That dollar amount results from a 14.1% gain from 2018 when Finnish exports totaled $75.3 billion and inflated by 5.4% from $81.5 billion for 2021.
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 Germany, Sweden, United States of America, Netherlands and mainland China. Collectively, that leading quintet was responsible for 43.3% of the overall value of Finland’s exports during 2022.
Applying a continental lens, more than two-thirds (68.1%) of Finland’s exports by value was delivered to fellow European countries while 14.3% was sold to importers in Asia. Finland sold another 11.6% worth of goods to North America.
Smaller percentages arrived in Latin America (2.6%) excluding Mexico but including the Caribbean, Africa (2.2%), and 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 2022. Also shown is each import country’s percentage of total Finnish exports.
- Germany: US$10 billion (11.6% of Finland’s total exports)
- Sweden: $9.2 billion (10.7%)
- United States: $8 billion (9.3%)
- Netherlands: $6.1 billion (7.1%)
- mainland China: $4 billion (4.7%)
- Estonia: $3.7 billion (4.3%)
- United Kingdom: $3 billion (3.5%)
- Belgium: $2.8 billion (3.2%)
- France: $2.64 billion (3.1%)
- Poland: $2.59 billion (3%)
- Italy: $2.55 billion (3%)
- Norway: $2.4 billion (2.8%)
- Russia: $2.2 billion (2.6%)
- Switzerland: $1.53 billion (1.8%)
- Denmark: $1.5 billion (1.8%)
- Japan: $1.4 billion (1.7%)
- Spain: $1.3 billion (1.5%)
- Türkiye: $1.2 billion (1.4%)
- Canada: $1.1 billion (1.2%)
- Lithuania: $1 billion (1.2%)
- South Korea: $907.5 million (1.1%)
- Brazil: $872.1 million (1%)
- Australia: $871.9 million (1%)
- Latvia: $853.4 million (1%)
- India: $792.7 million (0.9%)
By value, well over four-fifths (84.3%) of Finnish exports in 2022 was delivered to the above 25 trade partners.
The fastest-growing countries for buying products exported from Finland were the United States of America (up 47% from 2021), Brazil (up 45%), Estonia (up 30.1%), India (up 24.4%), Netherlands (up 22.8%), Norway (up 16.5%) then South Korea (up 14.3%).
The severest declines year over year among the top customers for Finnish exports were recorded by Russia (down -49% from 2021), Italy (down -26.4%) and Germany (down -7.1%).
Countries Causing Worst Trade Deficits for Finland
Finland posted an overall -$11.3 billion trade deficit for 2022, expanding by 137.5% from -$4.8 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.
- Sweden: -US$7.1 billion (country-specific trade deficit in 2022)
- Russia: -$4.5 billion
- Norway: -$4 billion
- Germany: -$3.4 billion
- Netherlands: -$1.4 billion
- Denmark: -$1.2 billion
- mainland China: -$727.1 million
- Austria: -$510 million
- Czech Republic: -$475.4 million
- Ireland: -$404.6 million
Among Finland’s trading partners that cause the greatest negative trade balances, Finnish deficits with Sweden (up 370.3%), Denmark (up 109.9%) and Germany (up 92.5%) grew at the fastest pace from 2021 to 2022.
In addition, Finland transitioned from earning trade surpluses to enduring the above-listed trade deficits with the Netherlands, Ireland and Norway.
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$4.9 billion (country-specific trade surplus in 2022)
- Switzerland: $1.06 billion
- Japan: $1.04 billion
- United Kingdom: $984.5 million
- France: $681.1 million
- Mexico: $471.7 million
- Egypt: $416.5 million
- South Korea: $413.1 million
- Argentina: $401.2 million
- Latvia: $396.6 million
Among Finland’s trading partners that generate the greatest positive trade balances, Finnish surpluses with Argentina (up 330.2%), Japan (up 103.5%) and France (up 97.4%) grew at the fastest pace from 2021 to 2022.
In addition, Finland went from enduring a -$14.7 million deficit trading with South Korea in 2021 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
Central Intelligence Agency, The World Factbook Middle East: Israel. Accessed on May 18, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 18, 2023
International Trade Centre, Trade Map. Accessed on May 18, 2023
Investopedia, Net Exports Definition. Accessed on May 18, 2023
Wikipedia, Gross domestic product. Accessed on May 18, 2023
Wikipedia, List of Companies of Finland. Accessed on May 18, 2023
Wikipedia, Finland. Accessed on May 18, 2023
Wikipedia, Purchasing power parity. Accessed on May 18, 2023