That dollar amount results from a 20.9% gain from 2017 when Finnish exports totaled $67.3 billion and inflated by 24% from $65.6 billion for 2020.
Top 5 International 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 Russia. Collectively, that leading quintet was responsible for 41.6% of the overall value of Finland’s exports during 2021.
Applying a continental lens, 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 from Finland to Latin America (2.3%) excluding Mexico but including the Caribbean, Africa (2.1%) then Oceania (1.1%) 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 2021. Also shown is each import country’s percentage of total Finnish exports.
- Germany: US$10.8 billion (13.2% of Finland’s total exports)
- Sweden: $8.3 billion (10.2%)
- United States: $5.4 billion (6.6%)
- Netherlands: $5 billion (6.1%)
- Russia: $4.4 billion (5.4%)
- China: $4.2 billion (5.2%)
- Italy: $3.4 billion (4.2%)
- United Kingdom: $3 billion (3.6%)
- Estonia: $2.8 billion (3.5%)
- Belgium: $2.55 billion (3.1%)
- France: $2.43 billion (3%)
- Poland: $2.35 billion (2.9%)
- Norway: $2 billion (2.5%)
- Denmark: $1.44 billion (1.8%)
- Japan: $1.43 billion (1.8%)
- Switzerland: $1.42 billion (1.7%)
- Spain: $1.2 billion (1.5%)
- Turkey: $1.1 billion (1.4%)
- Canada: $943.1 million (1.2%)
- Lithuania: $924.1 million (1.1%)
- Ireland: $830.1 million (1%)
- Australia: $805.6 million (1%)
- South Korea: $792.7 million (1%)
- Latvia: $772 million (0.9%)
- India: $636.6 million (0.8%)
By value, well over four-fifths (84.8%) of Finnish exports in 2021 were delivered to the above 25 trade partners.
The fastest-growing countries for buying products exported from Finland were Switzerland (up 186% from 2020), Ireland (up 155%), Italy (up 114.4%), Canada (up 56.2%) then Lithuania (up 44.9%).
The lone decrease year over year among the top importers for Finnish exports was the flatlining -0.6% downtick posted by the United States of America.
Countries Causing Worst Trade Deficits for Finland
Overall, Finland incurred a -$4.7 billion trade deficit for 2021, up by 75.5% from -$2.7 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.
- Russia: -US$5.7 billion (country-specific trade deficit in 2021)
- China: -$3.5 billion
- Germany: -$1.7 billion
- Sweden: -$1.6 billion
- Czech Republic: -$683.2 million
- Spain: -$639.8 million
- Denmark: -$587.2 million
- Malaysia: -$420.4 million
- Vietnam: -$380.5 million
- Portugal: -$329.5 million
The greatest percentage increases in Finland’s trade deficits from 2020 to 2021 were ignited by Sweden (up 145.6%), Malaysia (up 138.7%), Portugal (up 88.9%), Russia (up 74.7%), Spain (up 45.5%) then mainland China (up 29.7%).
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$2.7 billion (country-specific trade surplus in 2021)
- United Kingdom: $1.3 billion
- Netherlands: $1.13 billion
- Italy: $1.08 billion
- Belgium: $813.5 million
- Switzerland: $698.9 million
- Australia: $550.8 million
- Japan: $518.3 million
- Egypt: $427.9 million
- Latvia: $410.2 million
Among Finland’s trading partners that generate the greatest positive trade balances, Finnish surpluses with Japan (up 148.4%), United Kingdom (up 104.2%) and Belgium (up 73.9%) grew at the fastest percentage pace from 2020 to 2021.
In addition, Finland transitioned from a -$351.6 million deficit trading with Italy in 2020 and a -$154.5 million deficit trading with Switzerland to garnering the above-listed trade surpluses 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 June 13, 2022
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 13, 2022
International Trade Centre, Trade Map. Accessed on June 13, 2022
Investopedia, Net Exports Definition. Accessed on June 13, 2022
Wikipedia, Gross domestic product. Accessed on June 13, 2022
Wikipedia, List of Companies of Finland. Accessed on June 13, 2022
Wikipedia, Finland. Accessed on June 13, 2022
Wikipedia, Purchasing power parity. Accessed on June 13, 2022
