Import and export prices have fallen for more than a year in Finland, resulting in deflation in foreign trade, Finnish Customs said on Tuesday.

After peaking in June 2022, export prices decreased by 7.0% in September from a year earlier and import prices by 11.4%, Customs said.

Export prices have been dented especially by falling demand and prices for Finland's forestry products such as paper, pulp and timber, while overall export volumes have also fallen in recent years.

"The volume of Finnish exports is roughly at the level of 1999. This is one big reason for the slow growth of the Finnish economy," Statistics Director Olli-Pekka Penttila said in a release.

The fall in import prices was mainly due to declining energy prices.

(Reporting by Anne Kauranen; Editing by Kim Coghill)