Trade balance shows €228m deficit in June

The trade balance showed a deficit of EUR 228 million In June 2023, according to the international trade in goods statistics published by Finnish Customs on Tuesday.

In January-June 2023, the trade balance had accumulated a deficit of 939 million euros, which was 5.7 billion euros less than a year earlier.

The aggregate trade surplus by commodity group for products of 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 15.1 per cent year-on-year in June.

The value of Finnish exports was EUR 6.1 billion. Export volume decreased by 5.9 per cent, and export prices declined by 8.9 per cent year-on-year.

The value of imports decreased by 20.0 per cent in June to EUR 6.4 billion. Import prices declined by 11.8 per cent, and import volume decreased by 8.1 per cent compared to June 2022.

In January-June, the total value of exports decreased by 3.3 percent and the value of imports by 15.2 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 July 2022 – June 2023). The corresponding figure for import volume was minus 6.4 per cent.

The terms of trade improved in June compared to the corresponding month of 2022 as import prices declined more rapidly than export prices. The point figure in June was 101.0, while it was 97.7 in June 2022. The terms of trade improved also from May 2023.

The value of exports of capital goods increased by 8.2 per cent in June, and the value of exports of industrial supplies decreased by 24.3 per cent year-on-year. The value of exports of fuels and lubricants decreased by 29.6 percent.

The value of exports of consumer goods decreased by 12.6 percent, and the value of exports of food and beverages decreased by 3.8 percent. The value of exports of transport equipment and parts decreased by 17.3 per cent.

The value of imports of industrial supplies decreased by 24.2 per cent in June, but the value of imports of capital goods increased by 0.4 per cent year-on-year.

The value of imports of transportation equipment and their parts decreased by 16.1 percent. The value of imports of fuels and lubricants decreased by 47.5 percent. The value of imports of food and beverages increased by 2.9 percent, but the value of imports of consumer goods decreased by 6.1 percent.

The value of exports to EU countries decreased by 16.2 percent and exports outside the EU by 13.5 percent in June. Imports from EU countries fell by 17.2 percent and imports from outside the EU by 23.5 percent.

In January-June, total exports to EU countries decreased by 2.6 percent and exports to outside the EU by 4.3 percent. In the same period, imports from EU countries decreased by 8.7 percent and from outside the EU by 23.0 percent.