Decline in exports reduced by half

In July 2009, the volume of goods exports was 6 percent down on twelve months previously, a reduction by half relative to June, when the volume of exports slumped by more than 11 percent. The volume of goods imports decreased by almost 10 percent in July, which was also less than in the preceding months. Volume figures have been corrected for the number of working days.

The improvement of exports is reflected by the indicators in the exports radar. Obviously, conditions on the exports market have improved in recent months.

In July, the value of exported goods totalled 26.0 billion euro, a 17 percent drop compared with one year previously. The value of imports plunged by 20 percent to 23.0 billion euro. The trade surplus amounted to 2.9 billion euro, i.e. 0.3 billion euro more than in July 2008.

The value of imports and exports of mineral fuels in particular declined steeply, but exports of chemical products and food and drinks declined far less. The value of goods exported to EU countries dropped sharply, but exports to non-EU countries are almost back to the level of twelve months ago. On the other hand, the value of goods imported from non-EU countries declined more than the value of goods imported from EU countries.

Mainly as a result of plummeting petroleum and natural gas prices, import and export prices dropped by about 11,5 percent in July compared with one year previously. As a result, the terms of trade of foreign goods deteriorated marginally relative to July 2008.

The figures published in this update have been adjusted from those published on 11 September 2009. 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.