Trade balance posts €831m deficit in March

The trade balance showed a deficit of EUR 831 million in March, according to the international trade in goods statistics published by Finnish Customs on Wednesday.

In January-March 2024, the trade balance had accumulated a deficit of EUR 1.6 billion.

The aggregate trade surplus by commodity group for products of industrial machinery and equipment, products of both mechanical and chemical forest and metals decreased compared to the previous year.

The deficit increased for crude oil and refined petroleum products and electrical machinery and equipment but decreased for ores and metal scrap and transport equipment.

The value of Finnish exports of goods decreased by 39.1 per cent year-on-year in March.

The value of Finnish exports was EUR 4.7 billion. Export volume decreased by 36.8 per cent, and export prices declined by 3.4 per cent year-on-year.

The value of imports decreased by 27.8 per cent in March to EUR 5.5 billion. Import prices declined by 2.0 per cent, and import volume decreased by 26.0 per cent compared to March 2023.

In January-March, the total value of exports decreased by 16.8 percent and the value of imports by 12.7 percent compared to the corresponding period of the previous year.

Change of export volume during the latest 12 months was minus 5.0 per cent (12-month moving average April 2023 – March 2024). The corresponding figure for import volume was minus 10.3 per cent.

The terms of trade declined in March compared to the corresponding month of 2023 as export prices declined more rapidly than import prices. The point figure in March was 98.7, while it was 100.1 in March 2023. The terms of trade improved from February 2024.

The harbour strike, which started on March 11, had a significant impact on international trade in goods.

Under the reference month, in March 2023, the value of trade was also exceptional high because of clearing the jam after another harbour strike in February 2023.

The value of exports of capital goods decreased by 33.4 per cent in March, and the value of exports of industrial supplies by 44.7 per cent year-on-year.

The value of exports of fuels and lubricants decreased by 36.6 percent. The value of exports of consumer goods decreased by 15.3 percent and the value of exports of food and beverages by 22.7 percent. The value of exports of transport equipment and parts decreased by 38.1 per cent.

The value of imports of industrial supplies decreased by 36.1 per cent in March and the value of imports of capital goods by 29.8 per cent year-on-year.

The value of imports of transportation equipment and their parts decreased by 44.0 percent. The value of imports of fuels and lubricants increased by 9.8 percent. The value of imports of food and beverages decreased by 20.5 percent and the value of imports of consumer goods by 25.1 percent.

The value of exports to EU countries decreased by 33.0 percent and exports outside the EU by 48.1 percent in March. Imports from EU countries decreased by 26.7 percent and imports from outside the EU by 29.3 percent in March.

In January-March, total exports to EU countries declined by 14.3 percent and exports to outside the EU by 20.4 percent. In the same period, imports from EU countries decreased by 12.5 percent and from outside the EU by 13.0 percent.