Trade balance sees €121m deficit in May

The trade balance showed a deficit of EUR 121 million in May 2023, according to the international trade in goods statistics provided by Finnish Customs on Thursday.

In January-May 2023, the trade balance had accumulated a deficit of 706 million euros, which was 5.2 billion euros less than a year earlier.

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

The trade surplus in products of mechanical forest industry decreased. The deficit increased for food products and beverages and transport equipment, but decreased for ores and metal scrap, crude oil and refined petroleum products and electrical machinery and equipment.

The value of Finnish exports of goods decreased by 7.1 per cent year-on-year in May.

The value of Finnish exports was EUR 6.5 billion. Export volume increased by 3.0 per cent, and export prices declined by 8.2 per cent year-on-year.

The value of imports decreased by 19.4 per cent in May to EUR 6.7 billion. Import prices declined by 10.8 per cent, and import volume decreased by 8.3 per cent compared to May 2022.

In January-May, the total value of exports decreased by 0.8 percent and the value of imports by 14.3 percent compared to the corresponding period of the previous year.

Change of export volume during the latest 12 months was minus 4.2 per cent (12 month moving average June 2022 – May 2023). The corresponding figure for import volume was minus 5.8 per cent.

The terms of trade improved in May compared to the corresponding month of 2022 as import prices declined more rapidly than export prices. The point figure in May was 99.7, while it was 96.9 in May 2022. The terms of trade declined from April 2023.

The value of exports of capital goods increased by 24.0 per cent in May, and the value of exports of industrial supplies decreased by 14.7 per cent year-on-year. The value of exports of fuels and lubricants decreased by 41.6 percent. The value of exports of consumer goods increased by 12.5 percent, and the value of exports of food and beverages decreased by 6.7 percent. The value of exports of transport equipment and parts decreased by 19.5 per cent.

The value of imports of industrial supplies decreased by 26.0 per cent in May, and the value of imports of capital goods by 2.8 per cent year-on-year. The value of imports of transportation equipment and their parts decreased by 9.5 percent. The value of imports of fuels and lubricants decreased by 43.5 percent. The value of imports of food and beverages decreased by 2.0 percent and the value of imports of consumer goods decreased by 7.7 percent.

The value of exports to EU countries decreased by 7.4 percent and exports outside the EU by 6.8 percent in May. Imports from EU countries fell by 14.1 percent and imports from outside the EU by 25.7 percent in May.

In January-May, total exports to EU countries rose by 0.4 percent, but exports to outside the EU decreased by 2.5 percent. In the same period, imports from EU countries decreased by 7.1 percent and from outside the EU by 22.8 percent.