Trade balance posts €1.2b deficit in July

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

In January-July 2022, the trade balance had an aggregated deficit of EUR 7.7 billion.

The deficit was EUR 5.4 billion higher than in the corresponding period last year. The aggregate trade surplus by commodity group for mechanical forest industry products increased in January-July compared with the corresponding period in 2021.

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

The value of Finnish exports was EUR 6.5 billion. Export volume decreased by 6.8 per cent, but export prices increased by 26.6 per cent year-on-year.

The value of imports increased by 30.3 per cent in July to EUR 7.8 billion. Import prices increased by 25.6 per cent and import volume by 4.0 per cent compared to July 2021.

In January-July, the aggregated value of exports increased by 24.1 per cent and the value of imports by 36.4 per cent compared with the corresponding period last year.

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 of energy products, ores and scrap metal and electrical machinery and equipment.

The terms of trade improved in July compared to the corresponding month of 2021 as export prices increased more than import prices. The point figure in July was 98.3, while it was 97.5 in July 2021. The terms of trade improved also from June 2022.

The value of exports of capital goods increased by 8.3 per cent in July and the value of exports of industrial supplies by 12.8 per cent year-on-year. The value of exports of fuels and lubricants increased by 126.8 per cent. The value of exports of consumer goods rose by 4.6 per cent and the value of exports of food and beverages by 28.4 per cent. The value of exports of transport equipment and parts increased by 1.5 per cent.

The value of imports of industrial supplies increased by 26.4 per cent in July, and the value of imports of capital goods rose by 24.9 per cent year-on-year. The value of imports of transport equipment and parts increased by 1.9 per cent. The value of imports of fuels and lubricants rose by 95.9 per cent. The value of imports of food and beverages increased by 9.1 per cent and the value of imports of consumer goods by 7.8 per cent.

Exports to EU countries rose by 20.1 per cent and exports to non-EU countries by 15.2 per cent in July while imports from EU countries rose by 20.2 per cent and imports from outside the EU by 43.4 per cent.

In January-July, total exports to EU countries increased by 30.6 per cent and exports to non-EU countries by 16.2 per cent. During the same period, imports from EU countries rose by 23.7 per cent and from outside the EU by 55.2 per cent.