Monthly statistics on the international trade in goods, February 2024

29.4.2024 9.00

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Finnish Customs, Statistics

Both the volume of exports and volume of imports increased in February

The value of Finnish exports of goods increased by 6.2 per cent year-on-year in February, according to the international trade in goods statistics provided by Finnish Customs. The value of Finnish exports was EUR 5.3 billion. Export volume increased by 12.6 per cent, but export prices declined by 4.8 per cent year-on-year. The value of imports increased by 6.5 per cent in February to EUR 6.0 billion. Import prices declined by 5.4 per cent, but import volume increased by 12.1 per cent compared to February 2023. In January-February, the total value of exports decreased by 2.0 percent and the value of imports by 3.2 percent compared to the corresponding period of the previous year. Change of export volume during the latest 12 months was -0.7 per cent (12-month moving average March 2023 – February 2024). The corresponding figure for import volume was -8.5 per cent.

In February 2024, the trade balance showed a deficit of EUR 698 million. In January-February 2024, the trade balance had accumulated a deficit of EUR 821 million. The aggregate trade surplus by commodity group for products of industrial machinery and equipment, products of both mechanical and chemical forest and metals increased compared to the previous year. The deficit increased for transport equipment, crude oil and refined petroleum products and electrical machinery and equipment, but decreased for ores and metal scrap.

The terms of trade improved in February compared to the corresponding month of 2023 as import prices declined more rapidly than export prices. The point figure in February was 98.5, while it was 97.9 in February 2023. The terms of trade improved from January 2024.

Export value of industrial supplies increased in February

The value of exports of capital goods increased by 5.4 per cent in February, and the value of exports of industrial supplies by 12.1 per cent year-on-year. The value of exports of fuels and lubricants decreased by 27.3 percent. The value of exports of consumer goods decreased by 19.1 percent but the value of exports of food and beverages increased by 13.8 percent. The value of exports of transport equipment and parts increased by 5.0 per cent.

The value of imports of industrial supplies decreased by 0.8 per cent in February and the value of imports of capital goods by 4.9 per cent year-on-year. The value of imports of transportation equipment and their parts increased by 14.0 percent. The value of imports of fuels and lubricants increased by 23.1 percent. The value of imports of food and beverages increased by 17.2 percent and the value of imports of consumer goods by 9.1 percent.

Exports to both EU countries and non-EU countries increased in February

The value of exports to EU countries increased by 5.3 percent and exports outside the EU by 7.7 percent in February. Imports from EU countries increased by 0.7 percent and imports from outside the EU by 15.7 percent in February. In January-February, total exports to EU countries decreased by 1.5 percent and exports to outside the EU by 2.6 percent. In the same period, imports from EU countries decreased by 3.1 percent and from outside the EU by 3.3 percent.

* Moving 12-months averages

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