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Finland’s imports from Russia surges in March

HELSINKI (XINHUA) – Finland’s imports from Russia rose by 63 per cent in March, compared to the corresponding period in 2021, the Finnish Customs said on Friday.

The value of imports from Russia was EUR1 billion in March 2022 while the value of Finland’s exports to Russia amounted to EUR184.4 million, down 42 per cent year-on-year.

The surge in the import value is due to drastically increased import prices, explained the Finnish Customs in a press release.

Measured in euros, the most significant export drop occurred in the category of machinery and mechanical appliances and parts thereof because of export sanctions imposed by the European Union (EU) on Russia.

In terms of percentage, a similar drop occurred in the category of electrical equipment and parts thereof, also due to the EU’s export sanctions.

Regarding the imports from Russia, the value of crude oil imports dropped by 45 per cent, and the quantity of crude oil by 70 per cent.

As for other goods, the most rapid increase in imports involved nickel and nickel products and the second-highest increase occurred in the value of natural gas imports. The value of oil products imports ranked the third with a rise of 180 per cent.