Finland flag Finland: Economic and Political Overview

Foreign trade figures of Finland

Foreign Trade in Figures

Finland is a highly industrialised country whose economy relies heavily on foreign trade, which represented 93% of its GDP in 2022 (World Bank – latest data available). In the same year, Finland mainly exported chemicals (21.4%), metal and metal products (19.8%), machinery and equipment (18.2%), and forestry products (16.9%); importing petroleum products (20.4%), electricity (13.4%), transport equipment (9.9%), and industrial machinery (9.2% - data Finnish Customs).

According to data by Comtrade, the main export partners were Germany (11.5%), Sweden (10.7%), the U.S. (9.4%) and the Netherlands (7.1%); while the country’s imports came chiefly from Sweden (12.5%), Germany (12.3%), China (9.1%), Norway (6.9%), and Russia (6.6%).

Finland's trade balance had traditionally been positive in the past, but its performance deteriorated in the last decade, alternating slightly positive results with negative ones. In 2022, the total export of goods (at USD 86 billion, +4.8% y-o-y) was below the total value of imports (USD 97.2 billion,+13.1% y-o-y); whereas exports of services stood at USD 34 billion (+1.7%) against almost USD 40.4 billion of import (with an annual double-digit increase of 11.8% - data by WTO). Overall, the country’s external balance was negative by 2.4% of GDP in 2022 (World Bank). According to the latest figures from Statistics Finland, in the first ten months of 2023 the total value of exports decreased by 7.1% and the value of imports by 17.9% year-on-year. In the same period, the aggregated deficit amounted to EUR 1.3 billion.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 73,71668,26886,01397,32982,345
Exports of Goods (million USD) 73,46866,22081,99686,06982,355
Imports of Services (million USD) 36,55832,84936,51641,13443,683
Exports of Services (million USD) 34,40530,00233,85234,77134,349

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 78.279.671.579.092.5
Trade Balance (million USD) 3332,5793,2262,707-385
Trade Balance (Including Service) (million USD) -3,43542038027-6,799
Imports of Goods and Services (Annual % Change) 5.72.4-6.26.07.5
Exports of Goods and Services (Annual % Change) 1.56.7-7.86.01.7
Imports of Goods and Services (in % of GDP) 39.739.735.739.547.6
Exports of Goods and Services (in % of GDP) 38.539.935.839.644.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -1.80.13.23.33.3
Volume of imports of goods and services (Annual % change) -7.42.23.23.33.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Finland is a member of the following international economic organisations: ICC, European Economic Area, WTO, European Union, G9, IMF, OECD, among others. For the full list of economic and other international organisations in which participates Finland click here. International organisation membership of Finland is also outlined here.
Free Trade Agreements
The up-to-date list of Free Trade Agreements signed by Finland can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
United States 11.0%
Sweden 10.5%
Germany 10.5%
Netherlands 8.0%
China 4.5%
See More Countries 55.6%
Main Suppliers
(% of Imports)
2023
Germany 13.4%
Sweden 11.3%
China 9.3%
Norway 7.7%
United States 5.4%
See More Countries 52.9%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

82.6 bn USD of products exported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 7.7%
Paper and paperboard, coated on one or both sides...Paper and paperboard, coated on one or both sides with kaolin "China clay" or other inorganic substances, with or without a binder, and with no other coating, whether or not surface-coloured, surface-decorated or printed, in rolls or in square or rectangular sheets, of any size (excl. all other coated papers and paperboards) 4.2%
Flat-rolled products of stainless steel, of a...Flat-rolled products of stainless steel, of a width of >= 600 mm, hot-rolled or cold-rolled "cold-reduced" 3.9%
Chemical wood pulp, soda or sulphate (excl....Chemical wood pulp, soda or sulphate (excl. dissolving grades) 3.4%
Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods 2.7%
See More Products 78.1%
83.1 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 7.7%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.9%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.2%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.1%
See More Products 78.7%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: October 2024