Finland Trading Volumes Continue Declining

(FINNBAY) – Helsinki, 9 February 2014. According to the latest statistics released by the Finnish Customs, the value of Finland’s exports of goods decreased by 2% in 2013 when compared to 2012. The value of exports amounted to almost 55.9 billion euros. The value of imports also decreased by two per cent and amounted to 58.1 billion euros.

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Helsinki marina. Courtesy of Finnish Customs

Helsinki marina. Courtesy of Finnish Customs

According to preliminary data, the trade balance showed a deficit of 2.2 billion euros in 2013, whereas the deficit in 2012 was 2.6 billion euros. The deficit in trade with EU countries was just over two billion euros and 195 million euros in external trade in 2013. In 2012, the external trade deficit was 1.4 billion euros and that of EU trade was 1.2 billion euros.

“I hope that we could examine the possibility of organising joint trade missions for Nordic ministers of foreign trade. The ‘Team Nordic’ missions could complement our national concepts for promoting exports. This would streamline the profile of our Nordic community and harness the image with concrete measures to promote the economy,” says Prime Minister Jyrki Katainen.

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Exports of machinery and transport equipment and of electric and electronic products declined last year and caused a decrease in overall exports. However, chemical industry exports increased in 2013. Oil products comprised the most significant branch of growth within exports, but there was also a slight increase in the exports of basic chemical industry products. Forest industry exports also increased, with the exception of paper industry products.

Due to decreased imports of intermediate goods and capital goods, overall imports took a downturn of two per cent last year. Imports of energy products, however, increased to some extent. Imports of consumer goods remained almost at the level of 2012.

The weakened foreign trade into non-EU countries caused a decrease in both overall exports and imports in 2013. Exports to non-EU countries decreased by five per cent, and imports from non-EU countries decreased by nine per cent.

Trade with EU countries increased in December 2013

Exports to EU countries rose by about 1% in 2013. In late 2013, however, exports to EU countries increased distinctly in comparison with the start of the year. Though, Finland’s  exports to EU countries increased by 7% in December 2013. The value of Finnish exports was 4,4 billion euros. The value of imports increased by only 1%, to 5 billion euros.

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In 2012, exports to EU countries decreased by four per cent, whereas exports to non-EU countries increased by five per cent. Imports from all EU countries grew slightly more than imports from the eurozone in 2013.

The trade balance showed a deficit of 570 million euros in December. Calculated from January to December there was a deficit of 2,2 billion euros. In 2012 the balance of trade showed a deficit of over 2,6 billion euros. In December 2012 the trade balance had a deficit of 795 million euros.

Figures:

The monthly values of Finland's exports and imports in 2003-2013

Figure 1: The monthly values of Finland’s exports and imports in 2003-2013

Figure 2: 2 Finland's trade balance in 2003-2013

Figure 2: Finland’s trade balance in 2003-2013

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