In April, Finland paid more than EUR 500 million for Russian imports, according to preliminary data

Compared to the previous year, however, the value of imports rose by almost 3% as a result of exceptionally high energy prices.

Finland imported oil products from Russia in April for EUR 61 million, which is a drop of almost EUR 90 million compared to March. The value of crude oil imports fell from EUR 145 million to EUR 45 million, which is clearly a low total, given that the value of imports was still EUR 316 million in February.

The value of electricity and natural gas decreased clearly from the previous month to almost EUR 60 million and the value of natural gas to EUR 100 million. According to preliminary data, imports of electricity and natural gas were significantly higher than a year earlier, at 295 per cent in the former and 333 per cent in the latter.

Both imports came to a complete halt in May.

The share of natural gas in Finland’s energy sources is relatively small. Similarly, imports of electricity can be easily replaced by increasing domestic production and imports from the rest of the world, according to Fingrid.

High energy prices were also reflected in the value of coal imports, which in April 2022 was 290 percent higher than in April 2021. Overall, the value of imports fell in 14 of the 21 import categories over a 12-month period.

Olli-Pekka PenttiläDirector of Statistics, said Russian imports almost halved in March-April. Imports continued to decline last month – “for example, no crude oil was imported from Russia in May”.

In April, Finland’s exports to Russia fell by 58 per cent year-on-year to almost EUR 145 million. Exports contracted by product category, with the exception of copper stones, which grew by 16 per cent from the previous year.

Aleksi Teivainen – HT

Source: The Nordic Page