HELSINKI: The fall in imports of services narrowed down the difference between imports and exports of services in the first quarter of 2016 compared to the corresponding figures of the previous year. Services were exported to the value of EUR 5.4 billion, while service imports amounted to EUR 5.6 billion, according to Statistics Finland’s data on international trade in goods and services. Imports of services went down by 1.4 per cent from EUR 5.7 billion in the first quarter of 2015.
The levels of international trade in services returned in the first quarter of 2016 to the level of the corresponding period last year. However, the over one per cent decline in imports slightly narrowed down the difference between imports and exports. Exports of goods in balance of payment terms decreased by 7.8 per cent while exports of goods in customs terms went down by 7.3 per cent compared to the corresponding quarter of the previous year.
The fall in total exports of goods and services was around EUR one billion over the year due to the effect of the decrease in exports of goods. Imports of goods in balance of payment terms in turn went down by 6.2 per cent, which is less than the fall in imports of goods reported by Finnish Customs, 6.4 per cent. The difference was mainly due to the decline in the CIF-FOB decrease related to freight and insurance costs. In total, imports of goods and services went down by EUR 0.9 billion.
The regional structure of exports of goods and services remained unchanged over 2015 and the first quarter of 2016, the data show. More than two-thirds of the value of exports of goods and services is directed to Europe. Over 80 per cent of the value of exports directed to Europe comes from the EU area.
The share of Europe was bigger in both goods and services in the first quarter of 2016 compared with the first quarter of 2015. Imports of goods and services are more centered than exports. The shares by continent in imports remained unchanged since the beginning of 2015.
