Trade balance posts €324m surplus in Nov

The trade balance showed a surplus of EUR 324 million in November 2022, according to the international trade in goods statistics provided by Finnish Customs.

In January-November 2022, the trade balance had an aggregated deficit of EUR 10.1 billion. The deficit was EUR 6.3 billion higher than in the corresponding period last year.

The value of Finnish exports of goods increased by 21.2 per cent year-on-year in November. The value of Finnish exports was EUR 8.0 billion. Export volume increased by 3.0 per cent, and export prices by 18.6 per cent year-on-year.

The value of imports increased by 9.6 per cent in November to EUR 7.7 billion. Import prices increased by 16.3 per cent, but import volume decreased by 5.3 per cent compared to November 2021. In January-November, the aggregated value of exports increased by 21.9 per cent and the value of imports by 30.2 per cent compared with the corresponding period last year.

The aggregate trade surplus in by commodity group for forest industry products increased in January-November compared with the corresponding period in 2021.

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 of energy products, ores and scrap metal and electrical machinery and equipment.

The terms of trade improved in November compared to the corresponding month of 2021 as export prices rose more than import prices. The point figure in November was 97.3, while it was 95.4 in November 2021. The terms of trade declined from October 2022.

The value of exports of capital goods increased by 21.6 per cent in November and the value of exports of industrial supplies by 3.1 per cent year-on-year.

The value of exports of fuels and lubricants increased by 8.4 per cent. The value of exports of consumer goods rose by 9.7 per cent and the value of exports of food and beverages by 30.9 per cent. The value of exports of transport equipment and parts increased by 137.1 per cent.

The value of imports of industrial supplies decreased by 2.3 per cent in November, but the value of imports of capital goods rose by 14.8 per cent year-on-year. The value of imports of transport equipment and parts decreased by 1.8 per cent. The value of imports of fuels and lubricants rose by 41.9 per cent. The value of imports of food and beverages increased by 6.6 per cent and the value of imports of consumer goods by 2.6 per cent.

Exports to EU countries rose by 0.4 per cent and exports to non-EU countries by 49.7 per cent in November. Imports from EU countries rose by 11.6 per cent and imports from outside the EU by 7.0 per cent in November. In January-November, total exports to EU countries increased by 22.4 per cent and exports to non-EU countries by 21.2 per cent. During the same period, imports from EU countries rose by 22.0 per cent and from outside the EU by 41.8 per cent.