Trade balance posts €605m deficit in July

The trade balance was in deficit of EUR 605 million in July, according to the preliminary statistics of international trade in goods provided by Finnish Customs on Wednesday.

In January-July, the aggregated deficit amounted to EUR 1.5 billion. In July 2022, the trade balance was EUR 1,2 billion in deficit and in January-July of the same year, the aggregated deficit was EUR 7.8 billion.

The value of Finnish exports decreased by 20.6 per cent in July year-on-year. The value of Finnish exports in July was EUR 5.3 billion. Export volume decreased by 11.1 per cent, and export prices declined by 9.1 per cent year-on-year.

The value of imports decreased by 24.6 per cent in July and the value of imports was EUR 5.9 billion. Import prices declined by 11.6 per cent and import volume decreased by 14.8 per cent compared to July 2022.

In January-July 2023, the total value of exports decreased by 5.8 per cent and the value of imports by 16.5 per cent year-on-year. Change of export volume during the latest 12 months was minus 4.5 per cent (12 month moving average August 2022 – July 2023). The corresponding figure for import volume ‘was minus 7.9 per cent.

Value of exports to EU member states decreased by 19.0 per cent and to non-EU countries by 22.6 per cent in July compared to the same month the previous year. The volume of exports to EU countries decreased by 6.6 per cent and to non-EU countries by 16.6 per cent during the same time.

Calculated from the beginning of the year, value of exports to EU countries decreased by 4.9 per cent and to non-EU countries by 7.0 per cent.

The volume of exports to EU member states decreased by 6.3 per cent and the volume of exports to non-EU countries by 1.2 per cent calculated according to 12-month moving average.

Value of imports from EU countries decreased by 22.9 per cent and from non-EU countries by 26.6 per cent in July. The volume of imports from EU member states decreased by 11.0 per cent and from non-EU countries by 20.7 per cent.

Calculated from the beginning of the year, value of imports from EU member states decreased by 10.6 per cent and from other countries by 23.5 per cent.

The volume of imports from EU member states decreased by 4.1 per cent, and the volume of imports from non-EU countries by 11.4 per cent calculated according to 12-month moving average.