Finland’s Top 10 Exports

Finland's Top Import Partners

Helsinki, Finland

Exports from Finland amounted to US$59.7 billion in 2015, down by -24.3% since 2011 and down by -19.7% from 2014 to 2015. Finland’s top 10 exports accounted for 71% of the overall value of its global shipments.

Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Finland’s total Gross Domestic Product amounted to $229.3 billion in 2015.

Therefore, exports accounted for about 26% of total Finnish economic output.

From a continental perspective, $34.1 billion or 57.1% of Finnish exports by value were delivered to European Union trade partners while 15.5% were sold to Asian importers. Finland shipped another 8.2% worth of goods to North America. African countries bought 2.3% of Finnish exports, followed by 2.1% for Latin American (excluding Mexico) and Caribbean nations.

Given Finland’s population of 5.5 million people, its total $59.7 billion in 2015 exports translates to roughly $10,900 for every resident in that country.

Finland’s unemployment rate was 9.8% as of April 2016, according to Trading Economics.

Finland’s Top 10 Exports

Top 10

The following export product groups represent the highest dollar value in Finnish global shipments during 2015. Also shown is the percentage share each export category represents in terms of overall exports from Finland.

  1. Paper: US$7.5 billion (Down by -22.5% since 2011)
  2. Wood: $1.9 billion (Up by 19.7%)
  3. Iron and steel: $1.9 billion (Down by -9.3%)
  4. Woodpulp: $1.7 billion (Up by 11.9%)
  5. Medical, technical equipment: $936.8 million (Up by 55.2%)
  6. Machines, engines, pumps: $833.5 million (Down by -58.7%)
  7. Ships, boats: $771.1 million (Up by 95.8%)
  8. Copper: $744.1 million (Down by -15.1%)
  9. Zinc: $564.7 million (Down by -13.8%)
  10. Gems, precious metals, coins: $493 million (Up by 4.3%)

Ships and boats were the fastest-growing among the top 10 export categories, up 95.8% for the 5-year period starting in 2011.

In second place for improving export sales was the medical and technical equipment category which rose 55.2%.

Finland’s wood exports posted the third-fastest gain in value at 19.7%.

Machinery was the fastest-declining category down -58.7%. Exported paper fell -22.5% in value from 2011 to 2015, followed by Finnish copper exports -15.1% drop.

Advantages

The following types of Finnish product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports is the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

  1. Paper: US$7.5 billion (Down by -22.5% since 2011)
  2. Wood: $1.9 billion (Up by 19.7%)
  3. Iron and steel: $1.9 billion (Down by -9.3%)
  4. Woodpulp: $1.7 billion (Up by 11.9%)
  5. Medical, technical equipment: $936.8 million (Up by 55.2%)
  6. Machines, engines, pumps: $833.5 million (Down by -58.7%)
  7. Ships, boats: $771.1 million (Up by 95.8%)
  8. Copper: $744.1 million (Down by -15.1%)
  9. Zinc: $564.7 million (Down by -13.8%)
  10. Gems, precious metals, coins: $493 million (Up by 4.3%)

Finland has highly positive net exports in the international trade of pulp and paper. In turn, these cashflows indicate Finland’s strong competitive advantages under the paper product category.

Opportunities

Below are exports from Finland that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Finland’s goods trail Finnish importer spending on foreign products.

  1. Oil: -US$4.2 billion (Down by -60.4% since 2011)
  2. Ores, slag, ash: -$1.6 billion (Down by -39.8%)
  3. Vehicles: -$1.4 billion (Down by -53.8%)
  4. Pharmaceuticals: -$1.3 billion (Up by 71.3%)
  5. Electronic equipment: -$642.7 million (Down by -310.3%)
  6. Knit or crochet clothing: -$551.9 million (Down by -29.4%)
  7. Furniture, lighting, signs: -$536 million (Up by 17%)
  8. Clothing (not knit or crochet): -$511.2 million (Down by -38.3%)
  9. Fruits, nuts: -$445.7 million (Up by 1.6%)
  10. Food waste, animal fodder: -$327.4 million (Up by 22.4%)

Finland has highly negative net exports and therefore deep international trade deficits for crude oil.

Companies

Finnish Export Companies

Twelve Finnish corporations rank among Forbes Global 2000 for 2015. Below is a sample of Finland’s major companies that Forbes included:

  • Nokia (communications equipment)
  • UPM-Kymmene (paper, paper products)
  • Neste Oil (oil, gas)
  • Stora Enso (paper, paper products)
  • Wärtsilä (heavy equipment)
  • Metso (miscellaneous industrial equipment)
  • Outokumpu (iron, steel)

Wikipedia 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)


 
Finland’s capital city is Helsinki.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.

See also Finland’s Top Import Partners and Top EU Export Countries

Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 8, 2016

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on June 8, 2016

Trade Map, International Trade Centre. Accessed on June 8, 2016

Investopedia, Net Exports Definition. Accessed on June 8, 2016

Wikipedia, List of Companies of Finland. Accessed on June 8, 2016

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 8, 2016