Trade balance posts €23m surplus in Oct

The trade balance showed a surplus of EUR 23 million in October 2023, according to the international trade in goods statistics published by Finnish Customs on Friday.

In January-October 2023, the trade balance had accumulated a deficit of 1.3 billion euros, which was 9.1 billion euros less than a year earlier.

The value of Finnish exports of goods decreased by 9.9 per cent year-on-year in October. The value of Finnish exports was EUR 6.2 billion.

Export volume decreased by 2.1 per cent, and export prices declined by 6.3 per cent year-on-year.

The value of imports decreased by 21.6 per cent in October to EUR 6.2 billion. Import prices declined by 8.5 per cent, and import volume decreased by 12.9 per cent compared to October 2022.

In January-October, the total value of exports decreased by 6.9 percent and the value of imports by 17.7 percent compared to the corresponding period of the previous year.

Change of export volume during the latest 12 months was minus 3.7 per cent (12 month moving average November 2022 – October 2023). The corresponding figure for import volume was minus 10.7 per cent.

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 both mechanical and chemical forest industry decreased. The deficit increased for transport equipment, but decreased for ores and metal scrap, crude oil and refined petroleum products and electrical machinery and equipment.

The terms of trade improved in October compared to the corresponding month of 2022 as import prices declined more rapidly than export prices.

The point figure in October was 100.2, while it was 97.8 in October 2022. The terms of trade declined from September 2023.

The value of exports of capital goods decreased by 2.5 per cent in October, and the value of exports of industrial supplies decreased by 17.7 per cent year-on-year.

The value of exports of fuels and lubricants decreased by 6.8 percent. The value of exports of consumer goods declined by 1.1 percent.

The value of exports of food and beverages increased by 1.5 percent and the value of exports of transport equipment and parts by 0.1 per cent.

The value of imports of industrial supplies decreased by 27.9 per cent in October and the value of imports of capital goods by 14.2 per cent year-on-year.

The value of imports of transportation equipment and their parts decreased by 6.2 percent. The value of imports of fuels and lubricants decreased by 42.1 percent. The value of imports of food and beverages decreased by 2.9 percent and of consumer goods by 9.9 percent.

The value of exports to EU countries decreased by 2.4 percent and exports outside the EU by 19.0 percent in October.

Imports from EU countries fell by 12.3 percent and imports from outside the EU by 32.4 percent in October.

In January-October, total exports to EU countries decreased by 5.5 percent and exports to outside the EU by 8.8 percent. In the same period, imports from EU countries decreased by 12.2 percent and from outside the EU by 24.3 percent.

Earlier in this month, the preliminary statistics published by Finnish Customs said that the trade balance was in surplus of EUR 15 million in October.