Trade balance posts €615m deficit in Aug

The trade balance showed a deficit of EUR 615 million in August this year, according to the international trade in goods statistics provided by Finnish Customs.

In January-August 2021, the trade balance had an aggregated deficit of EUR 2.8 billion. The deficit was EUR 287 million larger than in the corresponding period last year.

The aggregate trade surplus by commodity group for forest industry products increased in January-August compared with the corresponding period in 2020.

The value of Finnish exports of goods increased by 16.0 per cent year-on-year in August.

According to the statistics, the value of Finnish exports was EUR 5.1 billion. Export volume increased by 2.2 per cent and export prices by 15.2 per cent year-on-year.

The value of imports increased by 22.9 per cent in August to EUR 5.7 billion. Import prices increased by 15.7 per cent and import volume by 7.7 per cent compared to August 2020.

In January-August, the aggregated value of exports increased by 15.7 per cent and the value of imports by 15.4 per cent compared with the corresponding period last year.

In August 2020, the value of exports decreased by 13.2 per cent and the value of imports by 12.7 per cent year-on-year.

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

The terms of trade weakened in August compared to the corresponding month of 2020 as import prices increased more than export prices. The point figure in August was 98.6, while it was 99.0 in August 2020. The terms of trade weakened also from July 2021.

The value of exports of capital goods increased by 2.7 per cent and the value of exports of industrial supplies by 32.0 per cent in August compared with the same month the previous year.

The value of exports of fuels and lubricants increased by 50.0 per cent. The value of exports of consumer goods increased by 13.9 per cent, and the value of exports of food and beverages by 10.7 per cent. The value of exports of transport equipment and parts and decreased increased by 42.2 per cent.

The value of imports of industrial supplies rose by 47.6 per cent in August compared with the corresponding month last year.

The value of imports of capital goods increased by 5.7 per cent, but the value of imports of transport equipment decreased by 6.1 per cent. The value of imports of fuels and lubricants rose by 63.9 per cent.

The value of imports of food and beverages increased by 13.8 per cent, but the value of imports of consumer goods decreased by 3.6 per cent.

Exports to EU countries increased by 20.0 per cent and exports to non-EU countries by 11.3 per cent in August.

Imports from EU countries increased by 20.1 per cent and imports from non-EU countries by 26.7 per cent in August.

In January-August, exports to EU countries increased by 15.4 per cent and exports to non-EU countries by 16.1 per cent. During the same period imports from EU countries increased by 16.1 per cent and from non-EU countries by 14.5 per cent.