Trade balance posts €983m surplus in June

The trade balance showed a surplus of EUR 983 million in June 2024, according to the international trade in goods statistics provided by Finnish Customs on Wednesday.

In January-June 2024, the trade balance had accumulated a deficit of EUR 1.1 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 increased by 7.0 per cent year-on-year in June.

The value of Finnish exports was EUR 6.7 billion. Export volume increased by 9.1 per cent, and export prices declined by 0.1 per cent year-on-year.

The value of imports declined by 12.5 per cent in June to EUR 5.7 billion.

Import prices increased by 0.6 per cent, but import volume decreased by 10.9 per cent compared to June 2023.

In January-June, the total value of exports decreased by 8.2 per cent and the value of imports by 8.1 per cent compared to the corresponding period of the previous year.

Change of export volume during the latest 12 months was minus 4.1 per cent (12-month moving average July 2023 – June 2024). The corresponding figure for import volume was minus 8.7 per cent.

The terms of trade declined in June compared to the corresponding month of 2023 as export prices declined and import prices grew. The point figure in June was 100.2, while it was 101.0 in June 2023. The terms of trade improved from May 2024.

The value of exports of capital goods decreased by 12.5 per cent in June, but the value of exports of industrial supplies increased by 0.3 per cent year-on-year.

The value of exports of fuels and lubricants decreased by 25.8 per cent.

The value of exports of consumer goods increased by 9.1 per cent, but the value of exports of food and beverages declined by 10.8 per cent.

The value of exports of transport equipment and parts increased by 173.5 per cent.

A cruise ship delivery to Germany increased the value of transport equipment exports.

The value of imports of industrial supplies decreased by 6.5 per cent in June, and the value of imports of capital goods by 20.6 per cent year-on-year.

The value of imports of transportation equipment and their parts decreased by 18.8 per cent.

The value of imports of fuels and lubricants declined by 10.0 per cent.

The value of imports of food and beverages decreased by 7.2 per cent, and the value of imports of consumer goods by 13.9 per cent.

The value of exports to EU countries increased by 14.4 per cent, but the exports outside the EU decreased by 3.7 per cent in June.

Imports from EU countries decreased by 12.6 per cent and imports from outside the EU by 12.4 per cent in June.

In January-June, total exports to EU countries declined by 7.5 per cent and exports to outside the EU by 9.2 per cent. In the same period, imports from EU countries decreased by 7.4 per cent and from outside the EU by 9.2 per cent.

Earlier this month, the preliminary statistics said that the trade balance was in surplus of EUR 995 million in June.