Trade balance posts €297m deficit in March

The trade balance showed a deficit of EUR 297 million in March 2021, according to the international trade in goods statistics provided by Finnish Customs.

In January-March 2021, the trade balance had a deficit of EUR 985 million, which was EUR 416 million lower than in the corresponding period last year, said the Customs in a press release on Monday.

The value of Finnish exports of goods increased by 12.9 per cent year-on-year in March. The value of exports was EUR 5.7 billion. Export volume increased by 8.2 per cent and export prices by 5.5 per cent year-on-year.

The value of imports increased by 11.3 per cent in March to EUR 6.0 billion. Import prices increased by 9.0 per cent and import volumes by 3.2 per cent compared to March 2020.

In January-March, the aggregated value of exports increased by 3.7 per cent and the value of imports by 0.8 per cent compared with the corresponding period last year.

The aggregate trade surplus by commodity group for forest industry products increased in January-March this year compared with the corresponding period in 2020.

The trade surplus in industrial machinery and equipment decreased from a year ago, but the trade surplus in metals increased.

Trade deficit increased in the trade in ores and scrap metal and electrical machinery and equipment, but decreased in the trade in oil and petroleum products and foodstuffs in January-March compared to same period the previous year.

The terms of trade weakened in March compared to the corresponding month of 2020 as import prices increased more than export prices. The point figure in March was 97.4, while it was 100.6 in March 2020. The terms of trade improved from February 2021.

The value of exports of capital goods increased by 6.9 per cent and the value of exports of industrial supplies by 21.8 per cent in March. The value of exports of fuels and lubricants decreased by 10.2 per cent. The value of exports of consumer goods increased by 11.9 per cent, but the value of exports of food and beverages decreased by 3.2 per cent. The value of exports of transport equipment and parts and accessories decreased by 2.9 per cent.

The value of imports of food and beverages decreased by 6.0 per cent and the value of imports of consumer goods by 0.6 per cent. The value of imports of industrial supplies rose by 10.0 per cent. The value of imports of capital goods decreased by 2.6 per cent, but the value of imports of transport equipment increased by 7.2 per cent. The value of imports of fuels and lubricants rose by 32.3 per cent in March compared with the corresponding month last year.

Exports to EU countries increased by 8.0 per cent and exports to non-EU countries by 19.3 per cent in March. Imports from EU countries increased by 8.8 per cent and imports from non-EU countries by 15.4 per cent in March.

In January-March, exports to EU countries increased by 3.0 per cent and exports to non-EU countries by 4.6 per cent. During the same period imports from EU countries increased by 0.4 per cent and from non-EU countries by 1.3 per cent.