Finland’s trade with Russia has collapsed

The value of Finnish goods exports to Russia in September fell by 76 % y-o-y to just 80 million euros. It was the lowest value in exports to Russia in the history of monthly data published by Customs Finland that starts in 1996. Exports mainly consisted of machinery, equipment and related parts.

The value of Finnish goods imports from Russia in September contracted by 66 % y-o-y to 260 million euros. The biggest imports from Russia were nickel concentrates and petroleum products. The EU earlier banned e.g. imports of Russian timber and coal. Although the crude oil import ban entered into force at the start of this week, Finland did not import any Russian oil even in September. The ban on imports of Russian petroleum products enters into force in February 2023.

As of end-September, Russia only accounted for 1 % of Finland’s goods exports and 3 % of Finland’s goods imports. Russia’s share in Finland’s goods trade was last this low in the 1940s.

Russia’s share of Finland’s goods trade in September fell to levels not seen in eight decades

Sources: Finnish Customs, BOFIT.