Trade balance posts €428m deficit in Dec

The trade balance showed a deficit of EUR 428 million in December 2023, according to the international trade in goods statistics provided by Finnish Customs on Wednesday.

In 2023, the trade balance had accumulated a deficit of 263 million euros. The aggregate trade surplus by commodity group for products of industrial machinery and equipment and metals increased compared to the previous year.

The value of Finnish exports of goods decreased by 16.8 per cent year-on-year in December. The value of Finnish exports was EUR 5.7 billion. Export volume decreased by 10.8 per cent, and export prices declined by 5.8 per cent year-on-year.

The value of imports decreased by 16.3 per cent in December to EUR 6.1 billion. Import prices declined by 7.4 per cent, and import volume decreased by 9.2 per cent compared to December 2022.

In 2023, the total value of exports decreased by 6.9 percent and the value of imports by 17.3 percent compared to the corresponding period of the previous year.

Change of export volume in 2023 was minus 2.7 per cent (12 month moving average January 2023 – December 2023). The corresponding figure for import volume was minus 10.5 per cent.

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

The terms of trade improved in December compared to the corresponding month of 2022 as import prices declined more rapidly than export prices. The point figure in December was 98.3, while it was 96.7 in December 2022. The terms of trade declined from November 2023.

The value of exports of capital goods decreased by 17.3 per cent in December, and the value of exports of industrial supplies decreased by 14.6 per cent year-on-year.

The value of exports of fuels and lubricants decreased by 21.6 percent. The value of exports of consumer goods decreased by 5.2 percent and the value of exports of food and beverages by 9.1 percent. The value of exports of transport equipment and parts decreased by 29.3 per cent.

The value of imports of industrial supplies decreased by 21.6 per cent in December and the value of imports of capital goods by 21.1 per cent year-on-year. The value of imports of transportation equipment and their parts increased by 45.7 percent. The value of imports of fuels and lubricants decreased by 34.4 per cent. The value of imports of food and beverages decreased by 8.1 per cent, and imports of consumer goods decreased by 16.5 per cent.

The value of exports to EU countries decreased by 17.6 per cent and exports outside the EU by 15.7 percent in December. Imports from EU countries fell by 20.7 percent and imports from outside the EU by 10.4 percent in December. In 2023, total exports to EU countries decreased by 6.4 percent and exports to outside the EU by 7.5 percent. In the same period, imports from EU countries decreased by 13.1 percent and from outside the EU by 22.3 percent.