External trade in goods, indices of volume and price, Q3 2008

The fall in export volume from the second to the third quarter was mainly caused by lower exports of crude oil, natural gas, fish and chemical products. Compared with the third quarter of 2007, export volume decreased with a 2.4 per cent fall.

The import volume was reduced by 4.6 per cent from the second to the third quarter, while it was 6.9 per cent higher in the third quarter this year when compared to the third quarter of 2007.

Higher export prices, despite halt in oil prices

Export prices of merchandise, except ships and oil platforms increased by 1.9 per cent from the second to the third quarter this year.

Following a long period of rising prices, the increase in oil prices was only 0.2 per cent between these quarters. Also the increase in the price of natural gas was modest, with 0.1 per cent.

Compared with the third quarter of 2007, the over all merchandise export prices were 27.9 per cent higher in the third quarter this year, mostly due to the increase in oil and gas prices. Also chemical products contributed to raise export prices, with a price growth of 19.1 per cent from the third quarter of last year.

Import prices increased by 2.2 per cent from the previous quarter. Among the most important import goods with higher prices were metals and manufactures of metals. Import prices of machinery and transportation equipment did not change from the second to the third quarter. From the third quarter of 2007 to the third quarter this year, import prices over all increased by 4.9 per cent.