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VALUE OF EXPORTS FELL BY FOUR PER CENT IN 2015 - Significant decrease in the trade deficit due to surplus in extra-EU trade
Published: 08-Feb-2016 09:00 am
ANNUAL PUBLICATION: preliminary data
According to Finnish Customs’ preliminary data, the value of Finland’s goods exports declined by four per cent in 2015. The value of exports amounted to 53.5 billion euros. The value of imports went down by six per cent, dropping to 54.2 billion euros. In 2014, exports stayed level with the previous year and imports decreased by one per cent.
Compared to recent years, there was a significant reduction in the trade deficit last year. According to preliminary data, the trade balance showed a deficit of 690 million euros in 2015. The deficit amounted to 1.8 billion euros in 2014, and in 2013, the deficit was 2.4 billion euros. In 2015, the deficit in the trade with EU countries rose, however, and was close to 2.5 billion euros, but in extra-EU trade there was a surplus of almost 1.8 billion euros. In 2014, the extra-EU trade deficit amounted to 70 million euros and that of EU trade to 1.7 billion euros.
The decline in total exports was mainly influenced by two factors: a steep downturn in the value of exports of oil products and a considerable slump in exports to Russia. The value of exports of oil products fell by 41 per cent already in January–November, while exports to Russia declined by 34 per cent over the same period. When excluding oil products and exports to Russia, there was a slight increase in overall exports according to the data for January–November. Other exports from the chemical industry, as well as exports from the metal industry, also decreased slightly. Transport equipment was the most important growth sector in exports in 2015, just as the year before, but there was also a moderate rise in exports of forest industry products last year. Finnish Customs will publish detailed statistics on the foreign trade in goods for the whole of last year on 29 February 2016.
Total imports showed a decline of six per cent in 2015, again due to a steep fall in the value of imports of energy products. There was also a slight decline in imports of intermediate goods. Imports of capital goods and durable consumer goods, however, increased to some extent.
Exports to the EU-countries decreased by two per cent in 2015. Exports to the euro zone, on the other hand, went up by two per cent. Exports to non-EU countries shrank by eight per cent. In 2014, exports to EU countries increased by four per cent, while exports to non-EU countries decreased by five per cent. Imports from all EU countries stayed at the same level in 2015 as in the year before, when there had been an increase of two per cent. A decrease of 15 per cent in the value of imports from outside the EU brought down the overall imports again in 2015. In 2014, imports in extra-EU trade went down by five per cent.
Telasuo Christina, tel. 040 332 1828
Kaarna Anssi, tel. 040 332 8153
Riikonen Johanna, tel. 040 332 1824
Finnish Customs is a part of the customs system of the European Union. Customs is a state agency supervised by the Ministry of Finance through management by results. Finnish Customs cooperates with the trade community as well as with domestic and foreign authorities. Finnish Customs has approximately 2 300 employees.