Trade balance Posts €294m deficit in May

The trade balance showed a deficit of EUR 294 million in May, according to the international trade in goods statistics provided by the Finnish Customs.

In May 2019, the trade balance had a deficit of EUR 20 million. In January-May 2020, the trade balance had a deficit of about EUR 1.5 billion, while there was a deficit of EUR 86 million in January-May 2019, said a Customs press release.

The value of Finnish exports of goods decreased by 31 per cent year on year in May. The value of Finnish exports was EUR four billion. Export volumes decreased by 25.6 per cent and export prices by 6.4 per cent year on year.

The year-on-year value of imports in May declined by 26.2 per cent to EUR 4.3 billion. Import prices decreased by 2.7 per cent and import volumes by 23.0 per cent compared to that in May 2019.

In the January-May period saw a 17.8 per cent decline in aggregated value of exports and a 12.7 per cent drop in the value of imports compared with the corresponding period of last year.

In May, exports of machinery and transport equipment declined by 35.1 per cent, exports of forest industry products by 23.6 per cent, exports of metals and metal products by 36.7 per cent, exports of chemicals and related products by 17.9 per cent, exports of food by 8.5 per cent and of instruments and apparatus by 37.1 per cent. The value of exports of petroleum products declined 52.9 per cent in the month.

The value of imports of industrial supplies fell by 16.7 per cent and of capital goods by 21.5 per cent in May. The value of imports of fuels and lubricants declined by 54.8 per cent, imports of transport equipment and parts decreased by 54.3 per cent, imports of consumer goods decreased by 6.6 per cent and of food and beverages by 16.3 per cent in May.

Exports to EU countries fell by 31.9 per cent and exports to countries outside the EU by 29.9 per cent in May. Imports from both EU countries and from countries outside the EU decreased 26.2 per cent in May.

Exports to all major trading partners decreased in May. Exports to Germany decreased 51.2 percent, exports to Sweden by 21.3 per cent and exports to the Netherlands by 24.0 per cent.

Imports from China increased by 13.4 per cent, but imports from other major import countries decreased in May. Imports from Germany decreased by 32.5 per cent and imports from Sweden by 21.8 per cent.

In January-May, exports to EU countries declined 18.2 per cent and to non-EU countries by 17.3 per cent. During the same period, imports from EU countries decreased by 11.6 per cent and from outside the EU by 14.1 per cent.