Balance of trade posts €139m deficit in Jan

The country’s balance of trade showed a deficit of 139 million euros in January last compared to a deficit of 533 million euros in January 2017, according to the international trade in goods statistics provided by Finnish Customs.

In January 2018, the value of Finnish exports increased 12 per cent year on year to 5.2 billion euros. Export prices increased by 4.1 per cent and export volume by 8.7 per cent over the year.

The value of imports increased by three per cent in January and stood at slightly over 5.3 billion euros. Import prices increased by 7.0 per cent while import volume decreased by 1.1 per cent over the year.

The value of exports of almost all the main groups grew in January. The value of exports of transport equipment grew steadily, thanks to a stable trend in car and ship export. The growth in industrial machinery and equipment exports was also fast.

Exports of metals, ores and refined petroleum products grew at a rapid pace, while that of other chemicals and forest products increased moderately. The export of power tools and engines, pharmaceuticals, and foodstuffs declined in January.

Imports of industrial raw materials decreased in the month, while imports of foodstuffs remained at the same level as in January 2017. The year-on-year value of other imports, however, grew in January last.

Exports to EU member states increased by nine per cent in January and exports to non-EU countries by 16 per cent. The countries to which export rose most significantly in January include Germany, Sweden, the United States, China, the United Kingdom, Russia, and France. Exports to the Netherlands, on the other hand, declined.

Imports from EU-countries increased by eight per cent, while that from non-EU countries fell by two per cent in January. Imports from Sweden, the Netherlands, the United States, and Russia declined, while imports from Germany, China, the United Kingdom, and France increased year on year.