Good summer for exports

In August, the volume of exports of goods was almost 11 percent up on one year previously. Adjusted for the number of working days, exports growth was also in the double digits in July. In both summer months, growth distinctly exceeded the average over the first six months. With a volume increase of  9 percent, imports also performed well in August.

For the first time in more than three years, import and export prices were falling. Imported and exported goods were on average 0.5 percent cheaper than twelve months ago. In previous months, price increases for imported and exported goods were also very moderate.

The trade surplus was 2.8 billion euro, i.e. 0.6 billion euro more than one year previously. The value of exports of goods was 28.0 billion euro, an 10 percent growth relative to August 2006. Imports increased by 8 percent to 25.1 billion euro. The growth in the value of exports to EU countries was less strong as that to non-EU countries. Imports from EU and non-EU countries rose by 14 and 2 percent respectively.

In August, more food, drinks, chemical products, machinery and transport equipment were exported. The value of imports and exports of mineral fuels decreased relative to last year, mainly due to the low dollar exchange rate.

More information on import and export prices can be found in the article Deflators for international trade, published on 31 August 2007.

The figures on August 2007 published in this update have been adjusted from those published on 16 October. The revision is based on new and more detailed information.

Goods exports (volume)

Goods exports (volume)