Trade balance posts €327m deficit in Sep

The trade balance showed a deficit of EUR 327 million in September 2022, according to the international trade in goods statistics provided by Finnish Customs on Wednesday.

In January-September 2022, the trade balance had an aggregated deficit of EUR 9.4 billion. The deficit was EUR 6.6 billion higher than in the corresponding period last year.

The value of Finnish exports of goods increased by 8.3 per cent year-on-year in September. The value of Finnish exports was EUR 7.2 billion. Export volume decreased by 11.6 per cent, but export prices increased by 22.5 per cent year-on-year.

The value of imports increased by 14.9 per cent in September to EUR 7.5 billion. Import prices increased by 22.8 per cent, but import volume decreased by 6.2 per cent compared to September 2021.

In January-September, the aggregated value of exports increased by 22.9 per cent and the value of imports by 34.3 per cent compared with the corresponding period last year.

The aggregate trade surplus by commodity group for forest industry products increased in January-September 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 of energy products, ores and scrap metal and electrical machinery and equipment.

The terms of trade weakened in September compared to the corresponding month of 2021 as import prices rose more than export prices. The point figure in September was 96.2, while it was 96.5 in September 2021. The terms of trade improved from August 2022.

The value of exports of capital goods increased by 20.6 per cent in September and the value of exports of industrial supplies by 15.8 per cent year-on-year. The value of exports of fuels and lubricants increased by 16.6 per cent. The value of exports of consumer goods rose by 24.7 per cent and the value of exports of food and beverages by 28.3 per cent. The value of exports of transport equipment and parts decreased 47.3 per cent.

The value of imports of industrial supplies increased by 7.0 per cent in September, and the value of imports of capital goods rose by 24.1 per cent year-on-year. The value of imports of transport equipment and parts decreased by 6.2 per cent. The value of imports of fuels and lubricants rose by 43.5 per cent. The value of imports of food and beverages increased by 17.3 per cent and the value of imports of consumer goods by 9.6 per cent.

Exports to EU countries rose by 3.2 per cent and exports to non-EU countries by 15.6 per cent in September.

Imports from EU countries rose by 16.6 per cent and imports from outside the EU by 12.8 per cent in September.

In January-September, total exports to EU countries increased by 27.1 per cent and exports to non-EU countries by 17.6 per cent.

During the same period, imports from EU countries rose by 24.0 per cent and from outside the EU by 49.2 per cent.