Trade balance posts €615m deficit in July

The trade balance showed a deficit of EUR 615 million in July, according to the international trade in goods statistics provided by Finnish Customs on Thursday.

In January-July 2023, the trade balance had accumulated a deficit of 1.5 billion euros, which was 6.3 billion euros less than a year earlier.

The aggregate trade surplus by commodity group for products of industrial machinery and equipment and metals increased compared to the previous year.

The trade surplus in products of both mechanical and chemical forest industry decreased. The deficit increased for food products and beverages and transport equipment, but decreased for ores and metal scrap, crude oil and refined petroleum products and electrical machinery and equipment.

The value of Finnish exports of goods decreased by 20.3 per cent year-on-year in July.

The value of Finnish exports was EUR 5.3 billion. Export volume decreased by 10.6 per cent, and export prices declined by 9.2 per cent year-on-year.

The value of imports decreased by 24.2 per cent in July to EUR 5.9 billion. Import prices declined by 11.7 per cent, and import volume decreased by 14.2 per cent compared to July 2022.

In January-July, the total value of exports decreased by 5.7 percent and the value of imports by 16.5 percent compared to the corresponding period of the previous year.

Change of export volume during the latest 12 months was minus 4.5 per cent (12 month moving average August 2022 – July 2023). The corresponding figure for import volume was minus 7.8 per cent.

The terms of trade improved in July compared to the corresponding month of 2022 as import prices declined more rapidly than export prices. The point figure in July was 101.1, while it was 98.3 in July 2022. The terms of trade improved also from June 2023.

The value of exports of capital goods decreased by 2.7 per cent in July, and the value of exports of industrial supplies decreased by 31.4 per cent year-on-year.

The value of exports of fuels and lubricants decreased by 27.6 percent. The value of exports of consumer goods increased by 50.3 percent. The value of exports of food and beverages decreased by 15.7 percent and the value of exports of transport equipment and parts decreased by 27.3 per cent.

The value of imports of industrial supplies decreased by 30.3 per cent in July and the value of imports of capital goods by 13.8 per cent year-on-year. The value of imports of transportation equipment and their parts increased by 13.2 percent. The value of imports of fuels and lubricants decreased by 51.2 percent. The value of imports of food and beverages decreased by 6.9 percent and of consumer goods by 12.6 percent.

The value of exports to EU countries decreased by 18.9 percent and exports outside the EU by 22.0 percent in July. Imports from EU countries fell by 22.6 percent and imports from outside the EU by 26.0 percent in July. In January-July, total exports to EU countries decreased by 4.8 percent and exports to outside the EU by 6.8 percent. In the same period, imports from EU countries decreased by 10.8 percent and from outside the EU by 23.5 percent.