Trade balance posts €1.7b surplus in Nov

The trade balance showed a surplus of EUR 1.7 billion in November, 2023, according to the international trade in goods statistics published by Finnish Customs on Monday.

In January-November 2023, the trade balance had accumulated a surplus of 300 million euros.

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 value of Finnish exports of goods increased by 0.6 per cent year-on-year in November, The value of Finnish exports was EUR 8.1 billion. Export volume increased by 4.8 per cent, but export prices declined by 3.0 per cent year-on-year.

The value of imports decreased by 17.3 per cent in November to EUR 6.5 billion. Import prices declined by 7.9 per cent, and import volume decreased by 9.0 per cent compared to November 2022. In January-November, the total value of exports decreased by 6.1 percent and the value of imports by 17.6 percent compared to the corresponding period of the previous year.

Change of export volume during the latest 12 months was minus 3.5 per cent (12 month moving average December 2022 – November 2023). The corresponding figure for import volume was minus 11.0 per cent.

The terms of trade improved in November compared to the corresponding month of 2022 as import prices declined more rapidly than export prices. The point figure in November was 102.5, while it was 97.3 in November 2022. The terms of trade improved from October 2023.

The value of exports of capital goods decreased by 5.7 per cent in November, and the value of exports of industrial supplies decreased by 21.3 per cent year-on-year. The value of exports of fuels and lubricants decreased by 25.7 percent. The value of exports of consumer goods increased by 32.8 percent but the value of exports of food and beverages decreased by 17.7 percent. The value of exports of transport equipment and parts increased by 63.0 per cent. The high growth was mainly due to exports of a cruise ship to United States for 1.9 billion euros.

The value of imports of industrial supplies decreased by 21.5 per cent in November and the value of imports of capital goods by 10.2 per cent year-on-year. The value of imports of transportation equipment and their parts decreased by 7.4 percent. The value of imports of fuels and lubricants decreased by 33.7 percent. The value of imports of food and beverages increased by 2.2 percent, but imports of consumer goods decreased by 11.5 percent.

The value of exports to EU countries decreased by 4.8 percent, but exports outside the EU increased by 5.6 percent in November.

Imports from EU countries fell by 16.4 percent and imports from outside the EU by 18.5 percent in November.

In January-November, total exports to EU countries decreased by 5.4 percent and exports to outside the EU by 7.0 percent. In the same period, imports from EU countries decreased by 12.6 percent and from outside the EU by 23.7 percent.

Earlier in this month, Customs in its preliminary statistics also said that the trade balance was in surplus of EUR 1.7 billion in November 2023.