Trade balance deficit clearly higher compared to the previous year
Value of goods exports decreased by 11.9 per cent in 2020
According to preliminary statistics provided by Finnish Customs, the value of Finland’s exports of goods decreased by 11.9 per cent in 2020. The value of exports amounted to 57.3 billion euros. The value of imports dropped by 9.9 per cent. The value of imports of goods amounted to 59.4 billion euros.
In 2019, exports increased by 2.2 per cent, whereas imports decreased by 1.1 per cent. In 2018, both imports and exports climbed by 6.6 per cent.
In terms of annual quarters, exports experienced the steepest drop in the second quarter of 2020. The drop was 21.6 per cent. In the first quarter, exports decreased by 12.3 per cent, and by 11.0 per cent in the third quarter. During the final quarter, exports dropped by 2.5 per cent. In the first quarter, imports decreased by 2.5 per cent. In the second quarter, they dropped by 20.7 per cent and during the third quarter by 9.8 per cent. During the final quarter, imports dropped by 6.1 per cent. Figures for the last quarter are preliminary.
In December year 2020 a vessel was exported, with a value of 950 million euros. In the previous year also in December a ship with almost the same value was exported.
In 2020, the balance of trade deficit increased notably compared to 2019. According to preliminary data, the trade balance showed a deficit of 2.0 billion euros in 2020. The deficit in the trade with EU countries increased to 4.0 billion euros. Trade with non-EU countries experienced a surplus. In 2020, the trade surplus amounted to 1.5 billion euros. In 2019, the trade of balance deficit amounted to almost 0.8 billion euros. At that time, trade with other EU countries had a deficit of 2.3 billion euros, and there was a surplus of 1.5 billion euros in trade with non-EU countries. Both years were calculated with EU27. In 2018, there was a trade deficit of 2.9 billion euros.
Exports to the EU countries decreased by 12.8 per cent in 2020. Exports to the euro zone went up by 13.6 per cent. Exports to non-EU countries shrank by 10.7 per cent. Imports from EU countries dropped by 7.5 per cent and imports from other countries by 13.1 per cent. . In 2019, exports to EU countries increased by 2.5 per cent, and exports to non-EU countries increased, by 1.7 per cent. In 2019, imports from EU countries increased less than exports, that is, by 0.7 per cent. Meanwhile, imports from non-EU countries decreased by 3.5 per cent.
Detailed information are available for January-November 2020. Exports of investment goods decreased by 7.0 per cent in January-November, and their share of the total exports of goods was 27.5 per cent. Exports of industrial supplies dropped by 14.0 per cent, and their share of goods exports was 48.5 per cent. Exports of transport equipment decreased by 25.2 per cent, and their share was 8.7 per cent. Exports of fuels and lubricants decreased the most, that is, by 32.9 per cent. Their share of total exports shrank to 6.8 per cent. On the other hand, consumer goods exports climbed by 3.2 per cent. However, their share of exports was only 3.6 per cent. Exports of foodstuffs increased also, by 3.3 per cent, and the share of this goods category was 2.8 per cent of total exports of goods. Finnish Customs will publish detailed country and goods data of the international trade in goods statistics for the whole of last year on 26 February 2021.
The most significant drop in imports also affected the trade in fuels and lubricants, by 37.4 per cent in January-November 2020. The share of imports in this product category was 10.3 per cent. Imports of industrial supplies dropped by 6.6 per cent, and their share was 30.7 per cent. Imports of investment goods dropped by 4.6 per cent, and their share of total imports was 21.8 per cent. Imports of transport equipment amounted to 12.9 per cent and dropped by 14.0 per cent. In January-November 2020, imports of consumer goods increased by 1.1 per cent (total share 12.0 %). However, imports of foodstuffs and beverages decreased by 2.0 per cent (total share 7.2 %).
Telasuo, Christina tel. +358 40 332 1828
Kaarna, Anssi tel. +358 40 332 8153