Trade balance posts €328m deficit in Jan

The trade balance showed a deficit of EUR 328 million in January, according to the international trade in goods statistics provided by Finnish Customs on Wednesday.

The deficit increased for crude oil and refined petroleum products and food products and beverages, but decreased for ores and metal scrap and electrical machinery and equipment.

The aggregate trade surplus by commodity group for products of chemical forest industry and industrial machinery and equipment increased compared to the previous year.

The trade surplus in metals and products of mechanical forest industry decreased.

The value of Finnish exports of goods increased by 8.2 per cent year-on-year in January. The value of Finnish exports was EUR 6.2 billion. Export volume increased by 0.6 per cent and export prices by 8.8 per cent year-on-year.

The value of imports decreased by 3.4 per cent in January to EUR 6.6 billion. Import prices increased by 4.2 per cent, but import volume decreased by 5.7 per cent compared to January 2022.

Change of export volume during the latest 12 months was minus 5.0 per cent (12 month moving average February 2022 – January 2023). The corresponding figure for import volume ‘was minus 0.4 per cent.

The terms of trade improved in January compared to the corresponding month of 2022 as export prices rose more than import prices. The point figure in January was 99.9, while it was 95.7 in January 2022. The terms of trade also improved from December 2022.

The value of exports of capital goods increased by 18.3 per cent, and the value of exports of industrial supplies by 2.8 per cent year-on-year. The value of exports of fuels and lubricants decreased by 1.3 per cent. The value of exports of consumer goods increased by 20.4 per cent, and the value of exports of food and beverages by 10.8 per cent. The value of exports of transport equipment and parts increased by 5.7 per cent.

The value of imports of industrial supplies decreased by 8.1 per cent in January, but the value of imports of capital goods rose by 5.2 per cent year-on-year.

The value of imports of transport equipment and parts decreased by 5.0 per cent. The value of imports of fuels and lubricants decreased by 9.3 per cent. The value of imports of food and beverages increased by 14.5 per cent, but the value of imports of consumer goods decreased by 2.0 per cent.

Exports to EU countries increased by 6.9 per cent, and exports to non-EU countries by 10.0 per cent in January. Imports from EU countries decreased by 0.3 per cent and imports from outside the EU by 7.0 per cent in January.