Balance of trade shows €9m surplus in June

The balance of trade showed a surplus of nine million euros in June, according to the international trade statistics provided by Finnish Customs.

The value of Finnish exports of goods increased by five per cent in June amounting to almost 5.4 billion euros, said an official press release.

Export prices increased by 5.9 per cent and export volume remained at the level of the previous year. In the January-June period, exports increased by seven per cent year-on-year.

In June the value of imports increased by two per cent to almost 5.4 billion euros. Import prices increased by 13.0 per cent while import volume decreased by 7.7 per cent. In January-June, the total import value increased by five per cent year-on-year.

The balance of trade showed a surplus of nine million euros in June, while the balance of trade in the January-June period had a deficit of 705 million euros.

In June 2017, the balance of trade showed a deficit of 102 million euros, and in January-June 2017, the trade balance showed a deficit of 1.1 billion euros. The terms of trade for 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 June, because import prices grew more than export prices.

Exports of petroleum products, chemical industry products, forest industry products and metals improved compared to the previous year’s June, while exports of electrical machinery and equipment and transport equipment declined. Imports of electrical machinery and equipment, crude oil and petroleum products, chemical industry products and metals increased, while imports of industrial machinery, transport equipment and food items were down.

In June this year, exports to EU member states increased by four per cent and to non-EU countries by six per cent. The most important export countries to rise in June were Germany, Sweden, the Netherlands, the United States and the United Kingdom. Exports to Russia, China and France decreased. Imports from EU countries decreased by four per cent while imports from non-EU countries increased by 14 per cent in June. Imports from the United Kingdom and France decreased, while imports from Russia, Germany, Sweden, the Netherlands, the United States and China increased.