Trade balance posts €958m deficit in Jan

The trade balance showed a deficit of EUR 958 million, while the deficit was EUR 356 million in January 2021, according to the international trade in goods statistics published by Finnish Customs recently.

The value of Finnish exports of goods increased by 29.2 per cent year-on-year in January while the value of Finnish exports was EUR 5.7 billion.

Export volume increased by 2.7 per cent and export prices by 25.8 per cent year-on-year. The value of imports increased by 39.7 per cent in January to EUR 6.7 billion. Import prices increased by 27.4 per cent and import volume by 9.9 per cent compared to January 2021.

The aggregate trade surplus by commodity group for forest industry products increased in January compared with the corresponding period in 2021.

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 compared to same period the previous year.

The terms of trade weakened in January compared to the corresponding month of 2021 as import prices increased more than export prices. The point figure in January was 95.7, while it was 96.9 in January 2021. The terms of trade weakened also from December 2021.

The value of exports of capital goods rose by 17.3 per cent in January and the value of exports of industrial supplies by 29.8 per cent year-on-year.

The value of exports of fuels and lubricants increased by 72.1 per cent. The value of exports of consumer goods rose by 9.9 per cent and the value of exports of food and beverages by 12.6 per cent. The value of exports of transport equipment and parts rose by 33.8 per cent.

The value of imports of industrial supplies increased by 49.0 per cent in January, and the value of imports of capital goods rose by 30.6 per cent year-on-year. The value of imports of transport equipment and parts increased by 12.2 per cent.

The value of imports of fuels and lubricants rose by 91.6 per cent. The value of imports of food and beverages increased by 16.0 per cent, and the value of imports of consumer goods by 8.7 per cent.

Exports to EU countries rose by 32.7 per cent and exports to non-EU countries by 24.8 per cent in January.

Imports from EU countries rose by 33.8 per cent and imports from outside the EU by 47.5 per cent in January.