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Finnish exports to Russia down more than 35 percent

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Staff writer ▼ | August 26, 2015
Finnish Customs reported that exports Finland to Russia went down 35 percent in the months up to May this year compared to 2014, with a shrinkage of exports in almost every sector.
Finland export
Finland   A shrinkage of exports in almost every sector
Customs official 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.

Traditionally Finland’s largest trading partner, Russia now ranks fifth among Finland’s most important export destinations. Germany has overtaken Russia to become the country’s biggest export market. So far this year, exports to Russia have accounted for just 5.5 percent of total Finnish exports.

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