Sharing land borders with Sweden to its northwest, Norway to its north and Russia to its east, the Republic of Finland shipped US$85.9 billion worth of products around the globe in 2022.

That dollar amount reflects a 14.1% advance from 2018 when Finnish exports totaled $75.3 billion.

Year over year, the value of Finland’s exported products rose 5.4% from $81.5 billion for 2021.

Based on the average exchange rate for 2022, Finland uses the euro depreciated by -12.1% against the US dollar since 2018 and weakened by -12.3% from 2021 to 2022. The weaker European Union currency in 2022 made Finland’s exports paid for in stronger US dollars relatively lesser expensive for international buyers.

Countries Spending the Most on Products Exported by Finland

From a continental perspective, over two-thirds (68.1%) of Finland’s exports by value was delivered to fellow European countries while 14.3% were sold to importers in Asia. Finland shipped another 11.6% worth of goods to North America.

Smaller percentages went to Latin America (2.6%) excluding Mexico but including the Caribbean, Africa (2.2%), then Oceania (1.2%) led by Australia and New Zealand.

From a continental perspective, 71.5% of Finland’s exports by value were delivered to fellow European countries while 14.6% were sold to importers in Asia. Finland shipped another 8.5% worth of goods to North America.

Smaller percentages went to Latin America (2.3%) excluding Mexico but including the Caribbean, Africa (2.1%) then Oceania (1.1%) led by Australia and New Zealand.

Given Finland’s population of 5.548 million people, its total $85.9 billion in 2022 exports translates to roughly $15,500 for every resident in the Northern European nation. That dollar metric greatly exceeds than the average $14,700 per capita one year earlier in 2021.

Finland’s Top 10 Exports

The following export product groups represent the highest dollar value in Finnish global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Finland.

1. Machinery including computers: US$10.3 billion (12.0% of total exports)
2. Mineral fuels including oil: $9.5 billion (11%)
3. Paper, paper items: $8.1 billion (9.5%)
4. Electrical machinery, equipment: $7.2 billion (8.4%)
5. Iron, steel: $6.8 billion (7.9%)
6. Vehicles: $5.1 billion (5.9%)
7. Wood: $4.3 billion (5%)
8. Optical, technical, medical apparatus: $3.6 billion (4.1%)
9. Plastics, plastic articles: $3.05 billion (3.6%)
10. Woodpulp: $3.01 billion (3.5%)

Finland’s top 10 exports accounted for 70.8% of the overall value of its global shipments.

Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 66.2% from 2021 to 2022.

In second place for improving export sales was electrical machinery and equipment, via a 15.7% gain.

Finland’s shipments of the metals iron and steel posted the third-fastest gain in value, up by 11.7%.

The leading decliner among Finland’s top 10 export categories

The only single-digit percentage increase among Finland’s top 10 export categories was vehicles, thanks to its -11.7% drop year over year.

At the more detailed four-digit Harmonized Tariff System code level, Finland’s most valuable exported products are refined petroleum oils (8.1% of the global total). In second place was coated paper (4.7%) trailed by Finnish exports of flat-rolled stainless steel items (4.3%), non-dissolving chemical woodpulp (3.3%), sawn wood (3.2%), cars (2.8%), pulp-making machinery (1.6%), electro-medical equipment (also 1.6%) like xrays machines, electrical converters and power units (up 1.5%), then uncoated Kraft paper (up 1.3%).

Products Generating Finland’s Biggest Trade Surpluses

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 represent 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, paper items: US$7.4 billion (Up by 2.4% since 2021)
2. Wood: $3.2 billion (Up by 0.3%)
3. Woodpulp: $2.8 billion (Down by -6.2%)
4. Iron, steel: $2.3 billion (Down by -12.3%)
5. Copper: $1.4 billion (Down by -9%)
6. Optical, technical, medical apparatus: $1.3 billion (Up by 11%)
7. Ships, boats: $1.2 billion (Down by -4.1%)
8. Gems, precious metals: $944.1 million (Down by -2.3%)
9. Zinc: $835.9 million (Up by 20.5%)
10. Fertilizers: $664.9 million (Up by 30.8%)

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

Products Causing Finland’s Worst Trade Deficits

Finland incurred an overall -$11.3 billion trade deficit for 2022, expanding by 137.5% from -$4.8 billion in red ink one year earlier.

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. Mineral fuels including oil: -US$10.1 billion (Up by 77.7% since 2021)
2. Vehicles: -$2.53 billion (Up by 28.1%)
3. Ores, slag, ash: -$2.44 billion (Down by -0.8%)
4. Electrical machinery, equipment: -$2.43 billion (Up by 5.3%)
5. Machinery including computers: -$1.6 billion (Up by 1470.8%)
6. Articles of iron or steel: -$1.5 billion (Up by 33.3%)
7. Pharmaceuticals: -$1.4 billion (Down by -2.7%)
8. Animal/vegetable fats, oils, waxes: -$868.0 million (Up by 64.1%)
9. Furniture, bedding, lighting , signs, prefab buildings: -$744.9 million (Down by -12.5%)
10. Knit or crochet clothing, accessories: -$667.6 million (Up by 17.1%)

Finland has highly negative net exports and therefore deep international trade deficits under the mineral fuels-related products category, notably for crude oil, electrical energy and coal.

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 headquartered in Finland that engaged in international trade transactions.

• Altia (alcoholic beverages)
• Fiskars (scissors, gardening tools, kitchenware)
• HKScan (meat products)
• Kemira Oyj (chemicals)
• Metsä Group (wood products, paper)
• Neste (refined petroleum)

 

In macroeconomic terms, Finland’s total exported goods represent 26.4% of its overall Gross Domestic Product for 2022 ($325.4 billion valued in Purchasing Power Parity US dollars). That 26.4% for exports to overall GDP in PPP for 2022 compares to 27.3% for 2021. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Finland’s total economic performance, albeit based on a short timeframe.

Another key indicator of a country’s economic performance is its unemployment rate. Finland’s unemployment rate averaged 6.775% in 2022, down from an average 7.608% one year earlier in 2021 according to the International Monetary Fund.

Finland’s capital city is Helsinki.

See also Finland’s Top Imports, 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 Europe: Finland. Accessed on May 13, 2023

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 13, 2023

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 13, 2023

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 13, 2023

International Trade Centre, Trade Map. Accessed on May 13, 2023

Investopedia, Net Exports Definition. Accessed on May 13, 2023

Wikipedia, Gross domestic product. Accessed on May 13, 2023

Wikipedia, List of Companies of Finland. Accessed on May 13, 2023

Wikipedia, Finland. Accessed on May 13, 2023

Wikipedia, Purchasing power parity. Accessed on May 13, 2023