Finnish-Russian trade continues to shrink

The value of Finland’s goods exports to Russia fell 11 % y-o-y in the first half of the year to €1.3 billion. The slide in exports slowed in the spring, but accelerated in recent months on lower sales of e.g. chemical and metal products. Figures also suggest that the decline in exports of machinery & equipment, food products and mineral fuels has hit bottom and stabilised in recent months. However, there were few signs of real recovery. Russia accounted for 5 % of Finland’s total goods exports.

The value of goods imports in the first half was €2.7 billion. Imports contracted 8 % y-o-y, but in recent months there has been a return to growth on higher world prices for commodities and increasing import volumes of many goods.

In addition, exports of tourist services to Russia continued to contract. In the first six months of the year, the number of Russian overnight stays in Finnish hotels and inns fell by about 20 % y-o-y. Border-crossings on the eastern border were also down 7 % in the same period.  

Finnish exports to Russia in select goods categories

Source: Finnish customs, BOFIT.