Trade balance posts €6.4b deficit in H1

The trade balance showed a deficit of EUR 663 million in June 2022 and in January-June, the trade balance had an aggregated deficit of EUR 6.4 billion, according to the international trade in goods statistics provided by Finnish Customs.

The deficit in the first six months was EUR 4.5 billion higher than in the corresponding period last year.

The aggregate trade surplus by commodity group for mechanical forest industry products increased in January-June 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.

The value of Finnish exports of goods increased by 26.1 per cent year-on-year in June.

The value of Finnish exports was EUR 7.2 billion. Export volume decreased by 6.2 per cent, but export prices increased by 34.3 per cent year-on-year.

The value of imports increased by 31.2 per cent in June to EUR 7.8 billion. Import prices increased by 32.9 per cent, but import volume decreased by 1.1 per cent compared to June 2021.

In January-June, the aggregated value of exports increased by 25.0 per cent and the value of imports by 36.9 per cent compared with the corresponding period last year.

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

The point figure in June was 97.7, while it was 96.7 in June 2021. The terms of trade improved also from May 2022.

The value of exports of capital goods increased by 13.5 per cent in June and the value of exports of industrial supplies by 23.6 per cent year-on-year.

The value of exports of fuels and lubricants increased by 366.4 per cent. The value of exports of consumer goods rose by 57.2 per cent and the value of exports of food and beverages by 23.8 per cent. The value of exports of transport equipment and parts decreased by 24.5 per cent.

The value of imports of industrial supplies increased by 17.4 per cent in June, and the value of imports of capital goods rose by 14.1 per cent year-on-year.

The value of imports of transport equipment and parts increased by 15.7 per cent. The value of imports of fuels and lubricants rose by 149.6 per cent.

The value of imports of food and beverages increased by 16.1 per cent and the value of imports of consumer goods by 7.8 per cent.

Exports to EU countries rose by 33.8 per cent and exports to non-EU countries by 16.8 per cent in June.

Imports from EU countries rose by 17.8 per cent and imports from outside the EU by 53.1 per cent in June.

In January-June, total exports to EU countries increased by 32.2 per cent and exports to non-EU countries by 16.1 per cent. During the same period, imports from EU countries rose by 24.0 per cent and from outside the EU by 56.7 per cent.