Trade deficit in May rises to EUR 273m

The balance of international trade of Finland showed a deficit of 273 million euros in May, according to the international trade statistics published on Tuesday by Finnish Customs.

In January-May, the balance of trade had a deficit of 801 million euros, said an official press release.

In May of the previous year, the balance of trade showed a surplus of 205 million euros and in January-May the trade balance showed a deficit of 996 million euros.

The value of Finnish exports registered a five per cent decrease in May 2018.

The value of Finnish exports was slightly over 5.3 billion euros. Export prices increased by 3.8 per cent while export volume decreased by 7.6 per cent. In January-May exports increased by seven per cent.

The value of imports increased four per cent in May, standing at 5.6 billion euros. Import prices increased by 6.9 per cent, while import volume decreased by 1.1 per cent. In January-May, the total import value increased by six per cent compared to the previous year.

Exports of industrial machinery, forest products, metals, ores and cars increased in May. The export value of transport equipment, electrical equipment and machinery, petroleum products and other chemical products and instruments and meters declined.

Exports to EU member states decreased by 10 per cent in May, while exports to non-EU countries increased by three per cent. The most important export destinations to experience an increase in May were Russia, Sweden, China, the United Kingdom and France. Exports to Germany, the Netherlands and the United States decreased. Imports from both EU countries and non-EU countries marked a four per cent rise in May. Imports from China and France decreased, while imports from Russia, Germany, Sweden, the Netherlands and the United States increased.