Exports to Russia drop by 58% in April

The value of Finland’s exports of goods to Russia decreased 58 per cent in April 2022 in comparison to the corresponding period in 2021, according to the preliminary international trade in goods statistics published by Finnish Customs on Tuesday.

The value of exports amounted to 144.3 million euros. The value of Finland’s imports from Russia increased by three per cent in April to slightly over 0.5 billion euros.

In comparison to March 2022 the value of exports diminished by 22 per cent and the value of imports by 47 per cent.

When measured in euros, the most significant drop (-61.6 MEUR and -83 %) occurred in the CN category of machinery and mechanical appliances and parts thereof, on which the EU has placed the majority of export sanctions. In terms of percentage, a similar drop took place in the category of electrical equipment and parts thereof, also subject to a significant number of EU export sanctions.

Also in terms of percentage, the value of oil product exports decreased the most, by 95 per cent.

Exports declined in almost all other goods categories as well, apart from exports of copper mattes which increased by 16 per cent from 2021. The share of copper mattes in Finland’s exports to Russia was as high as 57 per cent in April.

The value of crude oil imports decreased by 62 per cent and the import quantity of by 68 per cent.

Compared to March 2022 crude oil imports from Russia dropped by 70 per cent. Import of crude oil has mainly been replaced with import from Norway.

Imports of wood from Russia decreased by 70 per cent in April when imports of raw wood from Russia finished in March. Imports of sawn timber (8.1 MEUR) and firewood (2.5 MEUR) has continued.

A notable increase in imports of nickel and nickel goods occurred in April. Their value increased by 53.2 million euros and 72 per cent in comparison with last year. The import quantity of nickel and nickel goods rose also significantly.

The highest increase occurred in the value of natural gas imports; 73.9 million euros and 333 per cent.

The price of natural gas has multiplied compared to last year. The value of electrical energy imports increased 43.1 million euros and 295 per cent in April. The value of oil product imports increased only 19 percent. The quantity of imports decreased by a third.

“In April, imports from Russia reduced almost by half compared to March. There was a significant drop in crude oil imports. Preliminary reports from our customs clearance systems indicate that, in May, also nickel mattes imports from Russia decreased and amounted to 42.9 million euros and imports of nickel mattes amounted to 126.9 million euros. In May, imports from Russia decreased further, for example no crude oil was imported from Russia in May,” said Olli-Pekka Penttilä, Director of Statistics.