Trade balance posts €1.4b deficit in March

The trade balance showed a deficit of EUR 1.4 billion in March 2022, according to the international trade in goods statistics provided by Finnish Customs on Tuesday.

In January-March 2022, the trade balance had an aggregated deficit of EUR 3.4 billion. The deficit was EUR 2.3 billion higher than in the corresponding period last year.

The value of Finnish exports of goods increased by 19.3 per cent year-on-year in March.

The value of Finnish exports was EUR 6.9 billion. Export volume decreased by 5.3 per cent, but export prices increased by 26.0 per cent year-on-year.

The value of imports increased by 36.4 per cent in March to EUR 8.3 billion. Import prices increased by 28.7 per cent and import volume by 6.1 per cent compared to March 2021.

In January-March, the aggregated value of exports increased by 22.2 per cent and the value of imports by 34.9 per cent compared with the corresponding period last year.

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

The trade balance surplus in industrial machinery and equipment decreased 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-March compared to same period the previous year.

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

The point figure in March was 95.2, while it was 97.3 in March 2021. The terms of trade improved from February 2022.

The value of exports of capital goods increased by 6.1 per cent in March and the value of exports of industrial supplies by 21.6 per cent year-on-year.

The value of exports of fuels and lubricants increased by 59.2 per cent. The value of exports of consumer goods rose by 0.6 per cent and the value of exports of food and beverages by 7.5 per cent. The value of exports of transport equipment and parts rose by 23.1 per cent.

The value of imports of industrial supplies increased by 35.6 per cent in March, and the value of imports of capital goods rose by 25.2 per cent year-on-year. The value of imports of transport equipment and parts increased by 10.5 per cent.

The value of imports of fuels and lubricants rose by 137.7 per cent. The value of imports of food and beverages increased by 19.1 per cent and the value of imports of consumer goods by 6.5 per cent.

Exports to EU countries rose by 29.3 per cent and exports to non-EU countries by 7.2 per cent in March.

Imports from EU countries rose by 23.7 per cent and imports from outside the EU by 55.7 per cent in March.

In January-March, total exports to EU countries increased by 27.5 per cent and exports to non-EU countries by 15.4 per cent. During the same period, imports from EU countries rose by 24.0 per cent and from outside the EU by 50.8 per cent.