Trade balance posts €720m deficit in Feb

The trade balance was in deficit of EUR 720 million in February, according to the preliminary statistics of international trade in goods provided by Finnish Customs on Monday.

In January-February, the aggregated deficit amounted to EUR 855 million. In February 2023, the trade balance was EUR 640 million in deficit and in January-February of the same year, the aggregated deficit was EUR 980 million.

According to the preliminary statistics, the value of Finnish exports increased by 5.8 per cent in February year-on-year. The value of Finnish exports in February was EUR 5.3 billion. Export volume increased by 12.1 per cent, but export prices declined by 4.6 per cent year-on-year.

The value of imports increased by 6.5 per cent in February and the value of imports was EUR 6.0 billion.

Import prices declined by 5.7 per cent, but import volume increased by 12.3 per cent compared to February 2023.

During the reference month in 2023 a harbour strike reduced international trade in goods considerable.

Compared to previous month, January 2024, the value of exports decreased by 7.8 per cent, but the value of imports increased by 2.3 per cent in February 2024.

In January-February 2023, the total value of exports decreased by 2.3 per cent and the value of imports by 3.1 per cent year-on-year. Change of export volume during the latest 12 months was minus 0.7 per cent (12 month moving average March 2023 – February 2024). The corresponding figure for import volume was minus 8.4 per cent.

Value of exports to EU member states increased by 5.0 per cent and to non-EU countries by 6.9 per cent in February compared to the same month the previous year. The volume of exports to EU countries increased by 13.2 per cent and to non-EU countries by 9.8 per cent during the same time.

Calculated from the beginning of the year, value of exports to EU countries decreased by 1.7 per cent and to non-EU countries by 3.2 per cent. The volume of exports to EU member states increased by 1.6 per cent, but the volume of exports to non-EU countries decreased by 3.7 per cent calculated according to 12-month moving average.

Value of imports from EU countries increased by 0.9 per cent and from non-EU countries by 15.7 per cent in February. The volume of imports from EU member states increased by 5.2 per cent and from non-EU countries by 37.7 per cent.

Calculated from the beginning of the year, value of imports from EU member states decreased by 3.0 per cent and from other countries by 3.3 per cent. The volume of imports from EU member states decreased by 4.7 per cent, and the volume of imports from non-EU countries by 12.7 per cent calculated according to 12-month moving average.