The exports of major industries in Finland picked up considerably in June in comparison to the corresponding period last year.
The exports of machinery, equipment and motor vehicles increased by 12 per cent in June, according to statistics released by the Finnish Customs on Monday. The exports of forest industry products, for example, rose by 12 per cent and those of metals by 5 per cent.
Yet, the overall value of exports decreased by roughly one per cent year-on-year.
The decrease is largely attributable to a fall in oil prices as the value of oil product exports fell by 69 per cent year-on-year in June. The low oil prices, however, had a similar impact also on imports as the imports of crude oil fell by 54 per cent.
If oil product exports are excluded from the statistics, Finnish exports picked up by a total of eight per cent in June.
The balance of trade, in turn, showed a surplus of 240 million euros in June, bringing the trade surplus for the first half of the year to 492 million euros. The balance of trade showed a deficit of 1.1 billion euros between January and June of 2014.
The balance of trade represents the difference in value between exports and imports.
Juhani Saarinen – HS
Aleksi Teivainen – HT
© HELSINGIN SANOMAT
Photo: Mika Ranta / HS