Trade balance posts €3.9b deficit in 2021

The trade balance showed a deficit of 3.9 billion euros in 2021, which was 1.6 billion higher compared to the previous year, according to the international trade in goods statistics provided by Finnish Customs on Monday.

The aggregate trade surplus by commodity group for forest industry products increased in January-December 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, energy products and electrical machinery and equipment in January-December compared to same period the previous year.

In December 2021, the trade balance showed a deficit of EUR 232 million.

The value of Finnish exports of goods increased by 20.5 per cent year-on-year in December.

The value of Finnish exports was EUR 7.3 billion. Export volume decreased by 5.7 per cent, but export prices increased by 28.5 per cent year-on-year.

The value of imports increased by 48.4 per cent in December to EUR 7.6 billion. Import prices increased by 34.2 per cent and import volume by 11.8 per cent compared to December 2020.

In January-December, the aggregated value of exports increased by 19.7 per cent and the value of imports by 21.6 per cent compared with the corresponding period last year.

The terms of trade weakened in December compared to the corresponding month of 2020 as import prices increased more than export prices. The point figure in December was 92.7, while it was 96.9 in December 2020. The terms of trade weakened also from November 2021.

The value of exports of capital goods rose by 8.5 per cent in December and the value of exports of industrial supplies by 35.3 per cent year-on-year.

The value of exports of fuels and lubricants increased by 16.6 per cent. The value of exports of consumer goods rose by 61.5 per cent and the value of exports of food and beverages by 13.3 per cent. The value of exports of transport equipment and parts rose by 7.7 per cent.

The value of imports of industrial supplies increased by 65.1 per cent in December, and the value of imports of capital goods rose by 26.9 per cent year-on-year.

The value of imports of transport equipment and parts decreased by 49.3 per cent. The value of imports of fuels and lubricants rose by 127.3 per cent. The value of imports of food and beverages increased by 14.3 per cent, but the value of imports of consumer goods decreased by 0.1 per cent.

Exports to EU countries rose by 60.0 per cent, but exports to non-EU countries fell by 14.8 per cent in December.

Imports from EU countries rose by 33.1 per cent and imports from non-EU countries by 72.2 per cent in December.

In January-December, total exports to EU countries increased by 24.1 per cent and exports to non-EU countries by 14.4 per cent. During the same period, imports from EU countries increased by 18.5 per cent and from non-EU countries by 26.2 per cent.