Trade balance posts €100m surplus in Nov

The trade balance showed a surplus of EUR 100 million in November 2024, according to the international trade in goods statistics published by Finnish Customs on Wednesday.

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, transport equipment and electrical machinery and equipment, but decreased for ores and metal scrap.

In January-November 2024, the trade balance had accumulated a deficit of EUR 2.0 billion.

The value of Finnish exports of goods decreased by 25.4 per cent year-on-year in November.

The value of Finnish exports was EUR 6.1 billion. Export volume decreased by 23.4 per cent and export prices declined by 1.9 per cent year-on-year.

A cruise ship delivery of 1.9 billion euros under the reference month 2023 had a significant impact on the decrease in the change of exports.

The value of imports decreased by 8.5 per cent in November to EUR 6.0 billion. Import prices declined by 0.4 per cent and import volume decreased by 6.6 per cent compared to November 2023.

In January-November, the total value of exports decreased by 6.4 per cent and the value of imports by 3.5 per cent compared to the corresponding period of the previous year.

Change of export volume during the latest 12 months was minus 4.7 per cent (12-month moving average December 2023 – November 2024). The corresponding figure for import volume was minus 3.6 per cent.

The terms of trade deteriorated in November compared to the corresponding month of 2023 as export prices declined more than import prices. The point figure in November was 100.9, while it was 102.5 in November 2023. The terms of trade improved from October 2024.

The value of exports of capital goods increased by 2.5 per cent in November, but the value of exports of industrial supplies decreased by 4.8 per cent year-on-year. The value of exports of fuels and lubricants increased by 0.1 per cent. The value of exports of consumer goods decreased by 18.9 per cent, but the value of exports of food and beverages increased by 7.0 per cent. The value of exports of transport equipment and parts decreased by 80.2 per cent.

The value of imports of industrial supplies decreased by 10.3 per cent in November, and the value of imports of capital goods decreased by 8.2 per cent year-on-year. The value of imports of transportation equipment and their parts decreased by 8.5 per cent. The value of imports of fuels and lubricants decreased by 19.8 per cent. The value of imports of food and beverages increased by 1.2 per cent, but the value of imports of consumer goods decreased by 4.1 per cent.

The value of exports to EU member states decreased by 6.1 per cent, and the exports to other countries decreased by 41.6 per cent in November. Imports from EU countries decreased by 5.8 per cent and imports from outside the EU by 12.2 per cent in November.

In January-November, total exports to EU countries declined by 4.0 per cent and exports to outside the EU by 9.5 per cent.

In the same period, imports from EU countries decreased by 2.9 per cent and from outside the EU by 4.3 per cent.

Earlier this month, the preliminary statistics published by Finnish Customs said that the trade balance was in surplus of EUR 45 million in November 2024.