Date,
Time MSK

10.02.2016



Finnish-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Finnish-Russian bilateral trade volume decreased by 45% and reached 7.7 billion USD compared to 14 billion USD in the same period of 2014.


Finnish exports to Russia fell to 2.8 billion USD (by 46%) while imports fell to 4.9 billion USD (by 45%) (see Figure 1).



Figure 1. 2007-2015 Finnish -Russian bilateral trade turnover, billion USD. Source: ITC Trade Map.

Figure 1. 2007-2015 Finnish -Russian bilateral trade turnover, billion USD.png

* 2015 data includes January – October



Finnish exports to Russia


Finland primarily exports to Russia the following products (see Figure 2, Table 1):


▪ Machinery, nuclear reactors, boilers, etc (22%)

▪ Paper and paperboard, articles of pulp, paper and board (13%)

▪ Plastics and articles thereof (9%)

▪ Electrical, electronic equipment (9%)

▪ Pharmaceutical products (7%)

▪ Mineral fuels, oils, distillation products, etc (5%)

▪ Vehicles other than railway, tramway (3%)

▪ Optical, photo, technical, medical, etc apparatus (2%)

▪ Soaps, lubricants, waxes, candles, modelling pastes (2%)

▪ Articles of iron or steel (2%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (2%)

▪ Miscellaneous chemical products (2%)

▪ Rubber and articles thereof (1%)

▪ Furniture, lighting, signs, prefabricated buildings (1%)


In the first 10 months of 2015 the imports of Finnish made products in Russia experienced a significant fall. The imports of furniture, lighting, signs, prefabricated buildings fell by 56%; the imports of electrical, electronic equipment - by 49%.



Figure 2. Structure of Finnish Exports to Russia, January – October 2015. Source: ITC Trade Map.

Figure 2. Structure of Finnish Exports to Russia, January – October 2015.png



Table 1. Key products exported from Finland to Russia in January – October 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume, 10 months 2014, USD thousand

Volume, 10 months 2015, USD thousand

Change in 2015, %

Share in total product imports, %

Tariff applied by Russia to Finnish products

84

Machinery, nuclear reactors, boilers, etc

$1,088,175

$599,266

-45%

1.4

1.9

48

Paper and paperboard, articles of pulp, paper and board

$543,518

$347,465

-36%

13.7

9.3

39

Plastics and articles thereof

$343,834

$253,006

-26%

3.1

7.2

85

Electrical, electronic equipment

$495,259

$250,441

-49%

1.7

3.4

30

Pharmaceutical products

$283,136

$202,705

-28%

0.5

5.5

27

Mineral fuels, oils, distillation products, etc

$260,072

$136,586

-47%

6.7

2.8

87

Vehicles other than railway, tramway

$158,272

$86,003

-46%

0.6

12.6

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$124,595

$66,929

-46%

5.7

3.7

90

Optical, photo, technical, medical, etc apparatus

$101,445

$64,480

-36%

0.7

2.8

34

Soaps, lubricants, waxes, candles, modelling pastes

$107,195

$58,180

-46%

8.5

9.8

73

Articles of iron or steel

$92,634

$56,622

-39%

1.2

9.3

38

Miscellaneous chemical products

$71,037

$42,701

-40%

2

4.3

94

Furniture, lighting, signs, prefabricated buildings

$88,698

$38,637

-56%

1.7

11.9

40

Rubber and articles thereof

$64,721

$35,473

-45%

0.9

7.1



Russian exports to Finland


In the first 10 months of 2015 Russia has exported to Finland the following products (see Figure 3, Table 2):


▪ Mineral fuels, oils, distillation products, etc (75%)

▪ Wood and articles of wood, wood charcoal (7%)

▪ Organic chemicals (7%)

▪ Rubber and articles thereof (2%)

▪ Residues, wastes of food industry, animal fodder (1%)

▪ Aluminium and articles thereof (1%)

▪ Ores, slag and ash (1%)

▪ Iron and steel (1%)

▪ Machinery, nuclear reactors, boilers, etc (1%)

▪ Electrical, electronic equipment (1%)

▪ Fertilizers (0.6%)

▪ Copper and articles thereof (0.5%)

▪ Articles of iron or steel (0.3%)

▪ Miscellaneous articles of base metal (0.2%)


The first 10 months of 2015 showed a significant rise in Russian exports to Finland of miscellaneous articles of base metal (+71215%). At the same time the exports of mineral fuels, oils, distillation products, etc (-49%) showed a significant fall (see Table 2).



Figure 3. Structure of Russian Exports to Finland, January – October 2015. Source: ITC Trade Map.

Figure 3. Structure of Russian Exports to Finland, January – October 2015.png



Table 2. Key products exported from Russia to Finland in January – October 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume, 10 months 2014, USD thousand

Volume, 10 months 2015, USD thousand

Change in 2015, %

Share in total product imports, %

27

Mineral fuels, oils, distillation products, etc

$7,138,507

$3,652,546

-49%

54.5

29

Organic chemicals

$610,345

$347,367

-43%

47.9

44

Wood and articles of wood, wood charcoal

$470,815

$346,784

-26%

50.9

40

Rubber and articles thereof

$130,002

$101,173

-22%

17.8

76

Aluminium and articles thereof

$53,229

$58,401

10%

11.4

84

Machinery, nuclear reactors, boilers, etc

$58,709

$54,925

-6%

0.8

72

Iron and steel

$51,174

$41,761

-18%

2.1

26

Ores, slag and ash

$72,237

$39,440

-45%

3.9

23

Residues, wastes of food industry, animal fodder

$37,264

$39,362

6%

10.8

85

Electrical, electronic equipment

$39,856

$35,510

-11%

0.8

31

Fertilizers

$32,336

$30,271

-6%

45.9

74

Copper and articles thereof

$23,879

$24,823

4%

7.4

73

Articles of iron or steel

$11,192

$13,462

20%

1.1

83

Miscellaneous articles of base metal

$13

$9,271

71215%

0



Table 3. represents basic macroeconomic and foreign trade indicators for both countries.



Table 3. Macroeconomic Indicators for Russia and Finland. Source: IMF World Economic Outlook Database, April 2015


Macroeconomic Indicator

Russia

Finland

GDP in 2014, billion dollars

1,857.461

271.165

Estimated GDP in 2015, billion dollars

1,175.996

235.276

Inflation, average consumer prices, %

7.82

1.209

Volume of imported goods, billion dollars

282.6

76.8

Volume of exported goods, billion dollars

492.1

74.3

Unemployment rate, %

5.10

8.64

Population, millions

143.7

5.5


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