Trade balance shows €1.1b deficit in Feb

The trade balance showed a deficit of EUR 1.1 billion in February, according to the international trade in goods statistics provided by Finnish Customs.

In January-February 2022, the trade balance had an aggregated deficit of EUR 2.0 billion. The deficit was EUR 1.2 billion higher than in the corresponding period last year.

The value of Finnish exports of goods increased by 17.9 per cent year-on-year in February.

The value of Finnish exports was EUR 5.7 billion. Export volume decreased by 4.9 per cent, but export prices increased by 24.0 per cent year-on-year.

The value of imports increased by 28.2 per cent in February to EUR 6.8 billion. Import prices increased by 24.4 per cent and import volume by 3.2 per cent compared to February 2021.

In January-February, the aggregated value of exports increased by 24.1 per cent and the value of imports by 33.8 per cent compared with the corresponding period last year.

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

The trade balance surplus in industrial machinery and equipment remained unchanged from a year ago, but the trade balance surplus in metals increased.

Trade balance deficit increased in the trade in energy products, ores and scrap metal and electrical machinery and equipment, but decreased in the trade in transport equipment in January-February compared to same period the previous year.

The terms of trade weakened in February compared to the corresponding month of 2021 as import prices increased more than export prices.

The point figure in February was 94.4, while it was 94.7 in February 2021. The terms of trade weakened also from January 2022.

The value of exports of capital goods increased by 7.5 per cent in February and the value of exports of industrial supplies by 23.1 per cent year-on-year.

The value of exports of fuels and lubricants increased by 41.1 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 10.4 per cent.

The value of exports of transport equipment and parts rose by 0.9 per cent.

The value of imports of industrial supplies increased by 32.4 per cent in February, and the value of imports of capital goods rose by 17.2 per cent year-on-year.

The value of imports of transport equipment and parts decreased by 2.5 per cent. The value of imports of fuels and lubricants rose by 83.6 per cent.

The value of imports of food and beverages increased by 21.8 per cent and the value of imports of consumer goods by 11.2 per cent.

Exports to EU countries rose by 20.0 per cent and exports to non-EU countries by 15.2 per cent in February.

Imports from EU countries rose by 14.7 per cent and imports from outside the EU by 48.0 per cent.

In January-February, total exports to EU countries increased by 26.6 per cent and exports to non-EU countries by 20.7 per cent. During the same period, imports from EU countries rose by 23.9 per cent and from outside the EU by 47.8 per cent.