Significant increase in the trade deficit
Value of exports fell by four per cent in 2016
According to Finnish Customs’ preliminary data, the value of Finland’s goods exports declined by four per cent in 2016. The value of exports amounted to 51.7 billion euros. The value of imports, on the other hand, remained almost level with the year before and amounted to 54.6 billion euros. In 2015, the exports also decreased by four per cent, but the imports went down by six per cent.
Compared to recent years, there was a significant increase in the trade deficit last year. According to preliminary data, the trade balance showed a deficit of 2.9 billion euros in 2016. The deficit was the largest since 2011, when the trade deficit amounted to 3.7 billion euros. The deficit in the trade with EU countries increased to more than 3.3 billion euros last year. In the trade with non-EU countries, however, there was a surplus of 415 million euros. In 2015, the trade deficit was only 613 million euros, the trade with EU countries showed a deficit of 2.3 billion euros, but the trade with non-EU countries was in surplus by 1.7 billion euros. The deficit in 2014 amounted to almost 1.8 billion euros. Then, the extra-EU trade deficit amounted to 70 million euros and that of EU trade to 1.7 billion euros.
Exports were lagging in almost all the main sectors in 2016. Exports of forest industry products were almost level with the previous year, but exports of machinery decreased. Exports of transport equipment saw the steepest decline of the main sectors, but there was also a considerable drop in exports of metal industry products. By contrast, the value of exports of oil products saw a moderate rise, while exports from the rest of the chemical industry went down. Exports of instruments and meters, and of mobile technology networking equipment, performed positively. Finnish Customs will publish detailed country and goods statistics on the foreign trade in goods for the whole of last year on 28 February 2017.
Last year, total imports remained at the same level as the previous year. In 2016, imports of capital goods grew strongly. The biggest rise was seen in imports of transport equipment, while imports of consumer goods also went up. On the other hand, there was a decline in imports of energy products and intermediate goods.
Export trade with the EU countries decreased by four per cent in 2016. Exports to the Eurozone also fell by four per cent. Exports to non-EU countries shrank by five per cent. In 2015, exports to EU countries decreased by one per cent, while exports to non-EU countries decreased by eight per cent. In 2016, imports from all EU countries were at the same level as the year before. In 2015, imports from EU countries increased by one per cent. Imports from non-EU countries increased by one per cent in 2016. In 2015, imports in extra-EU trade went down by 15 per cent.
Finnish Customs, Statistics
Telasuo, Christina tel. +358 40 332 1828
Kaarna, Anssi tel. +358 40 332 8153
Riikonen, Johanna tel. +358 40 332 1824
E-mail: [email protected]