Finland’s foreign trade headed downwards once more in August

According to the National Board of Customs, the total value of Finland’s exports in the month of August was just over EUR 3.1 billion, which is nearly 40 per cent less than a year earlier. Imports also fell by a third to a value of just over EUR 3.2 billion.
      Continuing the trend from the early part of the year, both exports and imports were more than a third down from last year’s figures.
      In August, the exports figure was reduced above all by metals and communication devices, primarily telephone devices, the export sales of which remained at less than half of last year’s figures. Mobile handsets accounted for 75 per cent of the exported telephone devices.
      The trade balance in August was negative by EUR 99 million. Between January and August the balance of trade surplus totalled EUR 964 million, in other words appreciably less than the EUR 2.4 billion recorded for the first eight months of 2008.
     
Exports to Germany in August were only around two-thirds of the value in the same month in 2008. The figures for exports to Sweden and Russia, in turn, fell by more than a third and more than a half respectively, compared to a year earlier.
      Imports from these countries also remained around a third lower compared with August 2008.
      In the early part of the year, exports to Brazil remained at last year’s levels, thanks to the vibrant power machines and engines trade. Brazil was the most important buyer of such items.
     
In the fashion of January-May of this year, Finland’s foreign trade declined also in August by a larger margin than the average for the European Union area.
      According to the preliminary Eurostat statistics, the EU exports were down by a fifth and imports by 28 percent compared to a year earlier.
     
The only piece of good news on the horizon actually sailed over the horizon a few days ago. October's figures are likely to be swelled appreciably by the sale of the Oasis of the Seas.
      The colossal cruise liner with a EUR 1 billion price tag was delivered to its new owners and will show up in the export statistics in a couple of months.


Previously in HS International Edition:
  Finnish exports still in the doldrums (2.10.2009)
  ETLA forecasts slow recovery in exports (24.9.2009)
  Finnish exports weakened most of all EU members in January to May (18.8.2009)
  Finland´s foreign trade continued on downward trend in March (3.6.2009)

See also:
  Mega cruise liner Oasis of the Seas completed on schedule (29.10.2009)

Links:
  Board of Customs