Exports shrinking

In November 2008, the volume of goods exports was nearly 6 percent down on twelve months previously, the most substantial reduction in nearly seven years. The volume of goods imports increased by 2.5 percent, which is lower than the volume growth in the preceding three months. Volume figures have been corrected for the number of working days. November 2008 had two working days less than November 2007.

The value of exports was 28.9 billion euro, 11 percent down on November 2007. The value of imports decreased by 7 percent to 26.3 billion euro, resulting in a trade surplus of 2.6 billion euro, i.e. 1.6 billion euro down on November 2007.

Imports from EU countries decreased more rapidly than imports from non-EU countries. Exports to EU countries, on the other hand, decreased more slowly than exports to non-EU countries. The value of imports of mineral fuels was considerably down on one year previously. Exports of machinery, transport equipment and raw materials dropped significantly.

Import and export prices dropped by more than 4 percent and 0.5 percent respectively in November relative to November 2007, chiefly as a result of plummeting petroleum prices. In the preceding months, the price increase was already slowing down. Due to November’s price changes, the terms of trade in foreign goods improved noticeably compared to November 2007.

Goods exports (volume)