Trade balance posts €10.8b deficit in 2022

The trade deficit increased significantly in 2022 when compared to previous years, according to preliminary data on the international trade in goods published by Finnish Customs on Tuesday.

The trade balance showed a deficit of 10.8 billion euros in 2022. The deficit in the trade with EU countries was 4.9 billion euros. In the trade with non-EU countries, there was a deficit of 5.9 billion euros.

In 2021, the trade balance showed a deficit of 4.0 billion euros. The last time the trade balance experienced a surplus was in 2010.

Although the value of Finnish exports of goods increased by 18.2 per cent in 2022, the volume of exports decreased by 5.2 per cent and the prices of exports rose by 24.2 per cent,

The value of exports amounted to 81.5 billion euros. The value of imports increased by 26.5 per cent in comparison with 2021.

In terms of volume, imports grew by 0.7 per cent, while import prices increased by 24.9 per cent. The value of goods imports amounted to 92.3 billion euros.

“In the international trade of goods, 2022 was a year of changes. Acceleration of prices also increased international trade in goods to a significant extent,” said Head of Statistics Production Group Christina Telasuo.

The volume of exports, calculated by moving average, took a downward turn already in July. The volume of imports also dwindled towards the end of the year. The price increase in energy products had the most significant effect on the increase in the value of imports, and consequently on the amount of trade deficit.

Trade with Russia decreased rapidly from March onwards. Especially imports were replaced by imports of products from other countries. Russia’s share in total imports of goods dropped from 15.8 per cent in January to 2.6 per cent in December. Of imports in total, Russia’s share dropped from 5.4 per cent in January to 2.7 per cent in November.

Based on preliminary data, the value of exports to the EU countries increased by 17.3 per cent in 2022.

Export value to the eurozone went up by 13.8 per cent. Value of exports to non-EU countries rose by 19.5 per cent. Value of imports from EU countries increased by 19.7 per cent, from euro countries by 15.2 per cent, and from other countries by 35.9 per cent.