BOFIT Viikkokatsaus / BOFIT Weekly 2022/09
Preliminary figures from Statistics Finland show that the value of Finland’s exports of goods and services to Russia last year amounted to 4.4 billion euros. Russia accounted for 5 % of Finland’s exports. Machinery, equipment & transport vehicles accounted for about a third of exports. Chemical products and metals were also major export goods. Services represented 11 % of exports last year. Tourism services, which traditionally accounted for the bulk of services exports, nearly vanished during the covid pandemic.
Last year, the value of imports of Finnish goods and services from Russia was about 8.5 billion euros. Russia accounted for 9 % of Finland’s total imports. Mineral products, mostly crude oil, account for 60 % of Finland’s imports from Russia. Russia has long been Finland’s top supplier of crude oil and natural gas. Other major import products included metals and chemical products. Services represented 6 % of imports.
In 2019, Finnish parent companies had a total of 295 subsidiaries in Russia. Their combined net sales amounted to 6.5 billion euros. In 2020, Russian parent firms had 20 subsidiaries in Finland with combined net sales of 3.2 billion euros. They employed roughly 740 people.
Finnish goods exports to Belarus last year were worth 80 million euros, and Belarus represented 0.1 % of Finnish exports. The value of goods imports was about 20 million euros. In 2019, Finnish parent companies controlled 15 subsidiaries in Belarus with combined net sales of 260 million euros.
Finnish goods exports to Ukraine last year were worth 215 million euros or 0.4 % of total Finnish exports. The value of goods imported from Ukraine was about 90 million euros. In 2019, Finnish parent firms had 39 Ukrainian subsidiaries with total net sales of about 200 million euros.
Russian share of Finland’s foreign trade (goods & services) has contracted over the past decade
Source: Statistics Finland.