According to recent data released by Statistics Finland, producer prices for manufactured products experienced a decrease of 0.3% on average from April 2022 to April 2023. While the producer prices of goods sold on the domestic market witnessed a 4.0% increase, prices for export products declined by 4.5%.
A line chart illustrating the development of the producer price index for manufactured products from January 2015 to April 2023 reveals notable trends. In comparison to 2015, producer prices for manufactured goods have risen by 37.3%, with prices for products sold on the domestic market increasing by 38.4% and export product prices growing by 36.6%.
Key findings from the data indicate that producer prices for manufactured products, on average, fell by 0.3% from April 2022 to April 2023. This decline can be attributed to decreases in the prices of oil products, iron and steel, and timber compared to the previous year’s April figures. However, the decrease in prices was offset to some extent by increases in the prices of food products, machinery and equipment, and electricity from the same period a year ago.
In terms of international trade, the export price index experienced a significant drop of 4.4% and the import price index declined by 3.6% over the course of one year. Meanwhile, the basic price index for domestic supply increased by 2.5%, and the basic price index for domestic supply including taxes rose by 2.2% during the same period.
Analyzing the product groups influencing these index changes, the decrease in producer prices for manufactured products can be primarily attributed to lower prices of oil products, iron and steel, and timber compared to April of the previous year. Conversely, the rise in prices of food products, machinery and equipment, and electricity served as a mitigating factor against the overall decrease.
The decline in the export price index was predominantly driven by reduced prices of iron and steel, chemicals and chemical products, and oil products compared to April of the previous year. On the other hand, the decrease in the import price index was primarily caused by lower prices of crude oil, basic metals, and natural gas.
Furthermore, from March to April, producer prices for manufactured products witnessed a decrease of 1.6%. This decline was largely influenced by lower prices of electricity, oil products, and paper and paper products compared to the previous month.
The fluctuations in producer prices for manufactured products highlight the dynamics within the market, influenced by various factors such as commodity prices, supply and demand, and global economic conditions. Understanding these trends provides valuable insights for businesses and policymakers, aiding in decision-making and economic planning.
The government and relevant stakeholders will continue to monitor the situation closely to ensure a stable and competitive manufacturing sector, supporting the growth and prosperity of Finland’s economy.