Monthly statistics on the international trade in goods, June 2020

31.8.2020 9.00

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Finnish Customs, Statistics

Both export volume and export prices fell in June

The value of Finnish exports of goods decreased by 15.0 per cent year-on-year in June, according to the international trade in goods statistics provided by Finnish Customs. The value of Finnish exports was almost EUR 4.5 billion. Export volumes decreased by 11.3 per cent and export prices by 3.7 per cent year-on-year. The value of imports declined by 9.6 per cent in June to almost EUR 4.7 billion. Import prices decreased by 3.0 per cent and import volumes by 4.0 per cent compared to June 2019. In January-June, the aggregated value of exports decreased by 17.3 per cent and the value of imports by 12.2 per cent compared with the corresponding period last year.

In June 2020, the trade balance showed a deficit of EUR 209 million. In June 2019, the trade balance had a surplus of EUR 80 million. In January-June 2020, the trade balance had a deficit of about EUR 1.7 billion, while there was a deficit of EUR 10 million in January-June 2019. The terms of trade for international trade are calculated based on the unit value index. Terms of trade show the ratio between export and import prices. The terms of trade weakened compared to the corresponding month of 2019 as export prices fell more than import prices fell. The point figure in June was 100.2, while it was 100.9 in June 2019. The terms of trade declined also from the May 2020 point figure of 99.5.

Exports of machinery and transport equipment declined by 7.5 per cent in June. Exports of forest industry products diminished by 17.0 per cent. Exports of metals and metal products decreased by 28.5 per cent. Exports of chemicals and related products declined by 5.6 per cent. The value of exports of petroleum products declined by 49.6 per cent. Exports of foodstuff increased by 9.1 per cent, but exports of instruments and apparatus declined by 26.0 per cent.

The value of imports of industrial supplies fell by 11.2 per cent, but imports of capital goods remained at the level of the previous year in June. The value of imports of fuels and lubricants diminished by 46.3 per cent. Imports of transport equipment and parts decreased by 11.7 per cent. Imports of consumer goods increased by 11.1 per cent and of food and beverages by 3.9 per cent in June.

Exports to EU countries fell by 13.6 per cent and exports outside the EU by 16.5 per cent in June. Imports from EU countries declined by 6.9 per cent and from countries outside the EU by 13.5 per cent in June. Exports to all major trading partners decreased in June. Exports to Germany decreased by 17.4 per cent, exports to Sweden by 10.3 per cent and exports to the United States by 27.1 per cent. Imports from China increased by 34.9 per cent and from the United States by 1.4 per cent, but imports from other major import countries decreased in June. Imports from Germany decreased by 16.8 percent and imports from Sweden by 6.1 percent. In January-June, exports to EU countries declined by 17.5 and to non-EU countries by 17.1 per cent. During the same period imports from EU countries decreased by 10.9 per cent and from outside the EU by 14.2 per cent.

Table 1. Total development (e million)

Direction	June 2019	June 2020	Change %	January-June 2019	January-June 2020	Change %
Exports (fob)	5 265	4 477	-15,0	33 064	27 345	-17,3
Imports (cif)	5 185	4 686	-9,6	33 074	29 031	-12,2
Balance	80	-209		-10	-1 686

Table 2. International trade indexes (2010=100)

Index	June 2019	June 2020	Change % 2020:06/2020:05	Change % 2020:06/2019:06	Mean * 2019:07-2020:06	Change % 2019:07-2020:06/ 2018:07-2019:06
Volume index exports	100,7	89,4	10,9	-11,3	95,3	-7,1
Volume index imports	99,3	95,3	9,0	-4,0	100,8	-4,9
Volume index exports	118,2	113,8	0,5	-3,7	116,7	-1,8
Volume index imports	117,1	113,6	-0,2	-3,0	117,1	-2,2

* Moving 12-months averages

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Further information:
Kaarna, Anssi tel. +358 40 332 1853
Telasuo, Christina tel. +358 40 332 1828
forename.surname[at]tulli.fi

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