Monthly statistics on the international trade in goods, January 2017

31.3.2017 9.00

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Finnish Customs, Statistics

Both export volume and export prices rose in January

The value of Finnish exports of goods increased by 28 per cent in January year-on-year according to international trade statistics provided by Finnish Customs. The increase was mostly due to the exceptionally weak reference month. The value of Finnish exports was 4,6 billion euros. Export prices increased by five per cent and export volume by 22,7 per cent.

The value of imports increased by 25 per cent in January and was slightly over five billion euros. Import prices increased by 5,1 per cent and import volume increased by 22,3 per cent.

The balance of trade showed a deficit of 447 million euros in January. In January the previous year the trade deficit was 433 million euros. The terms of trade for foreign 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 in January because import prices grew more than export prices. The point figure in January was 102,1 while it was 102,2 January the previous year. The terms of trade improved from the previous month's point figure of 99,1.

All key exports rose in January from the weak reference month. Refined oil exports increased the most, but also other chemical industry exports improved. Export of forest industry products, metals and machinery and equipment and transport equipment increased also. Exports of pharmaceuticals and metal products decreased. Imports of crude oil and refined oil products as well as imports of metals increased in January. Imports of ores and metal scrap also rose significantly. Imports of machinery and equipment also grew. The imports of forest industry products, however, declined slightly.

Exports to EU countries increased by 27 per cent in January and exports outside the EU by 30 per cent. Exports increased to all major export countries. The greatest increased was in the exports to Estonia (205%), to China (75%), to the Netherlands (54%), to the United States (22%) and to Sweden (22%). Imports from the EU countries increased by nine per cent, but imports from outside the EU increased by as much as 51 percent. Imports from almost all major trading partners increased. Imports from the United States (33%), Poland (23%) and Sweden (20%) increased briskly. Imports from Denmark, Spain and the United Kingdom fell. Exports to Russia increased by 48 per cent and imports from Russia by as much as 170 per cent in January.

Table 1. Total development (e million)
	January		Change
	2016	2017	%
Exports (fob)	3 581	4 583	+28
Imports (cif)	4 013	5 030	+25
Balance	-433	-447

Table 2. International trade indexes
	January		Change		Mean*	Change
	2016:01	2017:01	2017:01/ 2016:12	2017:01/ 2016:01	2016:02-2017:01	2016:02-2017:01/ 2015:02-2016:01
Volume index
Exports	76,1	93,5	+2,7	+22,7	92,4	-1,7
Imports	87,1	106,5	+4,1	+22,3	100,0	+2,5
Unit value index
Exports	106,0	111,3	+0,2	+5,0	107,4	+0,7
Imports	103,8	109,1	-2,7	+5,1	106,0	+0,7
* Moving 12-months averages

Further information:
Telasuo, Christina tel. +358 40 332 1828
Kaarna, Anssi tel. +358 40 332 8153
[email protected]

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