BOFIT Weekly Review 2015/23
Russia drops to sixth place among Finnish export markets
After falling for a couple years, Finland’s exports to Russia decreased by an additional third on-year in January-March to €700 million. In the first quarter, Russia’s share of Finland’s exports fell to just over 5 % of total exports. Russia now ranks sixth among destinations for Finnish exports. Exports to Russia declined in all categories of goods.
After hitting bottom in January, the fall in exports has slowed, due in part to the stronger ruble. Finland’s top exports categories, i.e. machinery and chemical products, remained at about the same level as in March 2014.
In January-March, the value of imports was €1.8 billion, down by nearly a quarter from a year earlier. The fall in imports largely reflected a decrease in import prices, as import volumes of e.g. crude oil and certain metals rose. Russia, which accounts for 13 % of Finland’s imports, is now Finland’s second most important import provider after Germany.
Russian tourism to Finland decreased in January-March. Compared to a year earlier, crossings of Russians along the eastern border were down by a quarter and overnight stays by Russians down by half.