Trade balance posts €171m deficit in Jan

The trade balance showed a deficit of EUR 171 million in January 2024, according to the international trade in goods statistics provided by Finnish Customs on Friday.

The aggregated 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 transport equipment, but decreased for other energy products as well as for ores and metal scrap.

The value of Finnish exports of goods decreased by 2.2 per cent year-on-year in January.

The value of Finnish exports was EUR 5.7 billion. Export volume decreased by 1.9 per cent and export prices declined by 0.2 per cent year-on-year.

The value of imports decreased by 3.8 per cent in January to EUR 5.8 billion. Import prices increased by 1.8 per cent but import volume decreased by 3.0 per cent compared to January 2023.

Change of export volume during the latest 12 months was minus 3.5 per cent (12-month moving average (February 2024 – January 2025). The corresponding figure for import volume was minus 2.5 per cent.

The terms of trade deteriorated in January compared to the corresponding month of 2023 as export prices declined and import prices increased.

The point figure in January was 95.7, while it was 97.6 in January 2023. The terms of trade declined also from December 2024.

The value of exports of capital goods decreased by 6.4 per cent in January, but the value of exports of industrial supplies increased by 3.7 per cent year-on-year. The value of exports of fuels and lubricants increased by 1.3 per cent. The value of exports of consumer goods decreased by 16.0 per cent, but the value of exports of food and beverages increased by 13.6 per cent. The value of exports of transport equipment and parts went down by 11.7 per cent.

The value of imports of industrial supplies increased by 1.1 per cent in January, and the value of imports of capital goods decreased by 6.7 per cent year-on-year. The value of imports of transportation equipment and their parts decreased by 19.2 per cent. The value of imports of fuels and lubricants decreased by 10.4 per cent. The value of imports of food and beverages increased by 8.3 per cent, and the value of imports of consumer goods by 4.4 per cent.

The value of exports to EU member states increased by 0.8 per cent, but the exports to other countries decreased by 6.3 per cent in January. Imports from EU countries decreased by 0.4 per cent, and imports from outside the EU decreased by 8.6 per cent in January.

Earlier this month, the preliminary statistics of Customs said that the trade balance was in deficit of EUR 155 million in January.