Finland’s balance of trade deficit declines in March
Ten per cent decrease in imports
Finnish exports declined in March by one per cent compared with the same period last year.
According to figures put out by the National Board of Customs, the value of exports in March was just over EUR 5.1 billion. Imports went down by ten per cent, to nearly EUR 5.3 billion.
The reduction in imports brought the balance of trade deficit in March down to EUR 151 million. At the same time last year the deficit was EUR 697 million.
However, in the January-March period the full deficit was significantly higher than in the same period a year ago – just over a billion euros. A year ago the first quarter deficit was EUR 891 million.
Exports in key industrial products were weak. Exports of machinery, devices, and engines grew quickly, as did exports of certain electric devices. There was also growth in exports of furs.
Exports of metal goods, vehicles, and forest industry products slowed down from last year. In imports there was a decline in large product groups, especially crude oil.
Exports to countries outside the EU continued to grow; in January-March the increase in exports was six per cent and imports from outside the EU grew by one per cent.
Previously in HS International Edition:
Finland’s trade deficit continued to grow in first quarter of 2012 (9.5.2012)
Weaker euro benefits Finnish exports, as big trade deficit is announced for 2011 (7.2.2012)