Trade deficit significantly lower than the year before
According to Finnish Customs’ preliminary data, the value of Finnish exports of goods increased by two per cent in 2019. The value of exports amounted to 64.9 billion euros. The value of imports decreased by one percent. The value of goods imports amounted to 65.6 billion euros in 2019.
In 2018, there was increase of seven percent in both exports and imports. In 2017, exports rose by 15 per cent and imports by 14 per cent.
Compared to 2018, there was a reduction in the trade deficit last year. According to preliminary data, the trade balance showed a deficit of 710 million euros in 2019. The deficit in the trade with EU countries decreased to 1,2 billion euros last year. In the trade with non-EU countries, there was a surplus of just over 455 million euros in 2019. In 2018, the trade deficit amounted to 2.9 billion euros. Trade with other EU countries had a deficit of 1.8 billion euros, and trade with non-EU countries had a deficit of one billion euros. The 2017 trade balance had a deficit of almost 2.8 billion euros.
Exports to the EU countries increased by two percent in 2019. Exports to the euro zone went up by three percent. Exports to non-EU countries rose also by two percent. Imports from EU countries remained at almost the same level as in the previous year and imports from other countries diminished by three percent. In 2018, exports to EU countries increased by six percent. Exports to non-EU countries increased by eight percent. In 2018, imports from EU countries increased less than exports, by five percent. Meanwhile, imports from non-EU countries increased by nine percent.
Growth in the value of exports in almost all main lines of business slowed down, and started decreasing in January-November 2019 when compared to the corresponding 2018 period. Exceptions to this occurred in exports of means of transport, electro technical products and foodstuffs. Exports of forest industry products fell by five percent. Machinery and equipment exports increased by two percent, and means of transport exports by six percent in January-November. Motor vehicle exports rose by five percent and other transport equipment exports by 12 per cent. A ship delivery worth 931 million euros took place in December, and this will increase the total 2019 export value for means of transport significantly. Exports of metal industry products grew by two percent. Oil product exports also increased by two percent, whereas exports in other chemical industry products fell by two percent. Finnish Customs will publish detailed country and goods statistics on the international trade in goods for the whole of last year on 28 February 2020.
The value of exports took a downward turn during January-November 2019. Imports in both consumer goods and foodstuffs increased by one percent in January-November 2019. Imports of means of transport increased by eight percent. Imports of industrial production supplies dropped by six percent. Imports of investment goods decreased by two percent, and imports of fuels and lubricants dropped by four percent.
