Finland imported US$82.7 billion worth of products from around the world in 2023, up by 12.2% compared to $73.7 billion five years earlier in 2019.

Year over year, the total value of Finnish exports fell by -15% starting from $97.4 billion for 2022.

Based on the average exchange rate for 2023, Finland uses the euro which depreciated by -3.5% against the US dollar but strengthened by 2.6% from 2022 to 2023. The weaker European Union currency after 2019 made Finland’s imports paid for in stronger US dollars in 2023 relatively more expensive when converted starting from euros.

Main Countries Selling Products Imported by Finland

The latest available country-specific data shows that 75% of products imported by Finland was furnished by exporters in: Sweden (16.9% of the Finnish total), Germany (14.9%), Netherlands (8.2%), Norway (7.6%), mainland China (4.2%), Estonia (3.8%), Belgium (3.7%), United States of America (3.6%), Denmark (3.4%), Poland (3.2%), Italy (3%) and France (2.4%).

Applying a continental lens, 82.8% of Finland’s total imports by value in 2023 was purchased from fellow European countries. Trade partners in Asia fulfilled another 10% worth of imports purchased by Finland while 4.6% originated from North America.

Finland joined the European Union on January 1, 1995. Finland’s imports from fellow EU member states represent 70.3% of total Finnish imports by value.

Tinier percentages came from customers in Latin America (1.6%) excluding Mexico but including the Caribbean, Oceania (0.5%) led by Australia and Papua New Guinea, then Africa (0.4%).

Given Finland’s population of 5.6 million people, its total $82.7 billion in 2023 imports translates to roughly $14,750 in yearly product demand from every person in the Nordic country. That dollar metric lags the average $17,500 one year earlier in 2022.

Finland’s Top 10 Imports

The following product groups represent the highest dollar value in Finland’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Finland.

1. Mineral fuels including oil: US$12.2 billion (14.7% of total imports)
2. Machinery including computers: $10.3 billion (12.5%)
3. Electrical machinery, equipment: $9.4 billion (11.4%)
4. Vehicles: $7.9 billion (9.6%)
5. Iron, steel: $3 billion (3.6%)
6. Ores, slag, ash: $2.7 billion (3.2%)
7. Plastics, plastic articles: $2.6 billion (3.2%)
8. Pharmaceuticals: $2.6 billion (3.1%)
9. Optical, technical, medical apparatus: $2.5 billion (3%)
10. Articles of iron or steel: $2.3 billion (2.8%)

Finland’s top 10 imports generated around two-thirds (67.1%) of the overall value of its product purchases from other countries.

The fastest-growing import category from 2022 to 2023 vehicles (up 6.9% from 2022).

In second place were Finnish imports of optical, technical and medical apparatus (up 2.4%), ahead of imported pharmaceuticals (up 0.1%).

The severest declines were for Finland’s imports of mineral fuels including oil (down -37.1% from 2022) and the metals iron and steel (down -29.8%).

Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more detailed view of imported goods at the four-digit HTS code level, see below.

From the more detailed view of imported goods, Finland spent the most on imported crude oil (7.7% of total Finnish imports), cars (5.4%), processed petroleum oils (4%), medical mixes in dosage (2.2%), phone devices including smartphones (2%), computers including optical readers (1.8%), automobile parts or accessories (1.6%), nickel (1.5%), electronic integrated circuits or microassemblies (also 1.5%), and petroleum gases (1.4%).

Finland’s Main Imports of Mineral Fuels Including Oil

In 2023, Finnish importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Crude oil: US$6.4 billion (down -12.9% from 2022)
2. Processed petroleum oils: $3.3 billion (down -33%)
3. Petroleum gases: $1.2 billion (up 106.7%)
4. Electrical energy: $592.1 million (down -81.3%)
5. Coal, solid fuels made from coal: $452.2 million (down -66.2%)
6. Petroleum oil residues: $122.9 million (down -28.8%)
7. Coal tar oils (high temperature distillation): $43.3 million (down -49.3%)
8. Asphalt/petroleum bitumen mixes: $20.7 million (up 37.9%)
9. Petroleum jelly, mineral waxes: $4.2 million (up 27.1%)
10. Peat: $607,000 (down -66.4%)

Among these import subcategories, Finnish purchases of petroleum gases (up 106.7%), asphalt or petroleum bitumen mixes (up 37.9%) then petroleum jelly and mineral waxes (up 27.1%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Finnish businesses and consumers.

Finland’s Main Imports of Machinery Including Computers

In 2023, Finnish importers spent the most on the following 10 subcategories of machines including computers.

1. Computers, optical readers: US$1.5 billion (down -9% from 2022)
2. Machinery parts: $700 million (down -8.6%)
3. Taps, valves, similar appliances: $544.3 million (down -5.3%)
4. Transmission shafts, gears, clutches: $531.9 million (up 11.4%)
5. Miscellaneous engines, motors: $497.1 million (down -41%)
6. Miscellaneous machinery: $434 million (up 25.5%)
7. Heavy machinery (bulldozers, excavators, road rollers): $353.8 million (up 3.2%)
8. Refrigerators, freezers: $341.4 million (down -9.4%)
9. Centrifuges, filters and purifiers: $339.3 million (down -15.1%)
10. Liquid pumps and elevators: $337.5 million (down -2.9%)

Among these import subcategories, Finnish purchases of miscellaneous machinery (up 25.5%), transmission shafts, gears and clutches (up 11.4%) then heavy machinery like bulldozers, excavators and road rollers (up 3.2%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Finnish businesses and consumers.

Finland’s Main Imports of Electrical Products

In 2023, Finnish importers spent the most on the following 10 subcategories of electrical equipment including consumer electronics.

1. Phone devices including smartphones: US$1.7 billion (up 1.9% from 2022)
2. Integrated circuits/microassemblies: $1.2 billion (up 4.3%)
3. Electric storage batteries: $930.9 million (up 17.2%)
4. Electrical converters/power units: $897.3 million (up 8.1%)
5. Insulated wire/cable: $548.2 million (down -15.6%)
6. Lower-voltage switches, fuses: $426.7 million (down -1%)
7. Electrical/optical circuit boards, panels: $403.4 million (down -4.8%)
8. TV receivers/monitors/projectors: $308.7 million (down -18.7%)
9. Electric motors, generators: $258.7 million (down -11%)
10. Electric motor parts: $241.7 million (up 7.8%)

Among these import subcategories, Finnish purchases of electric storage batteries (up 17.2%), electrical converters or power units (up 8.1%) then electric motor parts (up 7.8%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Finnish businesses and consumers.

Finland’s Main Imports of Vehicles & Related Products

In 2023, Finnish importers spent the most on the following 10 subcategories of vehicles.

1. Cars: US$4.5 billion (up 23.5% from 2022)
2. Automobile parts/accessories: $1.3 billion (down -25.5%)
3. Trucks: $987.3 million (up 15.5%)
4. Tractors: $265.3 million (up 31.6%)
5. Trailers: $255.8 million (down -11.6%)
6. Motorcycles: $215.9 million (up 1.2%)
7. Bicycles, other non-motorized cycles: $105.1 million (down -15.4%)
8. Motorcycle parts/accessories: $76.5 million (down -15.3%)
9. Public-transport vehicles: $73.1 million (down -26.9%)
10. Special purpose vehicles: $64.5 million (down -23.6%)

Among these import subcategories, Finnish purchases of tractors (up 31.6%), cars (up 23.5%) then trucks (up 15.5%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Finnish businesses and consumers.
 

See also Finland’s Top 10 Exports, Finland’s Top Trading Partners, Germany’s Top Trading Partners, Russia’s Top Trading Partners and Sweden’s Top Trading Partners

Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 18, 2024

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on May 18, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 18, 2024

International Trade Centre, Trade Map. Accessed on May 18, 2024