Quiet month for exports

In May 2008, the volume of goods exports was more than 6 percent up on twelve months previously. The volume of imports increased over 4 percent relative to the same month one year previously. Both growth rates lagged somewhat behind the average growth in preceding months. The volume figures have been corrected for the number of working days. May 2008 had one working day less than May 2007.

Import and export prices have been rising gradually since September 2007, partly as result of soaring prices for petroleum and petroleum products. In May import and export prices rose by 7 and 6 percent respectively, compared with May 2007.

The value of exports was 30.9 billion euro, nearly 10 percent up on May last year. The value of imports grew by 8 percent to 28.0 billion euro. This resulted in a trade surplus of 2.9 billion euro, i.e. 0.5 billion  euro up on May 2007.

The value of imports and exports of food products and mineral fuels in particular grew substantially. The value of goods imported from non-EU countries increased by slightly more than that from EU countries. On the other hand, exports to EU countries increased more than exports to non-EU countries.

Goods exports (volume)