That dollar amount results from a 13.2% increase from 5 years earlier in 2019 when Finnish exports were worth a total $72.8 billion.
From 2022 to 2023, the value of Finland’s exported products slowed by -4.4% starting from $86.2 billion.
Geographic Highlights for Buyers of Finland’s Exports
Finland’s trading partners are relatively concentrated. By value, the top 5 importers of products exported from Finland are the United States of America, Sweden, Germany, Netherlands and mainland China. Collectively, that leading quintet was responsible for 44.4% of the overall value of Finland’s exports during 2023.
Applying a continental lens, almost two-thirds (66.1%) of Finland’s exports by value was delivered to fellow European countries while 15.1% was sold to importers in Asia. Finland shipped another 13.4% worth of products to buyers in North America.
Finland is a member of the European Union. Finnish exports to fellow EU members amounted to 62.3% of Finland’s total export sales.
Smaller percentages went to importers in Africa (2.2%), Latin America (2%) excluding Mexico but including the Caribbean, then Oceania (1.2%) led by Australia and New Zealand.
Finland’s Top Trading Partners
Below is a list showcasing 25 of Finland’s top trading partners in terms of exports. That is, countries that imported the most Finnish shipments by dollar value during 2023. Also shown is each import country’s percentage of total Finnish exports.
- United States: US$9 billion (11% of Finland’s total exports)
- Sweden: $8.7 billion (10.5%)
- Germany: $8.6 billion (10.4%)
- Netherlands: $6.6 billion (8%)
- mainland China: $3.7 billion (4.5%)
- Estonia: $3 billion (3.6%)
- United Kingdom: $2.8 billion (3.4%)
- Poland: $2.8 billion (3.4%)
- France: $2.7 billion (3.3%)
- Belgium: $2.5 billion (3%)
- Norway: $2.4 billion (3%)
- Italy: $2.3 billion (2.8%)
- Switzerland: $1.6 billion (1.9%)
- Türkiye: $1.4 billion (1.6%)
- Spain: $1.30 billion (1.6%)
- Denmark: $1.29 billion (1.6%)
- Canada: $1.19 billion (1.4%)
- Japan: $1.16 billion (1.4%)
- India: $902.2 million (1.1%)
- Lithuania: $901.4 million (1.1%)
- Australia: $858.8 million (1%)
- Latvia: $858.5 million (1%)
- South Korea: $819.7 million (1%)
- Brazil: $719.3 million (0.9%)
- Russia: $712.7 million (0.9%)
By value, well over four-fifths (83.4%) of Finnish exports in 2023 was delivered to the above 25 trade partners.
Recording double-digit gains for buying products exported from Finland were Türkiye (up 13.8% from 2022), India (up 13.6%), United States of America (up 12.1%) then Canada (up 10.8%).
The severest declines year over year among the top customers for Finnish exports were recorded by customers in Russia (down -67.3% from 2022), Estonia (down -19.3%), Japan (down -18.7%), Brazil (down -18.1%) and Denmark (down -14.4%).
Countries Causing Worst Trade Deficits for Finland
Finland posted an overall -US$283.7 million trade deficit for 2023, shrinking by -97.5% from -$11.1 billion in red ink one year earlier.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Finland incurred the highest trade deficits with the following countries.
- Norway: -US$3.9 billion (country-specific trade deficit in 2023)
- mainland China: -$3.8 billion
- Germany: -$2.5 billion
- Taiwan: -$957.3 million
- Russia: -$773.1 million
- Sweden: -$691.4 million
- Denmark: -$596.4 million
- Czech Republic: -$594.9 million
- Ireland: -$381.1 million
- Vietnam: -$337.7 million
Among Finland’s trading partners that cause the greatest negative trade balances, Finnish deficits with Taiwan (up 40.3%), Denmark (up 36.6%) and Vietnam (up 36.4%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Finland’s competitive disadvantages particularly with the above countries, but also represent key opportunities for Finland to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Biggest Trade Surpluses for Finland
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Finland incurred the highest trade surpluses with the following countries.
- United States: US$4.6 billion (country-specific trade surplus in 2023)
- Netherlands: $2.7 billion
- Switzerland: $803.9 million
- United Kingdom: $785.1 million
- Canada: $642.1 million
- France: $622.8 million
- Belgium: $563.6 million
- Australia: $522 million
- Indonesia: $423.6 million
- Egypt: $351.8 million
Among Finland’s trading partners that generate the greatest positive trade balances, Finnish surpluses with Indonesia (up 791.4%), Canada (up 154.3%) and Netherlands (up 66.3%) grew at the fastest pace from 2022 to 2023.
In addition, Finland went from enduring a -$14.7 million deficit trading with South Korea in 2022 to garnering the trade surplus shown above.
These positive cashflow streams clearly indicate Finland’s competitive advantages with the above countries, but also represent key opportunities for Finland to develop country-specific strategies to optimize its overall position in international trade.
Finland’s Major Export Companies
Twelve Finnish corporations rank among Forbes Global 2000. Below is a sample of Finland’s major companies that Forbes included.
- Metso (miscellaneous industrial equipment)
- Neste Oil (oil, gas)
- Nokia (communications equipment)
- Outokumpu (iron, steel)
- Stora Enso (paper, paper products)
- UPM-Kymmene (paper, paper products)
- Wärtsilä (heavy equipment)
Wikipedia also lists companies from Finland engaged in international trade.
- Altia (alcoholic beverages)
- Fiskars (scissors, gardening tools, kitchenware)
- HKScan (meat products)
- Kemira Oyj (chemicals)
- Metsä Group (wood products, paper)
- Neste (refined petroleum)
See also Finland’s Top Imports, Finland’s Top 10 Exports, Germany’s Top Trading Partners, Russia’s Top Trading Partners and Sweden’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Middle East: Israel. Accessed on October 21, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 21, 2024
International Trade Centre, Trade Map. Accessed on October 21, 2024
Investopedia, Net Exports Definition. Accessed on October 21, 2024
Wikipedia, Gross domestic product. Accessed on October 21, 2024
Wikipedia, List of Companies of Finland. Accessed on October 21, 2024
Wikipedia, Finland. Accessed on October 21, 2024
Wikipedia, Purchasing power parity. Accessed on October 21, 2024