Finland Times

 

Imports and exports of services. Source: International trade in goods and services 2016, Statistics Finland.

Exports of services continued declining in the second quarter of 2016, ending up at a lower level than in the corresponding quarter of 2015, according to Statistics Finland.

 

Services were exported to the value of EUR 5.2 billion, while service imports amounted to EUR 6.0 billion. Exports of services decreased by 3.5 per cent in the second quarter year-on-year, while imports contracted by 1.4 per cent, the data on international trade in goods and services show.

 

The combined imports of goods and services grew and exports fell by three per cent in the second quarter of 2016 compared with the corresponding period in 2015. The growth in total imports is explained by a five per cent increase in imports of goods in customs terms. Goods exports in customs terms decreased similarly as services, by four per cent. 

 

The considerable growth in merchanting and goods sent abroad for processing, however, helped restrict the drop in total exports of goods and services to the mentioned three per cent.

 

Exports of goods and services in balance of payment terms by area. Source: International trade in goods and services 2016, Statistics Finland.

The share of Europe increased in the total exports and imports of goods and services. In exports, the growth is explained by a two percentage point growth in the share of Europe outside the EU, which in turn is explained by increased exports to Sweden. 

 

The share of Russia continued to fall and its share in total exports declined by over one percentage point to only four per cent. The share of Russia in exports decreased in both goods and services. 

 

The share of Asia in total exports contracted by one percentage point as per the statistics.

 

In imports, the increased share of Europe is explained by the over one percentage point growth in the share of Europe outside the EU and the one percentage point growth in the share of the eurozone. 

 

The share or all other examined areas in total imports decreased at the expense of Europe.

 

The majority of the value of exports of services still comes from telecommunications, computer and information services. However, their exports decreased by over 14 per cent in the second quarter of 2016 compared with the corresponding period in 2015. Simultaneously, their share of service exports decreased by close on four percentage points. 

 

Exports of services by service item. Source: International trade in goods and services 2016, Statistics Finland.

The drop in the exports of services was, however, curbed by the growth in the value of exports of royalties and licence fees n.i.e. by one-third over the same period. Their share of service exports increased by close on three percentage points. 

 

Exports of business and management consulting services and transportation also increased, while construction and project deliveries decreased.

 

The share of construction and project deliveries also declined in service imports compared with the second quarter in 2015. Manufacturing services, in turn, increased their share. 

 

Among other business services, the imports of research and development services and business and management consulting services contracted, while the imports of technical, trade-related and other business services increased.