Trade balance posts €295m deficit in August

The trade balance was in deficit of EUR 295 million in August, according to the preliminary statistics of international trade in goods published by Finnish Customs on Monday.

In January-August, the aggregated deficit amounted to EUR 1.7 billion. In August 2023, the trade balance was EUR 57 million in deficit and in January-August of the same year, the aggregated deficit was EUR 1.9 billion.

The value of Finnish exports decreased by 8.2 per cent in August year-on-year. The value of Finnish exports in August was EUR 5.6 billion. Export volume decreased by 8.4 per cent, and export prices increased by 0.8 per cent year-on-year.

The value of imports decreased by 4.3 per cent in August and the value of imports was EUR 5.9 billion. Import prices increased by 2.1 per cent, and import volume decreased by 4.7 per cent compared to August 2023.

In January-August 2024, the total value of exports decreased by 5.5 per cent and the value of imports by 5.6 per cent year-on-year. Change of export volume during the latest 12 months was minus 2.9 per cent (12 month moving average September 2023 – August 2024). The corresponding figure for import volume was minus 6.8 per cent.

Value of exports to EU member states decreased by 4.7 per cent and to non-EU countries by 12.9 per cent in August compared to the same month the previous year. The volume of exports to EU countries decreased by 0.7 per cent and to non-EU countries by 18.2 per cent during the same period.

Calculated from the beginning of the year, value of exports to EU countries decreased by 5.1 per cent and to non-EU countries by 6.0 per cent. The volume of exports to EU member states decreased by 0.6 per cent, and the volume of exports to non-EU countries decreased by 6.2 per cent calculated according to 12-month moving average.

Value of imports from EU countries decreased by 2.7 per cent and from non-EU countries by 6.3 per cent in August. The volume of imports from EU member states decreased by 1.2 per cent and from non-EU countries by 7.0 per cent.

Calculated from the beginning of the year, value of imports from EU member states decreased by 4.1 per cent and from other countries by 7.7 per cent. The volume of imports from EU member states decreased by 4.6 per cent, and the volume of imports from non-EU countries by 8.0 per cent calculated according to 12-month moving average.