Trade balance posts €377m deficit in October

The trade balance showed a deficit of EUR 377 million in October 2024, according to the international trade in goods statistics published by Finnish Customs on Monday.

In January-October 2024, the trade balance had accumulated a deficit of EUR 2.1 billion. 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 value of Finnish exports of goods increased by 0.8 per cent year-on-year in October. The value of Finnish exports was EUR 6.3 billion. Export volume increased by 2.4 per cent but export prices declined by 1.0 per cent year-on-year.

The value of imports increased by 6.3 per cent in October to EUR 6.7 billion. Import prices declined by 0.5 per cent but import volume increased by 8.4 per cent compared to October 2023.

In January-October, the total value of exports decreased by 4.0 per cent and the value of imports by 3.2 per cent compared to the corresponding period of the previous year. Change of export volume during the latest 12 months was minus 1.8 per cent (12-month moving average November 2023 – October 2024). The corresponding figure for import volume was minus 3.8 per cent.

The terms of trade deteriorated in October compared to the corresponding month of 2023 as export prices declined more than import prices. The point figure in October was 99.7, while it was 100.2 in October 2023. The terms of trade improved from September 2024.

The value of exports of capital goods decreased by 4.2 per cent in October, but the value of exports of industrial supplies increased by 4.6 per cent year-on-year. The value of exports of fuels and lubricants decreased by 38.6 per cent. The value of exports of consumer goods increased by 34.7 per cent, and the value of exports of food and beverages increased by 9.2 per cent. The value of exports of transport equipment and parts increased by 11.5 per cent.

The value of imports of industrial supplies increased by 10.4 per cent in October, and the value of imports of capital goods increased by 3.0 per cent year-on-year. The value of imports of transportation equipment and their parts decreased by 2.4 per cent. The value of imports of fuels and lubricants increased by 2.2 per cent. The value of imports of food and beverages increased by 9.5 per cent, and the value of imports of consumer goods increased by 4.0 per cent.

The value of exports to EU countries increased by 3.9 per cent, but the exports outside the EU decreased by 3.8 per cent in October.

Imports from EU countries increased by 1.0 per cent and imports from outside the EU by 14.2 per cent in October. In January-October, total exports to EU countries declined by 3.9 per cent and exports to outside the EU by 4.2 per cent. In the same period, imports from EU countries decreased by 2.7 per cent and from outside the EU by 3.8 per cent.

Earlier this month, in the preliminary statistics Finnish Customs said that the trade balance was in deficit of EUR 330 million in October.