External trade in goods, indices of volume and price, Q2 2008

Import prices of goods excluding ships and oil platforms increased by 1.2 per cent from the first to the second quarter. Particularly the prices of mineral fuels and lubricants contributed to raise import prices, with a 21.5 per cent increase. Prices in the metals industry also grew, and contributed to the general increase.

Compared with the same quarter in 2007, import prices increased with a moderate 0.2 per cent. Food is among the product groups with rising prices. The over all food prices increased by 0.9 per cent compared with the second quarter last year. Prices of cereals and cereal products had a particularly strong price growth, but also prices of fruit and vegetables increased. Import prices of fuels rose by 44.4 per cent in this period.

High oil price leads to ever higher export prices

Export prices of goods increased by 8.2 per cent from the first to the second quarter, mainly due to a higher oil price. Also prices of fish were higher in the second quarter. Compared with the second quarter in 2007, the increase in the overall export price index was 21.3 per cent.

Growth in import volume

The volume of goods imports, excluding ships and oil platforms, increased by 6.3 per cent from the first to the second quarter. The seasonally adjusted numbers, however, show a decrease of 2.1 per cent.

Lower exports

The export of goods was 3.7 per cent lower in the second quarter than in the first. The export volume of important goods such as oil, natural gas and fish fell. Compared with the second quarter in 2007 however, the export volume increased by 4.4 per cent. Exports of natural gas, fish, machinery and metals except iron and steel increased during this period, while exports of oil fell.

Seasonally adjusted numbers show a reduction in the export volume of 2.0 per cent from the first to the second quarter in 2008, and an increase of 1.3 per cent when comparing the second quarter of 2008 with the second quarter in 2007.