HELSINKI — Finland's exports to? Russia fell by? 35 percent in? the first five months of? the year, due to? poor demand for? capital goods as well as the? weak ruble, Finnish customs said on? Tuesday.
Demand for? machinery and? equipment, Finland's main exports to? Russia, has declined significantly as Russian companies are squeezed by? Western sanctions, the? customs office said.
Exports of? machines, equipment and? transport goods fell 38 percent, and? the drop was even sharper in? food, where exports plummeted 78 percent following the? Kremlin's ban of? most Western food imports.
The? value of? Finnish exports to? Russia totaled slightly more than 1.2 billion euros, while Russian exports to? Finland declined 37 percent to? 2.5 billion euros, mostly reflecting a? drop in? the price of? oil.
Mirja Tiri, chief executive of? the Finnish-Russian Chamber of? Commerce, was doubtful the? situation would improve soon. "With Iran entering the? market again, the? price of? oil is unlikely to? rise and? thereby strengthen the? ruble," she said.
The? slowdown in? Russia has exacerbated problems in? the Finnish economy, which is expected to? shrink for? a fourth consecutive year in? 2015, reflecting a? decline in? key sectors such as paper manufacturing and? at major companies such as Nokia, whose former phone business is being downsized under the? ownership of? Microsoft.
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