Trade balance posts €349m deficit in Feb

The trade balance showed a deficit of EUR 349 million in February this year, according to the international trade in goods statistics provided by Finnish Customs.

In January-February 2021, the trade balance had a deficit of EUR 659 million. The deficit was EUR 404 million smaller than in the corresponding period last year.

The value of Finnish exports of goods increased by 8.0 per cent year-on-year in February. The value of Finnish exports was EUR 4.8 billion. Export volume increased by 7.2 per cent and export prices by 2.2 per cent year-on-year.

The value of imports declined by 1.3 per cent in February to almost EUR 5.2 billion. Import prices increased by 4.9 per cent, but import volumes decreased by 4.3 per cent compared to February 2020.

In January-February, the aggregated value of exports decreased by 1.5 per cent and the value of imports by 5.2 per cent compared with the corresponding period last year.

Strikes within the forest industry sector under first quarter of 2020 caused lower export value in the reference month and had an impact on the percentage change of exports in February 2021.

The trade surplus in industrial machinery and equipment and metals decreased from a year ago. The deficit increased in the trade in ores and scrap metal and electrical machinery and equipment, but decreased in the trade in oil and petroleum products and foodstuffs in January-February compared to same period the previous year.

The terms of trade weakened in February compared to the corresponding month of 2020 as import prices increased more than export prices. The point figure in February was 95.1, while it was 97.7 in February 2020. The terms of trade weakened also from January 2021.

The value of exports of capital goods decreased by 5.0 per cent, but the value of exports of industrial supplies increased by 21.4 per cent in February.

The value of exports of fuels and lubricants decreased by 6.8 per cent. The value of exports of consumer goods diminished by 3.2 per cent and the value of exports of food and beverages by 9.9 per cent. The value of exports of transport equipment and parts and accessories increased by 9.1 per cent.

The value of imports of food and beverages decreased by 9.1 per cent and the value of imports of consumer goods by 6.6 per cent. The value of imports of industrial supplies rose by 10.6 per cent.

The value of imports of capital goods increased by 0.8 per cent, but the value of imports of transport equipment decreased by 12.8 per cent. The value of imports of fuels and lubricants fell by 8.5 per cent in February compared with the corresponding month of last year.

Exports to EU countries increased by 10.3 per cent and exports to non-EU countries by 5.1 per cent in February.

Imports from EU countries decreased by 4.0 per cent, but imports from non-EU countries increased by 3.0 per cent in February.

In January-February, exports to EU countries remained at the level of the previous year, but exports to non-EU countries decreased by 3.4 per cent. During the same period imports from EU countries decreased by 5.1 per cent and from non-EU countries by 5.5 per cent.