Trade balance posts €428m deficit in Nov

The trade balance showed a deficit of EUR 428 million in November 2021, according to the international trade in goods statistics provided by Finnish Customs on Monday.

In January-November, the trade balance had an aggregated deficit of EUR 3.7 billion. The deficit was EUR 370 million higher than in the corresponding period last year.

The value of Finnish exports of goods increased by 31.3 per cent year-on-year in November. The value of Finnish exports was EUR 6.5 billion.

Export volume increased by 10.7 per cent and export prices by 19.3 per cent year-on-year.

The value of imports increased by 33.5 per cent in November to EUR 7.0 billion. Import prices increased by 20.5 per cent and import volume by 12.6 per cent compared to November 2020.

In January-November, the aggregated value of exports increased by 19.5 per cent and the value of imports by 19.0 per cent compared with the corresponding period last year.

The aggregate trade surplus by commodity group for forest industry products increased in January-November compared with the corresponding period in 2020. The trade balance surplus in industrial machinery and equipment decreased from a year ago, but the trade balance surplus in metals increased.

Trade balance deficit increased in the trade in ores and scrap metal and electrical machinery and equipment, but decreased in the trade in transport equipment in January-November compared to same period the previous year.

The terms of trade weakened in November compared to the corresponding month of 2020 as import prices increased more than export prices. The point figure in November was 96.8, while it was 97.8 in November 2020. The terms of trade weakened also from October 2021.

The value of exports of capital goods increased by 8.1 per cent in November and the value of exports of industrial supplies by 42.8 per cent year-on-year. The value of exports of fuels and lubricants increased by 112.5 per cent. The value of exports of consumer goods rose by 7.5 per cent and the value of exports of food and beverages by 6.3 per cent. The value of exports of transport equipment and parts rose by 19.9 per cent.

The value of imports of industrial supplies increased by 43.5 per cent in November, and the value of imports of capital goods rose by 14.4 per cent year-on-year. The value of imports of transport equipment and parts increased by 7.5 per cent. The value of imports of fuels and lubricants rose by 147.0 per cent. The value of imports of food and beverages increased by 14.4 per cent and the value of imports of consumer goods by 5.4 per cent.

Exports to EU countries rose by 34.5 per cent and exports to non-EU countries by 27.3 per cent in November. Imports from EU countries rose by 26.0 per cent and imports from non-EU countries by 44.6 per cent in November.

In January-November, exports to EU countries increased by 20.3 per cent and exports to non-EU countries by 18.4 per cent. During the same period, imports from EU countries increased by 17.0 per cent and from non-EU countries by 21.9 per cent.