Trade balance posts €4.1b deficit in 2021

The trade balance showed a deficit of 4.1 billion euros in 2021, which is significantly higher compared to the previous year, according to Finnish Customs’ preliminary data published on Monday.

The deficit in the trade with EU countries was 3.3 billion euros. However, the deficit in the trade with non-EU countries was considerably smaller, reaching a figure of 725 million euros.

In 2020, the trade balance showed a deficit of 2.3 billion euros. In that year, the trade with other EU countries showed a deficit of 4.2 billion euros, but there was a surplus of 1.9 billion euros in the trade with non-EU countries. In 2019, the trade deficit was 797 million euros.

According to the preliminary data, the value of Finland’s goods exports increased by 19.4 per cent in 2021. The value of exports amounted to almost 68.6 billion euros. The value of imports rose by 21.5 per cent. The value of goods imports amounted to 72.6 billion euros. In the previous year of 2020, exports declined by 11.7 percent and imports by 9.2 per cent. In 2019, exports grew by 2.2 percent, but imports declined by 1.1 per cent.

Presented quarterly, the change in the value of exports and imports took only a slight upward turn in the first quarter of 2021 following the decline in the previous year. Exports increased by 4.4 per cent and imports by 1.8 per cent. In the second quarter, exports rose already by 25.7 per cent, followed by the same 25.7 per cent rise in the third quarter. During the final quarter of the year 2021 exports increased by 22.4 per cent.

The value of imports grew by 27.5 per cent in the second quarter, but the growth rate slowed slightly, being 21.9 per cent in the third quarter. In the final quarter, the change of the value of imports was 36.2 per cent. The figures for the last quarter are based on preliminary data.

The export statistics for December 2021 included a delivery of a cruise ship for a value of just over 950 million euros. The export statistics for December 2020 and for 2019 likewise included a delivery of a cruise ship of about same value. In December 2021, the import statistics included also a cruise ship for a value of just over 200 million euros. The rise of import prices of energy had a significant impact on the total value of imports in 2021.

Exports to the EU countries increased by 23.6 percent in 2021. Exports to the eurozone went up by 25.6 percent. Exports to non-EU countries rose by 14.4 percent.

Imports from EU countries increased by 18.4 percent and imports from other countries by 26.1 per cent. In 2020, there was a drop of 12.6 per cent in exports to EU countries, and of 10.5 per cent in exports to non-EU countries. The drop in imports from EU countries was smaller than in exports, being 6.9 per cent. Imports from non-EU countries decreased by 12.5 percent in the same period.