The trade balance posted a surplus of €80 million in May 2024, according to the latest international trade in goods statistics released by Finnish Customs on Monday. Between January and May 2024, the trade balance accumulated a deficit of €2.0 billion. The overall trade surplus by commodity group, including products from the mechanical and chemical forest industries and metals, decreased compared to the previous year.
Meanwhile, the deficit increased for crude oil, refined petroleum products, and electrical machinery and equipment, but decreased for ores, metal scrap, and transport equipment. The value of Finnish exports of goods decreased by 5.5% year-on-year in May, reaching €6.3 billion. Export volume declined by 3.5%, and export prices dropped by 1.0% compared to the same period last year.
Imports saw a 9.4% decline in May, totaling €6.2 billion. Although import prices rose by 1.3%, import volume fell by 8.6% compared to May 2023. For the period from January to May, the total value of exports decreased by 11.4%, while imports declined by 7.6% compared to the same period in the previous year.
Over the past 12 months, export volume saw a reduction of 5.3%, while import volume dropped by 8.5%. In May, the terms of trade deteriorated compared to the same month in 2023, with export prices falling and import prices rising. The terms of trade index stood at 97.4, down from 99.7 in May 2023, although there was an improvement from April 2024.
Breaking down by category, the value of capital goods exports fell by 7.2% in May, while industrial supplies saw a 1.1% increase year-on-year. Exports of fuels and lubricants plummeted by 47.6%, consumer goods by 1.4%, food and beverages by 4.5%, and transport equipment and parts by 7.7%.
On the import side, the value of industrial supplies imports grew by 1.3% in May, but capital goods imports fell by 10.2%. Imports of transport equipment and parts dropped by 6.8%, fuels and lubricants by 50.7%, and consumer goods by 6.8%, while food and beverages imports rose by 2.6%.
Exports to EU countries fell by 5.9% and exports to non-EU countries by 5.1% in May. Imports from EU countries decreased by 4.3%, and imports from non-EU countries by 16.4%.
For the January-May period, exports to EU countries declined by 11.7%, and exports to non-EU countries by 11.0%. Imports from EU countries dropped by 6.8%, and from non-EU countries by 8.7%.
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