Moderate growth for exports in June

In June 2008, the volume of goods exports was 1.5 percent up on twelve months previously. This is considerably lower than the average volume growth over the first five months of this year. The volume of goods imports increased by over 3 percent, somewhat below the average over the preceding months of 2008.

The value of exports was 31.7 billion euro, i.e. 9 percent up on June last year. The value of imports grew by 13 percent to 28.8 billion euro. This resulted in a trade surplus of 2.9 billion euro, i.e. 0.6 billion euro down on June 2007.

The value of imports and exports of food products and mineral fuels in particular grew substantially. Imports of chemical products also grew sharply. The value of goods imported from non-EU countries increased far more than from EU countries. Reversely, exports to EU countries increased more than exports to non-EU countries.

The increase in the value of exports and imports was largely determined by the high price level.  Prices have been rising gradually since September 2007, partly as result of soaring prices for petroleum and petroleum products. In June, import and export prices rose by 9 and 8 percent respectively, compared with June 2007, the most substantial price increase since October 2000.

Goods exports (volume)