Trade with Russia; down, down, down

Sanctions, ruble slide, uncertainties on legislations, colder political climate and maybe most important; worsen domestic economy due to a sharp drop in oil price. These are all factors likely to explain the dramatic fall in trade between Russia and the Scandinavian countries last year.

Norway’s export to Russia fall by 69,5 percent last year. All months are then counted, except December. From 5,2 billion Norwegian kroner for the first 11 months of 2014 to 1,57 billion in 2015, the drop is mainly due to Russia’s self-imposed ban on import of Norwegian seafood. Russia was Norway’s single most important country for export of salmon.

Russia, however, sold more goods to Norway last year than the year before; up 15 percent from 9,2 billions to 10,5 billions, the trade balance from Statistic Norway shows. Norway buys lots of metal from Russia.

For Finland, traditionally having Russia as an important trade-partner, export was down 30 percent over the first nine months of 2015, valued at €2,4 billions.  Import, of which energy (oil, gas and electricity) counts for 74 percent, was down 33 percent to €4,5 billion, Finnish Customs Statistics informs.

Sweden’s import from Russia was down 30 percent, from 46,9 billions Swedish kroner in 2014 to 32,7 billions in 2015. The figures published by Statistics Sweden are for the period January to October

Export to Russia is down 32 percent, from 18,5 billions in 2014 to 12,7 billions the same period last year. Sweden’s exports to Russia are in addition to Volvo and IKEA mainly machineries, communication equipment and chemicals. Like Finland, Sweden’s imports from Russia are first of all oil and other raw materials. 

Russia is now Sweden’s 14th most important export market, according to Statistics Sweden.

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