Trade balance posts €26m surplus in July

The trade balance showed a surplus of EUR 26 million in July, according to the international trade in goods statistics published by Finnish Customs recently.

In January-July 2024, the trade balance had accumulated a deficit of EUR 1.4 billion.

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

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 was EUR 6.2 billion, which was 16.4 per cent higher compared to the value in July last year.

Export volume increased by 15.7 per cent, and export prices rose by 1.7 per cent year-on-year.

The value of imports increased by 4.0 per cent in July to EUR 6.2 billion. Import prices increased by 2.9 per cent and import volume by 2.0 per cent compared to July 2023.

In January-July, the total value of exports decreased by 5.1 per cent and the value of imports by 5.8 per cent compared to the corresponding period of the previous year.

Change of export volume during the latest 12 months was minus 2.2 per cent (12-month moving average August 2023 – July 2024). The corresponding figure for import volume was minus 7.4 per cent.

The terms of trade declined in July compared to the corresponding month of 2023 as export prices increased less than import prices. The point figure in July was 99.9, while it was 101.1 in July 2023.

The value of exports of capital goods increased by 9.6 per cent in July, and the value of exports of industrial supplies increased by 28.9 per cent year-on-year. The value of exports of fuels and lubricants increased by 9.3 per cent. The value of exports of consumer goods increased by 1.1 per cent and the value of exports of food and beverages by 16.4 per cent. The value of exports of transport equipment and parts decreased by 11.0 per cent.

The value of imports of industrial supplies increased by 6.1 per cent in July, and the value of imports of capital goods by 0.2 per cent year-on-year. The value of imports of transportation equipment and their parts decreased by 9.9 per cent. The value of imports of fuels and lubricants rose by 7.6 per cent. The value of imports of food and beverages increased by 10.5 per cent, and the value of imports of consumer goods by 8.2 per cent.

The value of exports to EU countries increased by 12.5 per cent and to countries outside the EU by 21.5 per cent in July. Imports from EU countries increased by 9.0 per cent but imports from outside the EU decreased by 2.0 per cent in July.

In January-July, total exports to EU countries declined by 5.2 per cent and exports to outside the EU by 5.1 per cent. In the same period, imports from EU countries decreased by 4.3 per cent and from outside the EU by 7.9 per cent.

Earlier this month, the preliminary statistics of Finnish Customs said that the trade balance was in surplus of EUR 90 million in July.