Finnish exports to Russia, Central Asia drop by 68.9% in 2 years

Finland decreased its exports to Russia and Central Asia by 68.9 per cent in two years, which was the third highest figure among the EU countries, according to Eurostat’s international trade statistics.

In 2021, the value of Finland’s goods exports to Russia and Central Asia amounted to 3.9 billion euros, whereas in 2022, the corresponding value was 2.5 billion euros.

In 2022, exports decreased by 37.2 per cent compared to the previous year. In 2023, the value of Finland’s goods exports to Russia and Central Asia amounted to 1.2 billion euros, a decrease by 50.5 per cent compared to 2022 and by 68.9 per cent compared to 2021.

The decrease in Finland’s exports to Russia and Central Asia was twice as large between 2023 and 2021 as the decrease in EU exports during the same period.

“Based on the international trade statistics, Finnish companies have decreased their exports to the east considerably more than EU companies on average. I want to take this opportunity to thank Finnish companies for acting responsibly,” analyses Olli-Pekka Penttilä, Director of Statistics.

Finland’s share of EU exports to Russia and Central Asia was 3.9 per cent in 2021, but only 1.9 per cent in 2023,

Based on the statistics, Finnish companies have decreased their exports to the east considerably more than EU companies on average.

In two years, EU exports to Russia fell by 50.9 billion euros, whereas EU exports to Central Asia grew by 14.0 billion euros during the same period. Central Asia has been deemed to include Kazakhstan, Kyrgyzstan, Georgia, Armenia, Turkmenistan and Uzbekistan.

Exports from the EU countries to Russia decreased by 57.0 per cent in two years, except for four EU countries that even increased their exports to both Russia and Central Asia. These countries were Slovenia, Bulgaria, Latvia and Croatia.

All exports across the Finnish border, regardless of where the companies are established, are recorded in the international trade statistics.

In 2021, two thirds of the companies exporting from Finland to Russia and Central Asia were Finnish companies and one third were non-Finnish operators.

In July–August 2023, the situation had changed and the share of non-Finnish operators was as high as 60 per cent. Exports by non-Finnish operators from Finland to the east were strongly linked to road transports from Finland across the eastern land border.

“Based on the statistical information and from the perspective of international trade, there is no need for exports by Finnish companies by road to the east for the time being,” said Olli-Pekka Penttilä.