Finland sees €1.4b trade deficit in Jan-Aug

The balance of the country’s export-import trade showed a deficit of 187 million euros in August, according to the international trade in goods statistics provided by the Finnish Customs.

The deficit was 481 million euros in August 2016.

In January-August, the balance of trade had a deficit of 1.4 billion euros.

The value of Finnish exports in August increased by 18 per cent. The value of Finnish exports was slightly over 4.7 billion euros, with the export prices increasing by 5.2 per cent and export volume by 14.2 per cent.

In January-August, the value of exports grew by 16 per cent.

In August, the value of imports also increased by 10 per cent, standing at 4.9 billion euros. Import prices increased by 4.9 per cent and import volume by 6.5 per cent.

In January-August, the total value of imports increased by 14 per cent compared to that in the corresponding period of the previous year.

As in the previous months, exports grew steadily in almost all the major commodity groups. The value of exports of cars, ore and concentrates increased sharply.

Exports of instruments and meters, medicines, and nickel declined. In imports, there was also growth in almost all major categories. A significant increase was recorded in the import of motor vehicle parts. Imports of consumer goods fell slightly.

In August, exports to EU member states increased by 21 per cent and to non-EU countries by 14 per cent. Among the export destinations, the month saw the most important rises in export to Germany, Sweden, the Netherlands, China, and Russia.

Exports to the United States and the United Kingdom decreased. Imports from EU countries increased by 11 per cent and imports from non-EU countries by eight per cent in August.

Imports from the Netherlands and the United States decreased, while imports from Germany, Sweden, China, the United Kingdom, and Russia increased.