Monday 06.07.2020

Falling energy prices make Finnish manufacturing cheaper

Producer prices for manufactured export products fell 7.8% in April.

Falling energy prices make Finnish manufacturing cheaper

Producer prices for manufactured products went down by an average of 7% per cent from April 2019 to April 2020.

According to Statistics Finland's figures, the producer prices for manufactured products sold on the domestic market declined by 6.3%, while the producer prices of export products fell by 7.8%.

The drop in the producer prices for manufactured products was particularly attributable to fallen prices of oil products, pulp, paper, paperboard and cardboard, as well as electricity from April 2019.

The export price index fell by 7.8% and the import price index by 10.8% in the year. The basic price index for domestic supply went down by 6% per cent. The basic price index for domestic supply including taxes fell by 5.8%.

producer-price-manufacture-finland-April-2020-indexSource: Statistics Finland.

Decrease in export index

The decrease in the export price index was in particular affected by lower prices of oil products, pulp, paper, paperboard and cardboard compared to April last year. The fall in the import price index was, in turn, especially attributable to reductions in the prices of oil products and electricity.

From March to April, producer prices for manufactured goods fell by 1.4%. Producer prices were particularly depressed by the drop in the prices of oil products compared with the previous month.

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