Trade and economic cooperation between Ukraine and Finland
Trade and economic cooperation between Ukraine and Finland
01 July 2021 18:36
According to the results of 2021, Finland ranks 20thin terms of bilateral trade in goods between Ukraine and European countries with a share of 0.71% of the total.
According to the State Statistics Service of Ukraine in 2021, there is a positive dynamics of Ukrainian exports of goods and services. The total trade turnover between Ukraine and Finland increased by 37.2% and amounted to 492.4 mln. USD. The volume of export of goods increased by 103.2% compared to the 2020 and amounted to 110.8 mln USD. Imports of goods from Finland also increased by 22.8% and amounted to 306.06 mln. USD.
In January 2022 the total volume of trade in goods between Finland and Ukraine amounted 38.3 mln. USD: export - 13.7 mln. USD (increased by 281.9% compared to January 2021), import - 24.6 mln. USD (increased by 76.1% compared to January 2021). The negative balance for Ukraine was 10.8 mln. USD.
The keystone of Ukrainian exports to Finland in 2021 were ferrous metals (27.7%), natural and artificial fur (18%), nuclear reactors, boilers, machinery (16.8%), ferrous metal products (8.9%), furniture (3.9%).
In January 2022 the keystone of Ukrainian exports to Finland were natural and artificial fur (38,1%), ferrous metal (17,1%), ferrous metal products (10,3%), machinery, mechanical appliances, nuclear reactors, boilers; parts thereof (7,3%), oil seeds and oleaginous fruits (6,2%), furniture (4,4%), Wood and articles of wood (2,5%), electrical machinery and equipment and parts thereof (2,3%).
The keystone of Finnish import to Ukraine in 2021 were paper and cardboard (29.5%), mineral fuels, oil and articles (9.9%), nuclear reactors, boilers, machinery (9.5%), ferrous metals (8.5%), plastics, polymeric materials (7.2%), pharmaceuticals (5.7%), electrical machinery (4.8%).
In January 2022 the keystone of Finnish import to Ukraine were paper and cardboard (31%), electrical machinery and equipment and parts thereof (22,7%), ferrous metal (9,9%), mineral fuels, mineral oils and products of their distillation (6,4%), optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus (5,2%), plastics and articles thereof (5,1%).
According to the results of 2021, the volume of trade in services between Ukraine and Finland increased by 20.8% and amounted to 75.6 mln. USD.
Exports of services to Finland decreased by 27.8% compared to the 2020 and amounted to 36 mln. USD.
The main exports were telecommunications services and IT (34,5%), business services (25.2%), transport services (18.6%),
In contrast, the volume of imports of services from Finland increased by 11.1% compared to the 2020 and amounted to 39.5 mln. USD.
The base of Finnish imports were insurance services (40.5%), services related to financial activities (16%), telecommunications services and IT (24,8%).
In 2021 the volume of direct investments from Finland to the Ukrainian economy amounted to a total of 137.5 mln. USD. Of these: were equity instruments (90.4 mln. US), the debt instruments amounted to 47.1 mln. USD.
Investments were directed to such areas as wholesale and retail trade, repair of motor vehicles and motorcycles (37.1 mln. USD), activities in the field of administrative and support services (24.5 mln USD), industry (17.8 mln. USD), professional, scientific and technical activities (0.9 mln. USD), information and telecommunications (0.2 mln. USD).
No investments from Ukraine to Finland have been recorded.
Exporters and Investors Council (EIC) under the Ministry of Foreign Affairs of Ukraine was established in 2013 in order to safeguard national interests in Ukrainian export promotion and attraction of foreign investments to Ukraine.
EIC is a platform, which unites Ukrainian producers, exporters and leading business associations providing necessary support in promoting their goods and services abroad and entering new markets, as well as attracting foreign investors and companies to Ukraine effectively using diplomatic tools, resources and networks.
The Head of the Council is the Minister for Foreign Affairs of Ukraine.
The State Administration "Office for Attracting and Supporting Investments" has updated an information and analytical product UkraineInvest Guide https://ukraineinvest.gov.ua/guide/ , which contains the most up-to-date information on the recovery of the regions of Ukraine, as well as promising sectors for attracting investment in martial law conditions.
It contains information on Ukraine’s investment profile, financial incentives, business opportunities, as well as analytical data from various industries.
At the same time, HelpDesk - an online guide https://cutt.ly/MLUBbMQ - was launched to inform business about important issues related to conducting business in the conditions of martial law in Ukraine.
In December of 2020, the Parliament of Ukraine passed law 3760 “On State Support for Investment Projects with Significant Investments” and President of Ukraine Volodymtyr Zelensky signed it in February of 2021.
Ukraine is the right place to invest in NOW! Not yet on your shortlist? Still terra incognita for you? It’s time to put you in the picture. Take a look at the most competitive areas that have already reaped the benefits of doing business here. Keep your options open, though – check the full list, too https://ukraine.ua/invest-trade/.
The State Customs Service of Ukraine informs that from July 1, 2021, the provisions of paragraph 61 of Section XXI of the Customs Code of Ukraine on mandatory registration with the State Customs Service of Ukraine of non-residents who declare goods in Ukraine come into force.
According to part eight of Article 455 of the Customs Code of Ukraine, non-registration is a ground for refusal of customs clearance and passage across the customs border of Ukraine of goods, commercial vehicles.
According to the first part of Article 455 of the Customs Code of Ukraine, non-resident persons are subject to mandatory registration who are:
declarants of goods, commercial vehicles, in the cases provided for in paragraph 4 of part two of Article 265 of the Customs Code of Ukraine (foreign carriers moving goods, commercial vehicles, transit through the territory of Ukraine);
carriers of goods across the customs border of Ukraine and/or between customs offices in the territory of Ukraine or is a person responsible for such transportation (foreign carriers moving goods under customs control).
It is possible to register:
when entering or leaving Ukraine by filling out the application form directly at the checkpoint and providing a copy of the registration certificate of a non-resident issued by the competent authority of the country of registration;
by sending a completed application form by post to any customs office and providing a copy of the registration certificate issued by the competent authority of the country of registration;
submit directly to any customs office a completed application form and a copy of the registration certificate issued by the competent authority of the country of registration, or submit these documents through an authorized person acting on the basis of a power of attorney from a nonresident, or through a customs clearance agent acting on the basis of an agreement between a non-resident and a Ukrainian customs broker.
The application form can be filled in any language of official international communication. To speed up the processing of information, it is desirable to fill it in Ukrainian or English.