Monthly statistics on the international trade in goods, August 2023

27.10.2023 9.00

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Finnish Customs, Statistics

Volume of exports increased, volume of imports decreased in August

The value of Finnish exports of goods decreased by 9.6 per cent year-on-year in August, according to the international trade in goods statistics provided by Finnish Customs. The value of Finnish exports was EUR 6.1 billion. Export volume increased by 1.0 per cent, but export prices declined by 9.2 per cent year-on-year. The value of imports decreased by 24.4 per cent in August to EUR 6.1 billion. Import prices declined by 14.1 per cent, and import volume decreased by 11.5 per cent compared to August 2022. In January-August, the total value of exports decreased by 6.1 percent and the value of imports by 17.4 percent compared to the corresponding period of the previous year. Change of export volume during the latest 12 months was -4.7 per cent (12 month moving average September 2022 – August 2023). The corresponding figure for import volume was -9.4 per cent.

In August 2023, the trade balance showed a surplus of EUR 16 million. In January-August 2023, the trade balance had accumulated a deficit of 1.5 billion euros, which was 7.5 billion euros less than a year earlier. The aggregate trade surplus by commodity group for products of industrial machinery and equipment and metals increased compared to the previous year. 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 August compared to the corresponding month of 2022 as import prices declined more rapidly than export prices. The point figure in August was 101.1, while it was 95.7 in August 2022. The terms of trade did not change from July 2023.

Export value of capital goods increased in August

The value of exports of capital goods increased by 2.5 per cent in August, and the value of exports of industrial supplies decreased by 15.2 per cent year-on-year. The value of exports of fuels and lubricants decreased by 13.5 percent. The value of exports of consumer goods increased by 2.8 percent. The value of exports of food and beverages decreased by 5.4 percent and the value of exports of transport equipment and parts decreased by 7.2 per cent.

The value of imports of industrial supplies decreased by 31.4 per cent in August and the value of imports of capital goods by 9.5 per cent year-on-year. The value of imports of transportation equipment and their parts decreased by 1.9 percent. The value of imports of fuels and lubricants decreased by 49.4 percent. The value of imports of food and beverages decreased by 5.7 percent and of consumer goods by 14.1 percent.

Both internal and external trade fell in August

The value of exports to EU countries decreased by 10.8 percent and exports outside the EU by 8.0 percent in August. Imports from EU countries fell by 21.1 percent and imports from outside the EU by 28.3 percent in August. In January-August, total exports to EU countries decreased by 5.5 percent and exports to outside the EU by 6.8 percent. In the same period, imports from EU countries decreased by 11.9 percent and from outside the EU by 23.8 percent.

* Moving 12-months averages

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Further information:
Kaarna, Anssi tel. +358 40 332 8153
Telasuo, Christina tel. +358 40 332 1828
forename.surname[at]tulli.fi

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