Trade with Russia plummets in January
Decreased transport eases lorry queues
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Finnish exports in all directions experienced a sharp decline in January. The decline was especially severe in exports to Russia. The silver lining on the cloud of decreased trade was that queues of lorries at the Russian border eased as the volume of trade declined.
Finnish customs authorities reported that exports to Russia went down in January by about 50 per cent compared with January last year. The figures refer to the monetary value of exports, not the amount of goods as such.
The volume of lorry traffic also declined significantly, but not quite as much as the value of exports and imports. The number of trucks leaving Finland for Russia was 40 per cent lower in January than at the same time last year, and the number of lorries arriving in Finland had declined by 39 per cent.
In addition to reduced exports, the decline in overland transport to Russia was affected by the reduction in transit traffic, where goods imported into Russia from other countries pass through Finland.
The sharp decline in foreign trade specifically with Russia is largely the result of the sudden onset of economic difficulties in Finland’s eastern neighbour.
The situation emerged after last year’s sharp increase in Finnish-Russian trade, during which time Russia overtook Sweden and Germany as Finlnad's largest trading partner.
Exports to Russia have focussed in vehicles, electric devices, and industrial machinery.
In addition to Russia, exports have declined with Finland’s other major trading partners - Germany, Sweden, Britain, and The Netherlands, but the decline was not quite as dramatic as with Russia.
Exports to other EU countries declined by one third, and exports outside the EU went down by 40 per cent.
The EU is the dominant economic zone for Finnish exports today. Last year, it accounted for 56 per cent of Finnish exports, with Russia accounting for 12 per cent, and other European countries getting sic per cent. Seven per cent went to North America, and 13 per cent went to Asia.
Exports of electronic devices and paper declined by a third, and machinery and equipment declined by one quarter. The value of exports of petroleum products declined by half, and that of metals by a third. This was largely attributable to the lower prices of the commodities in question.
Helsingin Sanomat
