Trade deficit was notably larger than the year before
Value of goods exports increased by 19.4 per cent in 2021
According to Finnish Customs’ preliminary data, the value of Finland’s goods exports increased by 19.4 per cent in 2021. The value of exports amounted to almost 68.6 billion euros. The value of imports rose by 21.5 per cent. The value of goods imports amounted to 72.6 billion euros.
In the previous year of 2020, exports declined by 11.7 percent and imports by 9.2 per cent. In 2019, exports grew by 2.2 percent, but imports declined by 1.1 per cent.
Presented quarterly, the change in the value of exports and imports took only a slight upward turn in the first quarter of 2021 following the decline in the previous year. Exports increased by 4.4 per cent and imports by 1.8 per cent. In the second quarter, exports rose already by 25.7 per cent, followed by the same 25.7 per cent rise in the third quarter. During the final quarter of the year 2021 exports increased by 22.4 per cent. The value of imports grew by 27.5 per cent in the second quarter, but the growth rate slowed slightly, being 21.9 per cent in the third quarter. In the final quarter, the change of the value of imports was 36.2 per cent. The figures for the last quarter are based on preliminary data.
The export statistics for December 2021 included a delivery of a cruise ship for a value of just over 950 million euros. The export statistics for December 2020 and for 2019 likewise included a delivery of a cruise ship of approximately same value. In December 2021, the import statistics included also a cruise ship for a value of just over 200 million euros. The rise of import prices of energy had a significant impact on the total value of imports in 2021.
In 2021, the trade deficit increased notably compared to the previous year. According to preliminary data, the trade balance showed a deficit of 4.1 billion euros in 2021. The deficit in the trade with EU countries was 3.3 billion euros. However, the deficit in the trade with non-EU countries was considerably smaller, reaching a figure of 725 million euros. In 2020, the trade balance showed a deficit of 2.3 billion euros. In that year, the trade with other EU countries showed a deficit of 4.2 billion euros, but there was a surplus of 1.9 billion euros in the trade with non-EU countries, with both years calculated using EU27 data. In 2019, the trade deficit was 797 million euros.
Exports to the EU countries increased by 23.6 percent in 2021. Exports to the eurozone went up by 25.6 percent. Exports to non-EU countries rose by 14.4 percent. Imports from EU countries increased by 18.4 percent and imports from other countries by 26.1 per cent. In 2020, there was a drop of 12.6 per cent in exports to EU countries, and of 10.5 per cent in exports to non-EU countries. The drop in imports from EU countries was smaller than in exports, being 6.9 per cent. Imports from non-EU countries decreased by 12.5 percent in the same period.
Detailed data on the trade in goods is available for January–November 2021. Finnish Customs will publish detailed country and goods statistics on the international trade in goods for the whole of last year on 28 February 2022. There was a rise in the value of exports in all main export categories according to the BEC classification in January–November 2021 compared to the corresponding period the previous year. The value of exports of capital goods grew by 6.1 per cent in January–November, and their share of the total exports of goods was 24.4 per cent. The biggest growth was seen in the value of exports of industrial supplies, 27.8 per cent, and their share of goods exports was 51.9 per cent. Exports of transport equipment grew by 26.7 per cent, and their share amounted to 9.2 per cent. The value of exports of fuels and lubricants increased by 17.7 per cent, and their share of the exports was 6.7 per cent. Consumer goods exports climbed by 13.7 per cent, but their share of exports was only 3.5 per cent. Exports of food and beverages also increased, by 0.8 per cent, while the share of this goods category of total goods exports shrank to 2.3 per cent.
In imports, the value of the trade in fuels and lubricants in January–November showed the biggest increase, 45.7 per cent, compared to the corresponding period in 2020. The share of this goods category of total imports increased to 12.6 per cent. The value of imports of industrial supplies rose by 28.4 per cent, their share being 33.1 per cent. The value of imports of capital goods grew by 11.2 per cent, and their share of total imports was 20.4 per cent. Imports of transport equipment gained a 12.4 per cent share of imports, rising by 15.2 per cent. In January–November 2021, imports of consumer goods increased by 2.0 per cent (10.3% share), and imports of food and beverages by 1.9 per cent (6.1% share).
Telasuo, Christina tel. +358 40 332 1828
Kaarna, Anssi tel. +358 40 332 8153