Finland's trade deficit narrowed to EUR 60 million in February 2019 from EUR 370 million in the same month a year earlier, as exports grew 7 percent to EUR 5.1 billion, boosted by sales of machinery & equipment, instruments & precision, forest products, oil refinery, transport equipment and iron & steel. In contrast, exports fell for copper, nickel, ores and basic chemicals. Among major trade partners, exports to the US, the Netherlands and the UK increased significantly, while those to Russia, Sweden and Germany were almost unchanged. Exports to China, however, dropped. Meantime, imports were flat at EUR 5.2 billion, as an increase in purchases of oil refinery & crude oil and aircraft was offset by a decline in imports of metals, ores and pharmaceuticals. Imports from the EU rose 3 percent, despite a decrease in purchases from Germany and the Netherlands, while those from non-EU countries fell 4 percent. Balance of Trade in Finland averaged 213.30 EUR Million from 1975 until 2019, reaching an all time high of 1750 EUR Million in November of 2002 and a record low of -795 EUR Million in December of 2012.
Balance of Trade in Finland is expected to be -200.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Finland to stand at -270.00 in 12 months time. In the long-term, the Finland Balance of Trade is projected to trend around -380.00 EUR Million in 2020, according to our econometric models.