The trade balance was in deficit of EUR 720 million in February, according to the preliminary statistics of international trade in goods provided by Finnish Customs on Monday.
In January-February, the aggregated deficit amounted to EUR 855 million. In February 2023, the trade balance was EUR 640 million in deficit and in January-February of the same year, the aggregated deficit was EUR 980 million.
According to the preliminary statistics, the value of Finnish exports increased by 5.8 per cent in February year-on-year. The value of Finnish exports in February was EUR 5.3 billion. Export volume increased by 12.1 per cent, but export prices declined by 4.6 per cent year-on-year.
The value of imports increased by 6.5 per cent in February and the value of imports was EUR 6.0 billion.
Import prices declined by 5.7 per cent, but import volume increased by 12.3 per cent compared to February 2023.
During the reference month in 2023 a harbour strike reduced international trade in goods considerable.
Compared to previous month, January 2024, the value of exports decreased by 7.8 per cent, but the value of imports increased by 2.3 per cent in February 2024.
In January-February 2023, the total value of exports decreased by 2.3 per cent and the value of imports by 3.1 per cent year-on-year. Change of export volume during the latest 12 months was minus 0.7 per cent (12 month moving average March 2023 – February 2024). The corresponding figure for import volume was minus 8.4 per cent.
Value of exports to EU member states increased by 5.0 per cent and to non-EU countries by 6.9 per cent in February compared to the same month the previous year. The volume of exports to EU countries increased by 13.2 per cent and to non-EU countries by 9.8 per cent during the same time.
Calculated from the beginning of the year, value of exports to EU countries decreased by 1.7 per cent and to non-EU countries by 3.2 per cent. The volume of exports to EU member states increased by 1.6 per cent, but the volume of exports to non-EU countries decreased by 3.7 per cent calculated according to 12-month moving average.
Value of imports from EU countries increased by 0.9 per cent and from non-EU countries by 15.7 per cent in February. The volume of imports from EU member states increased by 5.2 per cent and from non-EU countries by 37.7 per cent.
Calculated from the beginning of the year, value of imports from EU member states decreased by 3.0 per cent and from other countries by 3.3 per cent. The volume of imports from EU member states decreased by 4.7 per cent, and the volume of imports from non-EU countries by 12.7 per cent calculated according to 12-month moving average.
Source: www.dailyfinland.fi
It’s concerning to see the trade deficit increasing, especially considering the decline in export prices year-on-year. The focus should be on improving the competitiveness of Finnish exports to help balance the deficit and support economic growth.
It’s concerning to see the trade balance in deficit again, with a substantial amount of EUR 720 million. The increase in export value is a positive sign, but the decline in prices raises some questions about the competitiveness of our goods in the global market. It’s crucial to address these issues to ensure a healthier trade balance in the future.
Do you think the decrease in export volume and increase in import volume could be related to the harbour strike mentioned in the article?
Yes, the decrease in export volume and increase in import volume are likely related to the harbour strike mentioned in the article. The strike would have disrupted the flow of goods, leading to lower export volumes and higher import volumes as businesses sought alternatives to compensate for the temporary halt in exports.
It’s concerning to see the trade balance continuing to deteriorate with such significant deficits. I hope there are strategies in place to address this trend and protect the economy.
How will this deficit in trade balance affect the overall economy in the coming months?
Given the deficit in the trade balance, we can expect to see a decrease in the country’s currency value and potentially higher inflation rates in the near future. This could also lead to increased government debt and impact the overall economic stability. It will be crucial for policymakers to implement strategies to address this imbalance and boost export competitiveness to help mitigate the negative effects on the economy.
It’s concerning to see the trade balance being in deficit for consecutive months. The decrease in export prices and the increase in import volume are alarming trends. Hopefully, there will be strategic measures taken to address this deficit and strengthen the trade position in the upcoming months.
I believe that the trade deficit reported in this article highlights the need for strategic measures to boost exports and reduce imports in order to improve the trade balance. It’s concerning to see the continual deficits, and I hope the authorities take proactive steps to address this issue effectively.
As someone working in the import-export industry, I find the trade deficit concerning. It’s crucial for the economy to strive towards a more balanced trade scenario. The increase in export volume is a positive sign, but the decline in export prices is alarming. We need to focus on boosting our export competitiveness to address this issue.
It’s concerning to see the trade balance in deficit again, especially with the numbers for January-February showing such a significant deficit. However, the increase in export value and volume in February is a positive sign. Import prices may have declined, but the increase in import volume indicates growing demand. Let’s hope for better trade balance numbers in the coming months.
It’s concerning to see the trade deficit increasing. Hopefully, measures will be taken to address this issue and improve the trade balance in the coming months.
How do you think the recent decrease in export values will impact the overall economy in the coming months?
It’s concerning to see the trade balance continuing to be in deficit, especially with the significant decreases in export prices. It’s crucial for Finland to focus on strategies to boost exports and improve trade conditions to address this ongoing issue.
It’s concerning to see the trade balance with such a significant deficit of €720 million in February. The increase in export value is a positive sign, but the declining export prices and the higher import volume are red flags. We need to focus on strategies to improve the trade balance and ensure the long-term sustainability of our international trade.