Trade balance posts €608m surplus in Oct

The trade balance showed a surplus of EUR 608 million in October 2021, according to the international trade in goods statistics provided by Finnish Customs.

In January-October 2021, the trade balance, however, had an aggregated deficit of EUR 3.3 billion, which was EUR 210 million higher than in the corresponding period last year.

The value of Finnish exports of goods increased by 17.8 per cent year-on-year in October. The value of Finnish exports was EUR 6.1 billion. Export volume increased by 0.4 per cent and export prices by 18.6 per cent year-on-year.

The value of imports increased by 27.5 per cent in October to EUR 6.7 billion. Import prices increased by 18.7 per cent and import volume by 8.6 per cent compared to October 2020.

In January-October, the aggregated value of exports increased by 18.1 per cent and the value of imports by 17.4 per cent compared with the corresponding period last year.

The aggregate trade surplus by commodity group for forest industry products increased in January-October compared with the corresponding period in 2020. 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 and electrical machinery and equipment, but decreased in the trade in transport equipment in January-October compared to same period the previous year.

The terms of trade were at the same level as in October the corresponding month of 2020 as import and export prices increased about equally. The point figure in October was 99.1 in October of 2020 and 2021. The terms of trade improved from September 2021.

The value of exports of capital goods decreased by 5.2 per cent in October and the value of exports of industrial supplies increased by 31.9 per cent year-on-year.

The value of exports of fuels and lubricants increased by 38.8 per cent. The value of exports of consumer goods rose by 16.6 per cent but the value of exports of food and beverages decreased by 1.9 per cent. The value of exports of transport equipment and parts rose by 12.1 per cent.

The value of imports of industrial supplies increased by 37.3 per cent in October, and the value of imports of capital goods rose by 17.4 per cent year-on-year. The value of imports of transport equipment and parts increased by 5.0 per cent. The value of imports of fuels and lubricants rose by 95.1 per cent. The value of imports of food and beverages increased by 3.4 per cent and the value of imports of consumer goods by 0.5 per cent.

Exports to EU countries rose by 18.2 per cent and exports to non-EU countries by 17.2 per cent in October. Imports from EU countries rose by 17.6 per cent and imports from non-EU countries by 42.3 per cent in October.

In January-October, exports to EU countries increased by 18.6 per cent and exports to non-EU countries by 17.4 per cent. During the same period, imports from EU countries increased by 15.9 per cent and from non-EU countries by 19.5 per cent.