The trade balance for July revealed a surplus of €26 million, according to recent international trade in goods statistics published by Finnish Customs. From January to July 2024, the cumulative trade balance registered a deficit of €1.4 billion. The aggregate trade surplus for products from the chemical forest industry and metals showed a decline compared to the previous year, while there was an increase for industrial machinery and equipment.
Deficits rose for crude oil, refined petroleum products, and electrical machinery and equipment, but decreased for ores, metal scrap, and transport equipment. In July, the value of Finnish exports reached €6.2 billion, representing a 16.4% increase compared to July of the previous year. Export volumes rose by 15.7%, and export prices increased by 1.7% year-on-year. Imports also saw an increase, with their total value rising by 4.0% in July to €6.2 billion. Import prices rose by 2.9%, while import volume grew by 2.0% compared to July 2023.
For the January to July period, the total value of exports decreased by 5.1%, and imports fell by 5.8% compared to the same timeframe the previous year. The change in export volume over the last 12 months was a decrease of 2.2%, while the corresponding figure for imports was a decline of 7.4%. The terms of trade experienced a decline in July compared to July 2023, as export prices increased less than import prices. The point figure in July was 99.9, compared to 101.1 in July 2023.
In July, the value of exports of capital goods increased by 9.6%, while exports of industrial supplies rose by 28.9%. Exports of fuels and lubricants saw a rise of 9.3%, while exports of consumer goods increased by 1.1%, and food and beverages by 16.4%. Conversely, the value of exports of transport equipment and parts decreased by 11.0%. On the import side, the value of industrial supplies rose by 6.1%, and capital goods by 0.2% year-on-year. However, imports of transportation equipment and parts decreased by 9.9%. The value of imports of fuels and lubricants rose by 7.6%, with food and beverage imports increasing by 10.5%, and consumer goods by 8.2%.
Exports to EU countries increased by 12.5%, while exports to non-EU countries grew by 21.5% in July. Imports from EU countries rose by 9.0%, but imports from outside the EU decreased by 2.0% during the same month. From January to July, total exports to EU countries declined by 5.2%, while exports to non-EU countries fell by 5.1%. During this period, imports from EU countries decreased by 4.3%, and from outside the EU by 7.9%.
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