Exports down considerably

In December 2008, the volume of goods exports was 10 percent down on twelve months previously. The volume of goods imports decreased by more than 5 percent. Volume figures have been corrected for the number of working days. December 2008 had two working days more than December 2007.

In November exports were also considerably down on one year ago. The decline was anticipated. Figures published in an earlier stage about the dramatic reduction in manufacturing output and increasing pessimism among manufacturers about the small amount of orders received from abroad already indicated an economic downturn.

The value of goods exports was 26.2 billion euro, 8 percent down on December 2007. The value of imports decreased by 6 percent to 23.7 billion euro, resulting in a trade surplus of 2.4 billion euro, i.e. 0.8 billion euro down on December 2007.

The value of imports and exports of mineral fuels and petroleum products in particular was considerably lower than one year previously. On the other hand, the value of imports and exports of food products increased. Goods trade with EU countries decreased approximately with the same amount as with non-EU countries.

December’s import and export prices dropped by 6 percent and 3 percent respectively relative to December 2007, chiefly as a result of plummeting petroleum prices. As a result, the terms of trade of foreign goods improved noticeably compared to December 2007.

The figures on December 2008 published in this update have been adjusted from those published on 13 February. The revision is based on new and more detailed information.

Goods exports (volume)

Goods exports (volume)

More figures can be found on the theme page International trade.