Trade deficit eases slightly to €2.5b in 2017

The balance of trade showed a deficit of 341 million euros in December last year, while the total deficit from January to December 2017 was 2.5 billion euros, according to the international trade in goods statistics provided by the Finnish Customs.

The trade deficit in 2017 had eased a little compared to the previous year. In December 2016, the trade deficit stood at 537 million euros, with the trade balance in January to December that year showed a deficit of more than 3.1 billion euros.

The value of Finnish exports in December 2017 increased five per cent to slightly more than 4.7 billion euros. Export prices increased by 3.0 per cent and export volume by 2.9 per cent. In January to December exports increased by 15 per cent year on year.

In December last year, the value of imports remained at the level of the previous year. The value was almost 5.1 billion euros. Import prices increased by 3.2 per cent while import volume decreased by 1.2 per cent. In January to December the total import value increased by 13 per cent compared to the previous year.

The terms of foreign trade are calculated based on the unit value index. Terms of trade show the ratio between export and import prices. The terms of trade weakened in December last, because import prices grew more than export prices. The point figure in December 2017 was 98.9, while it was 99.1 in December 2016. The terms of trade weakened from the point figure of 102.1 in November 2017.

Exports of petroleum and other chemical products increased in December 2017. Exports of industrial machinery and equipment and passenger cars also grew significantly, although the growth in car exports slowed towards the end of the year. Exports of forest products grew steadily in December. The value of exports of iron and steel declined, but exports of copper and zinc grew rapidly. Exports of instruments and meters as well as of foodstuffs declined, but the value of exports of ores grew.

Imports of transport equipment and industrial equipment grew in December 2017, but imports of investment goods, consumer goods, and fuels declined.

Exports to EU member states increased by nine per cent in December 2017, while exports to non-EU countries decreased by one per cent. The most important export countries to rise in December were Germany, Sweden, the United Kingdom, and France, while exports to Russia, the Netherlands, the United States, and China decreased.

Imports from EU countries increased five per cent, while imports from non-EU countries fell by six per cent in December 2017. Imports from the United States and Russia decreased, while imports from Germany, Sweden, the Netherlands, China, the United Kingdom, and France increased.