Finland sees €2.1b trade deficit in Jan-Nov

The balance of trade showed a deficit of 242 million euros in November and the total deficit from January to November was 2.1 billion euros, according to the international trade in goods statistics provided by the Finnish Customs.

In November 2016, the trade deficit stood at 256 million euros, and in January-November the trade balance showed a deficit of 2.6 billion euros.

According to the statistics, the value of Finnish exports increased 15 per cent in November. The value was slightly over 5.2 billion euros. Export prices increased 5.5 per cent and export volume 9.9 per cent. In January-November exports saw a 16 per cent increase.

The value of imports, however, also rose 14 per cent in November standing at nearly 5.5 billion euros. Import prices increased 3.0 per cent and import volume 12.4 per cent. In January-November, the total import value increased 14 per cent compared to that in the corresponding period of the previous year.

Exports of all major industry sectors grew in November. Exports of forest industry products increased, driven by particularly sharp increase in pulp exports. The growth in machinery and equipment exports was also prominent. The growth in passenger car export slowed slightly from October, but remained steep. Exports of metals, ores and concentrates, and chemical products also increased. Imports of food and consumer goods decreased in November, but the value of imports from other major groups increased. Among individual goods, the steepest growth was recorded for imports of motor vehicle parts, crude oil and ores.

Exports to EU member states increased 16 per cent in November and exports to non-EU countries rose 13 per cent.

The most important export countries to rise in November were Russia, Germany, Sweden, China, the United Kingdom, and France. Exports to the Netherlands decreased. In November 2017, imports from EU-countries increased 13 per cent and imports from non-EU countries 15 per cent. Imports from the Netherlands and the United States decreased, while imports from Russia, Germany, Sweden, China, the United Kingdom and France increased.