External trade in goods, indices of volume and price, Q1 2004

The growth in exports of food, beverages and tobacco is mainly due to higher exports of dairy products and eggs, up 7.5 per cent, and fish and preparations thereof, up 7.9 per cent. From the fourth quarter of 2003 seasonally adjusted figures increased as well. Compared with the increase of 0.6 per cent in the previous quarter this increase of 2.9 per cent is somewhat stronger.

The export volume index of traditional goods increased by 8.1 per cent from the first quarter of 2003 to the first quarter of 2004. Adjusted for seasonality the figures showed a more modest increase of 0.8 per cent compared with the previous quarter. This is somewhat weaker than in the last couple of quarters.

The index of import prices of traditional goods increased by 5.3 per cent from the first quarter of 2003 to the first quarter of 2004. The growth in prices of crude materials, up 22.9 per cent, compensated for the downward trend in fuels, down 16.6 per cent. Prices of wood and metalliferous ores also increased.

Higher imports

Compared with the corresponding quarter last year, the import volume of traditional goods increased by 7.2 per cent. The growth is mainly due to higher imports of manufactured goods such as office machines, telecommunications and road vehicles. Figures adjusted for seasonality showed an increase as well. The growth of 5.2 per cent is a strong increase compared with the development in the last couple of years.

Export prices up for crude materials

Export prices of traditional goods increased by 6.4 per cent from the first quarter of 2003. Manufactured goods such as medical and pharmaceutical products, paper, iron and steel and non-ferrous metals had the strongest increase, up 12.3 per cent.

Tables:

• Table 1 External trade in commodities excl. ships and oil platforms. Indices of price and volume. 1st quarter 2004