MOSCOW: Finland recorded a two per cent decline in the value of its exports in August, reports Finnish Customs. Finnish exports to Russia grew for the first time for almost three years in August. Finnish Customs reported last week that the value of exports to Russia increased by two per cent year-on-year driven by an up-tick in the exports of equipment and machinery, oil products, and paper and paperboard. The previous increase in the monthly value of exports to the country was recorded in December, 2013.
The value of exports to all countries, however, dropped by roughly two per cent from the corresponding period last year to 3.9 billion euros in August, following a decline in exports to a number of important markets, such as Germany, Sweden and the Netherlands. China, France, Great Britain and the United States, on the other hand, were among the important markets to which exports increased in August. The volume of exports rose by 2.1 per cent year-on-year in August, while the unit value of exports recovered by 0.6 per cent after dipping in July, reports Finnish Customs. Between January and August, the value of exports decreased by one per cent from the corresponding period in 2015.
Finland reduced its imports from Germany, Sweden, Great Britain and France but increased those from the United States, the Netherlands and China, according to Finnish Customs. The total value of imports rose by four per cent from the previous year to 4.4 billion euros in August but fell by one per cent between January and August. The trade balance consequently showed a deficit of 462 million euros in August and 1.7 billion euros in January–August. One year earlier, the balance showed a deficit of 226 million euros in August and a surplus of 36 million euros in January–August.
