Value of goods exports increased by 15 per cent in 2017 – Trade deficit lower than the year before
ANNUAL PUBLICATION: preliminary data
According to Finnish Customs’ preliminary data, the value of Finnish goods exports increased by 15 per cent in 2017. The value of exports amounted to 59.5 billion euros. The value of imports increased also, by 13 per cent. The value of imports amounted to 62.0 billion euros. In 2016, exports decreased by four per cent, whereas imports increased by one per cent. The last time imports increased on a yearly basis was in 2011.
Compared to the previous year, there was a decrease in the trade deficit last year. According to the preliminary data, the trade deficit for 2017 was almost 2.5 billion euros. The deficit in the trade with EU countries decreased to 1.9 billion euros last year. The trade with non-EU countries also showed a deficit in 2017. The deficit amounted to 615 million euros. The 2016 trade balance had a deficit of 3.1 billion euros. The trade with EU countries showed a deficit of 3.6 billion euros that year, but the trade with non-EU countries showed a surplus of 434 million euros. The 2015 trade balance had a deficit of only 613 billion euros. That year, the extra-EU trade surplus amounted to 1.7 billion euros, but the EU trade showed a deficit of 2.3 billion euros. The deficit in 2014 amounted to 1.8 billion euros.
The export in virtually all main sectors took an upward turn in 2017. Exports of transport equipment increased the most of the main sectors, but there was also a considerable increase in exports of metal industry products. The value of petroleum product exports also increased in line with the increased export prices. Other chemical industry exports increased moderately, except for medicine exports, which decreased. Finnish Customs will publish detailed country and goods statistics on the foreign trade in goods for the whole of last year on 28 February 2018.
Overall imports also showed a rapid growth in 2017. The import of transport equipment, especially their spare parts and accessories, also increased significantly. The value of imports of industrial production supplies as well as of fuels and lubricants also increased rapidly. The increase in the value of imports of investment goods and foodstuffs remained somewhat subdued. Imports of consumer goods, on the other hand, decreased.
Exports to EU Member States increased by 17 per cent in 2017. Exports to the euro area increased by 20 per cent. Exports to non-EU countries increased by 12 per cent. Imports from EU countries rose by 10 percent and from other countries by 17 percent. In 2016, exports to EU countries as well as to non-EU countries decreased by four per cent. In 2016, imports from all EU countries were at the same level as the year before, but imports from non-EU countries increased by two per cent.