Trade balance posts €358m deficit in August

The trade balance showed a deficit of EUR 358 million in August, according to the international trade in goods statistics published by Finnish Customs on Tuesday.

In January-August period, the trade balance had accumulated a deficit of EUR 1.8 billion.

The value of Finnish exports of goods decreased by 8.1 per cent year-on-year in August and the value of Finnish exports 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 declined by 3.2 per cent in August to EUR 6.0 billion. Import prices increased by 2.4 per cent, but import volume decreased by 3.8 per cent compared to August 2023.

In January-August, the total value of exports decreased by 5.4 per cent and the value of imports also by 5.4 per cent compared to the corresponding period of the previous 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.

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

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 terms of trade declined in August compared to the corresponding month of 2023 as import prices increased more rapidly than export prices. The point figure in August was 99.5, while it was 101.1 in August 2023. The terms of trade declined also from July 2024.

The value of exports of capital goods decreased by 13.1 per cent in August, and the value of exports of industrial supplies decreased by 3.3 per cent year-on-year.

The value of exports of fuels and lubricants decreased by 22.7 per cent. The value of exports of consumer goods decreased by 2.3 per cent, but the value of exports of food and beverages increased by 0.3 per cent.

The value of exports of transport equipment and parts decreased by 9.5 per cent.

The value of imports of industrial supplies increased by 9.8 per cent in August, and the value of imports of capital goods decreased by 13.9 per cent year-on-year.

The value of imports of transportation equipment and their parts decreased by 9.3 per cent. The value of imports of fuels and lubricants declined by 14.3 per cent. The value of imports of food and beverages increased by 0.6 per cent, and the value of imports of consumer decreased goods by 3.5 per cent.

The value of exports to EU countries decreased by 4.6 per cent, and the exports outside the EU decreased by 12.8 per cent in August.

Imports from EU countries decreased by 1.6 per cent and imports from outside the EU by 5.3 per cent in August. In January-August, total exports to EU countries declined by 5.1 per cent and exports to outside the EU by 5.8 per cent.

In the same period, imports from EU countries decreased by 3.9 per cent and from outside the EU by 7.5 per cent.

The preliminary Statistics published in early this month, however, said that the trade balance was in deficit of EUR 295 million in August.