Exports growth slows down further

The volume of exports of goods increased by more than 2 percent in May from twelve months previously, the lowest exports growth rate in almost a year and a half. In April, exports still grew by nearly 5 percent. The volume of imports declined by nearly 2 percent in May. Volume figures have been adjusted for the number of working days.

According to July’s Exports Radar, the circumstances for exports have become less favourable. 

The value of exported goods totalled 34.3 billion euro, i.e. over 17 percent up on one year previously. The value of imports grew by 12 percent to 30.4 billion euro, resulting in a 3.9 billion euro trade surplus, which is 1.8 billion euro above the May 2010 level.

Unlike volume figures, value figures have not been adjusted for the number of working days. May 2011 had four working days more than May 2010. The effect of working days plus price increases accounts for the large difference between volume growth and value growth.

The value of imports and exports of raw materials, mineral fuels, food and drinks grew substantially. Higher oil and food prices played an important part in this respect. The value of imports of chemical products was marginally down on May 2010.

Exports to EU countries grew more rapidly than exports to non-EU countries. Imports showed a similar pattern.

Export and import prices were respectively 6.2 and 6.1 percent up on twelve months previously. As a result, terms of trade hardly changed compared to May 2010.

Exports of goods (volume adjusted for working days)

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