Trade balance posts €80m surplus in May

The trade balance showed a surplus of EUR 80 million in May 2024, according to the international trade in goods statistics published by Finnish Customs on Monday.

In January-May 2024, the trade balance had accumulated a deficit of EUR 2.0 billion.

The aggregate trade surplus by commodity group for products of both mechanical and chemical forest industry 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 5.5 per cent year-on-year in May.

The value of Finnish exports was EUR 6.3 billion. Export volume decreased by 3.5 per cent, and export prices declined by 1.0 per cent year-on-year.

The value of imports declined by 9.4 per cent in May to EUR 6.2 billion. Import prices increased by 1.3 per cent, but import volume decreased by 8.6 per cent compared to May 2023.

In January-May, the total value of exports decreased by 11.4 per cent and the value of imports by 7.6 per cent compared to the corresponding period of the previous year.

Change of export volume during the latest 12 months was minus 5.3 per cent (12-month moving average June 2023 – May 2024). The corresponding figure for import volume was minus 8.5 per cent.

The terms of trade declined in May compared to the corresponding month of 2023 as export prices declined and import prices grew. The point figure in May was 97.4, while it was 99.7 in May 2023. The terms of trade improved from April 2024.

The value of exports of capital goods decreased by 7.2 per cent in May, but the value of exports of industrial supplies increased by 1.1 per cent year-on-year.

The value of exports of fuels and lubricants decreased by 47.6 per cent. The value of exports of consumer goods decreased by 1.4 per cent and the value of exports of food and beverages by 4.5 per cent.

The value of exports of transport equipment and parts decreased by 7.7 per cent.

The value of imports of industrial supplies increased by 1.3 per cent in May, but the value of imports of capital goods decreased by 10.2 per cent year-on-year.

The value of imports of transportation equipment and their parts decreased by 6.8 per cent. The value of imports of fuels and lubricants decreased by 50.7 per cent.

The value of imports of food and beverages increased by 2.6 per cent, but the value of imports of consumer goods decreased by 6.8 per cent.

The value of exports to EU countries decreased by 5.9 per cent and exports outside the EU by 5.1 per cent in May.

Imports from EU countries decreased by 4.3 per cent and imports from outside the EU by 16.4 per cent in May.

In January-May, total exports to EU countries declined by 11.7 per cent and exports to outside the EU by 11.0 per cent.

In the same period, imports from EU countries decreased by 6.8 per cent and from outside the EU by 8.7 per cent.

Earlier this month, the preliminary statistics published by Finnish Customs showed that the trade balance was in surplus of EUR 125 million in May.