Trade balance posts €1.2b deficit in May

The trade balance showed a deficit of EUR 1.2 billion in May 2022, according to the international trade in goods statistics provided by Finnish Customs.

In January-May 2022, the trade balance had an aggregated deficit of EUR 5.7 billion, which was EUR 4.0 billion higher than in the corresponding period last year.

The value of Finnish exports of goods increased by 30.8 per cent year-on-year in May. The value of Finnish exports was EUR 6.9 billion.

Export volume decreased by 1.5 per cent, but export prices increased by 32.7 per cent year-on-year.

The value of imports increased by 47.2 per cent in May to EUR 8.1 billion.

Import prices increased by 33.5 per cent and import volume by 10.4 per cent compared to May 2021.

In January-May, the aggregated value of exports increased by 24.5 per cent and the value of imports by 37.8 per cent compared with the corresponding period last year.

The aggregate trade surplus by commodity group for mechanical forest industry products increased in January-May 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-May compared to same period the previous year.

The terms of trade weakened in May compared to the corresponding month of 2021 as import prices increased more than export prices. The point figure in May was 96.9, while it was 97.5 in May 2021. The terms of trade improved from April 2022.

The value of exports of capital goods increased by 2.2 per cent in May and the value of exports of industrial supplies by 26.7 per cent year-on-year. The value of exports of fuels and lubricants increased by 355.8 per cent.

The value of exports of consumer goods rose by 22.2 per cent and the value of exports of food and beverages by 29.0 per cent. The value of exports of transport equipment and parts rose by 48.6 per cent.

The value of imports of industrial supplies increased by 37.1 per cent in May, and the value of imports of capital goods rose by 24.3 per cent year-on-year.

The value of imports of transport equipment and parts increased by 29.2 per cent. The value of imports of fuels and lubricants rose by 293.5 per cent.

The value of imports of food and beverages increased by 26.5 per cent and the value of imports of consumer goods by 10.1 per cent.

Exports to EU countries rose by 39.6 per cent and exports to non-EU countries by 20.9 per cent in May.

Imports from EU countries rose by 29.3 per cent and imports from outside the EU by 75.2 per cent in May.

In January-May, total exports to EU countries increased by 31.6 per cent and exports to non-EU countries by 15.8 per cent. During the same period, imports from EU countries rose by 24.9 per cent and from outside the EU by 57.1 per cent.