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Finnish exports to Russia down more than 35 percent

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Finnish Customs reported last week that exports to the eastern neighbour had fallen 35 percent in the months up to May this year compared to 2014, reflecting a shrinkage of exports in almost every sector.

Customs official said that Finnish imports from Russia had declined by 37 percent at the beginning of the year compared to 2014. Meanwhile exports fell by 35 percent.

Although traditionally Finland’s largest trading partner, Russia now ranks fifth among Finland’s most important export destinations. Germany has exceeded Russia to become the country’s biggest export market.

So far this year, exports to Russia have accounted for only 5.5 percent of total Finnish exports.

Finnish Customs noted that exports to Russia had been falling since the autumn of 2013. In October of that year, exports were valued at five billion euros, compared with 2.5 billion at the beginning of this year.

Finland currently has a trade deficit with Russia, one that has shrunk in recent years. In 2014 the deficit stood at four billion euros; so far this year, Finland has imported 1.3 billion euros more than it exported to Russia.