Finnish companies trust in the strengthening of Russian trade

Russian exports and business of Finnish companies have picked up significantly in the last six months. According to the Russian Business Barometer published by the Finnish-Russian Chamber of Commerce FRCC also expectations for the near future have strengthened. Investments have been relaunched and trust in the growth of the Russian economy has been reinforced.

Exports to Russia increased for 37 percent of the barometer’s participants since last autumn. For 39 percent of the participants the export level remained unchanged. Companies within the trade sector profited and grew more then companies operating in other sectors. All company sizes made a profit, although the best profits were generated by medium-sized businesses. The biggest challenges were associated with
customs clearance, funding, economic instability and bureaucracy.  

Finnish companies’ business operations in Russia developed better than export. 42 percent of the participants indicated that their business had grown. For 39 percent the level had remained the same. The biggest growth, 68 percent took place in trade, compared to industry’s 25 percent and service sector’s 20 percent.  

Expectations for the growth of Russian exports and business have resumed to the level prior to the economic crisis in all major sectors. Trade shows most optimism. Growth prospects for the Russian economy are positive. When compared to a year ago, the expectations have risen considerably.  

The expectations for export growth during the next six months are strong. 68 percent of Finnish participants expect growth, and only 5 percent are afraid of contraction. Expectations for business growth in Russia are even stronger: 74 of participants expect growth and only 5 percent contraction.