HELSINKI – Finland’s trade balance deteriorated in October 2024, posting a deficit of €330 million, according to preliminary data released by Finnish Customs. This marks a significant increase compared to the €27 million deficit recorded in the same month of the previous year.
Cumulative Deficit
The cumulative trade deficit for the January-October period of 2024 reached €2 billion, surpassing the €1.6 billion deficit recorded in the same period of 2023.
Export Performance
While Finnish exports increased by 1.1% year-on-year in October 2024, reaching €6.3 billion, the overall trend for the year has been negative. The total value of exports for the January-October period declined by 4.0% compared to the same period in 2023.
Export volumes rose by 1.4% in October, driven by a 0.4% increase in export prices. However, the 12-month moving average for export volume showed a decline of 1.9%.
Import Performance
Imports surged by 5.9% year-on-year in October 2024, reaching €6.7 billion. While import prices decreased slightly by 0.1%, import volumes jumped by 7.4%.
Similar to exports, the overall trend for imports in 2024 has been negative. The total value of imports for the January-October period decreased by 3.3% compared to the same period in 2023. The 12-month moving average for import volume showed a decline of 3.9%.
Regional Breakdown
Exports to the EU: Increased by 3.7% in October and decreased by 3.9% year-to-date.
Exports to non-EU countries: Decreased by 2.6% in October and decreased by 4.0% year-to-date.
Imports from the EU: Increased by 0.4% in October and decreased by 2.8% year-to-date.
Imports from non-EU countries: Increased by 14.0% in October and decreased by 4.0% year-to-date.
The widening trade deficit in October 2024 underscores the challenges facing Finland's export-oriented economy. While export volumes have shown some resilience, the overall trend remains negative, impacted by global economic uncertainties and geopolitical tensions.
The Finnish Customs will continue to monitor the evolving trade landscape and provide further updates on the country's trade performance.
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