and lubricants. The value of imports fell by 34.6 per cent in December compared with that in the corresponding month of the previous year.

Exports to EU countries fell by 16.7 per cent, but exports to non-EU countries increased by 43.7 per cent in December.

Imports from EU countries increased by 2.7 per cent, but imports from non-EU countries decreased by 14.1 per cent in December.

In January-December, exports to EU countries declined by 12.8 per cent and to non-EU countries by 10.8 per cent. During the same period imports from EU countries decreased by 7.4 per cent and from non-EU countries by 13.1 per cent.