Balance of trade shows largest deficit since 1991
Customs authorities release foreign trade data for January
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Finland’s balance of trade showed a deficit in January for the first time in six months. Imports exceeded exports by EUR 79 million, according to information made public on Friday by the National Board of Customs.
The deficit is the greatest since June 1991. In December the balance of trade still showed a surplus of EUR 100 million.
The value of exports in January was EUR 3.6 billion euros, which is 36 per cent less than a year earlier. Exports of nearly all types of goods declined significantly.
Vehicles constituted the only category of trade to grow from last year - thanks to the delivery of a cruise ship to France. Exports of telephone equipment and oil products were less than half of the figure for January 2008.
Germany again rose to be Finland’s most important trading partner. Last year Russia had come out ahead of Germany, but in January, exports to Russia had gone down to half of what it was a year earlier.
Germany accounted for 12.1 per cent of Finnish exports, Sweden bought ten per cent of goods exported by Finland, and Russia bought just 7.3 per cent.
In imports, both Germany and Russia accounted for an even 14.3 per cent each. Trade declined with both countries.
Helsingin Sanomat
