Balance of trade posts €419m deficit in Aug

The country’s balance of trade posted a deficit of 419 million euros in August, according to the international trade in goods statistics provided by Finnish Customs on Wednesday.

In the January-August period, the total deficit in balance of trade stood over 1.6 billion euros.

In August 2017, the trade deficit was 259 million euros, and in January-August, the trade balance showed a deficit of 1.7 billion euros.

The value of Finnish exports in August increased by six per cent year-on-year to almost 5.1 billion euros. Export prices increased by 6.0 per cent and export volume by 0.9 per cent. In January-August, exports increased by seven per cent year-on-year.

The value of imports in the month increased nine per cent to almost 5.5 billion euros. Import prices increased by 11.4 per cent while import volume remained at the level of the previous year. In the January-August period, the total import value increased by six per cent year-on-year.

Exports of industrial machinery, petroleum products, chemical industry products, forest industry products, and metals improved in August compared to the same in the corresponding month of the previous year. Exports of electrical machinery and equipment and transport equipment, on the other hand, declined in the month.

Imports of electrical machinery and equipment, crude oil and petroleum products, chemical industry products, and metals increased in August, while imports of industrial machinery, transport equipment, and food items decreased.

Exports to EU member states saw a one per cent increase in August and exports to non-EU countries rose by 14 per cent. Sweden, the Netherlands, the United States, China, and France were the countries where export increased the most in August. Exports to Russia, Germany and the United Kingdom decreased. Imports from EU countries increased by two per cent and imports from non-EU countries by 20 per cent in August. Imports from Germany, China and France decreased, while that from Sweden, the Netherlands, the United States, and the United Kingdom increased.