Finnish exports between January and May of this year declined by the largest percentage figure of any of the EU member-states.
The fall was some 37% from one year previously, whereas the average for the European Union as a whole was 23%, according to trade figures released by Eurostat on Monday.
For example in Germany the exports shortfall was 24% and in France 22%.
According toLauri Uotila, Chief Economist with Sampo Bank, the dramatic drop in Finland's exports is explained above all by the reductions in the forest industry and by the emphasis in the country's export industries on large investment goods, such as machinery and equipment.
Imports were also down sharply, by 35%, and the country's trade balance shrank from 1.7 billion euros in 1-5/2008 to just 0.6 billion.
Nevertheless, the balance remained in surplus, which is more than can be said for sixteen of the EU members.
Neighbouring Sweden had a decline of 32% in exports and imports alike.
