Trade balance shows €966m deficit in Oct

The trade balance showed a deficit of EUR 966 million in October, according to the international trade in goods statistics released by Finnish Customs recently.

In January-October 2022, the trade balance had an aggregated deficit of EUR 10.5 billion. The deficit was EUR 7.1 billion higher than in the corresponding period last year.

The value of Finnish exports of goods increased by 11.4 per cent year-on-year in October. The value of exports was EUR 6.8 billion.

Export volume decreased by 5.7 per cent, but export prices increased by 18.7 per cent year-on-year.

The value of imports increased by 16.2 per cent in October to EUR 7.8 billion. Import prices increased by 18.8 per cent, but import volume decreased by 1.9 per cent compared to October 2021.

In January-October, the aggregated value of exports increased by 21.7 per cent and the value of imports by 32.5 per cent compared with the corresponding period last year.

The aggregate trade surplus by commodity group for forest industry products increased in January-October 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 October compared to the corresponding month of 2021 as import prices rose more than export prices. The point figure in October was 97.8, while it was 97.9 in October 2021. The terms of trade improved from September 2022.

The value of exports of capital goods increased by 25.9 per cent in October and the value of exports of industrial supplies by 7.0 per cent year-on-year.

The value of exports of fuels and lubricants increased by 27.5 per cent. The value of exports of consumer goods rose by 26.1 per cent and the value of exports of food and beverages by 20.0 per cent. The value of exports of transport equipment and parts decreased by 27.0 per cent.

The value of imports of industrial supplies increased by 8.3 per cent in October, and the value of imports of capital goods rose by 20.0 per cent year-on-year.

The value of imports of transport equipment and parts increased by 5.9 per cent. The value of imports of fuels and lubricants rose by 42.5 per cent. The value of imports of food and beverages increased by 22.2 per cent and the value of imports of consumer goods by 13.5 per cent.

Exports to EU countries rose by 7.3 per cent and exports to non-EU countries by 16.8 per cent in October. Imports from EU countries increased by 12.3 per cent and imports from outside the EU by 21.2 per cent in October.

In January-October, total exports to EU countries increased by 24.9 per cent and exports to non-EU countries by 17.6 per cent. During the same period, imports from EU countries rose by 22.9 per cent and from outside the EU by 46.2 per cent.