Finland: Exports fall but current account enters surplus in May
July 15, 2016
The current account posted a EUR 78 million surplus in May according to Statistics Finland, marking the highest reading in three months. May’s result was below the 174 million surplus recorded in the same month last year, but contrasted the EUR 370 million deficit recorded in April.
The trade balance registered a surplus of EUR 69 million in May, coming in above the EUR 49 million deficit recorded in April. On an annual basis, exports fell 6.5% in May, which followed the previous month’s sharper 10.7% contraction. Imports expanded at a faster pace from April’s 4.3% increase to a 4.8% rise in May. May’s increase in imports was the highest since March last year.
In the 12 months up to May, the accumulative current account balance recorded a EUR 1.2 billion surplus, which was slightly below the accumulated current account reading in April of a EUR 1.3 billion surplus.