Finland’s imports of Russian goods saw a sixfold decrease in 2022, while Helsinki’s exports to Moscow halved during the same period, Finnish customs service (Tulli) reported on Thursday.
Russia’s share of imports to Finland declined from 15.8% to 2.6% in the 12 months through December, the data shows. The share of Finnish exports to the sanctioned country shrank in terms of value from 5.4% in January to 2.7% in December.
According to Finnish customs, trade between Finland and Russia has been decreasing since last March, with imports being quickly replaced by products from other countries.
As a result of EU sanctions on Russia, the entire logistics chain of Finland’s foreign trade has undergone significant structural changes in 2022. Nearly 95% of the country’s foreign trade is now transported by sea, while freight rail transportation and motor freight transportation through Russia have declined by 86% and 68%, respectively.
Last year became a game-changer for the country’s international trade, according to Olli-Pekka Penttila, Director of Statistics at Finnish Customs, who said Finland is now an island when it comes to foreign trade.
He added that the importance of shipping across the Baltic Sea for the country has grown, as sanctions have significantly reduced the volume of cargo traffic on the Russian border with Finland.
For more stories on economy & finance visit RT's business section