Year over year, the total value of Finnish exports accelerated by 26% from $68.2 billion for 2020.
Based on the average exchange rate for 2021, Finland uses the euro which appreciated by 5% against the US dollar since 2017 and strengthened by 3.9% from 2020 to 2021. The stronger European Union currency in 2021 made Finland’s imports paid for in weaker US dollars in 2021 relatively less expensive than in 2020 when converted starting from euros.
Finland’s 5 biggest imported products by value in 2021 were crude petroleum oil, cars, refined petroleum oils, automobile parts or accessories, and electrical energy. Collectively, that quintet of leading imports represents 17.8% of total Finnish spending on imported goods during 2021.
Main Countries Selling Products Imported by Finland
The latest available country-specific data shows that 70.4% of products imported by Finland were furnished by exporters in: Germany (14.5% of the global total), Russia (11.7%), Sweden (11.5%), mainland China (9%), Netherlands (4.5%), United States of America (3.18%), Estonia (3.15%), Poland (3%), Italy (2.8%), France (2.43%), Denmark (2.36%) and Norway (2.28%).
Applying a continental lens, about three-quarters (75.4%) of Finland’s total imports by value in 2021 were purchased from fellow European countries. Trade partners in Asia fulfilled another 17.3% worth of imports purchased by Finland while 4.5% originated from North America.
Tinier percentages came from customers in Latin America (1.8%) excluding Mexico but including the Caribbean, Africa (0.6%) then Oceania (0.4%) led by Australia and New Zealand.
Given Finland’s population of 5.5 million people, its total $86 billion in 2021 imports translates to roughly $15,500 in yearly product demand from every person in the Nordic country.
Finland’s Top 10 Imports
The following product groups represent the highest dollar value in Finland’s import purchases during 2021. Also shown is the percentage share each product category represents in terms of overall imports into Finland.
- Mineral fuels including oil: US$11.4 billion (13.2% of total imports)
- Machinery including computers: $10.5 billion (12.2%)
- Electrical machinery, equipment: $8.5 billion (9.9%)
- Vehicles: $7.7 billion (8.9%)
- Ores, slag, ash: $3.5 billion (4%)
- Iron, steel: $3.4 billion (4%)
- Plastics, plastic articles: $3 billion (3.5%)
- Pharmaceuticals: $2.7 billion (3.1%)
- Articles of iron or steel: $2.4 billion (2.8%)
- Optical, technical, medical apparatus: $2.3 billion (2.7%)
Finland’s top 10 imports accounted for 64.2% of the overall value of its product purchases from other countries.
The fastest-growing import category from 2020 to 2021 was ores, slag and ash (up 63.9% from 2020). That leading product category was propelled by Finland’s higher international purchases of copper, iron and zinc ores or concentrates.
In second place were Finnish imports of mineral fuels-related goods (up 59.8%) notably both crude and refined petroleum oils, electrical energy, coal and petroleum gas.
The total cost of Finland’s imports of iron and steel expanded by 52.6% year over year.
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 the adjacent virtual folder tabs by product category.
Finland’s Main Imports of Mineral Fuels Including Oil
In 2021, Finnish importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Crude oil: US$4.3 billion (up 24.9% from 2020)
- Processed petroleum oils: $3.1 billion (up 51.2%)
- Electrical energy: $2 billion (up 186.5%)
- Coal, solid fuels made from coal: $338.4 million (up 49.3%)
- Petroleum gases: $242.3 million (up 137.6%)
- Petroleum oil residues: $112.8 million (up 162.7%)
- Coal tar oils (high temperature distillation): $80.5 million (up 61.8%)
- Asphalt/petroleum bitumen mixes: $11 million (down -71%)
- Petroleum jelly, mineral waxes: $4.5 million (up 20.8%)
- Peat: $1.4 million (down -3.9%)
Among these import subcategories, Finnish purchases of electrical energy (up 186.5%), petroleum oil residues (up 162.7%) then petroleum gases (up 137.6%) grew at the fastest pace from 2020 to 2021.
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 2021, Finnish importers spent the most on the following 10 subcategories of machines including computers.
- Computers, optical readers: US$1.7 billion (up 24.8% from 2020)
- Machinery parts: $659.1 million (up 19.5%)
- Taps, valves, similar appliances: $520 million (up 9.6%)
- Transmission shafts, gears, clutches: $514 million (up 58.3%)
- Miscellaneous engines, motors: $458.4 million (up 92.3%)
- Engines (diesel): $363.8 million (up 22.4%)
- Centrifuges, filters and purifiers: $362.8 million (up 18.8%)
- Refrigerators, freezers: $357.2 million (up 20.3%)
- Piston engines: $345.6 million (up 34.9%)
- Heavy machinery (bulldozers, excavators, road rollers): $345.3 million (up 19.8%)
Among these import subcategories, Finnish purchases of miscellaneous engines and motors (up 92.3%), transmission shafts, gears and clutches (up 58.3%) then piston engines (up 34.9%) grew at the fastest pace from 2020 to 2021.
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 2021, Finnish importers spent the most on the following 10 subcategories of electrical equipment including consumer electronics.
- Phone devices including smartphones: US$1.8 billion (up 9.7% from 2020)
- Integrated circuits/microassemblies: $801.4 million (up 106.8%)
- Electrical converters/power units: $676.6 million (up 25.5%)
- Insulated wire/cable: $633.2 million (up 20.7%)
- Electric storage batteries: $507.1 million (up 84.1%)
- TV receivers/monitors/projectors: $415.4 million (up 3.4%)
- Lower-voltage switches, fuses: $377.6 million (up 21.7%)
- Electrical/optical circuit boards, panels: $360.4 million (up 6.5%)
- Electric water heaters, hair dryers: $270.8 million (up 27%)
- Microphones/headphones/amplifiers: $205 million (down -1.3%)
Among these import subcategories, Finnish purchases of integrated circuits and microassemblies (up 106.8%), electric storage batteries (up 84.1%) then electric water heaters and hair dryers (up 27%) grew at the fastest pace from 2020 to 2021.
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 2021, Finnish importers spent the most on the following 10 subcategories of vehicles.
- Cars: US$3.8 billion (up 22.4% from 2020)
- Automobile parts/accessories: $2.1 billion (up 24.1%)
- Trucks: $864 million (up 9%)
- Trailers: $238.3 million (up 19.7%)
- Tractors: $209.4 million (up 21.1%)
- Motorcycles: $136.4 million (up 40.2%)
- Public-transport vehicles: $101.8 million (up 115%)
- Bicycles, other non-motorized cycles: $91.3 million (up 14.6%)
- Motorcycle parts/accessories: $62 million (up 44.3%)
- Special purpose vehicles: $54.7 million (up 25.7%)
Among these import subcategories, Finnish purchases of public-transport vehicles (up 115%), motorcycle parts or accessories (up 44.3%) then motorcycles (up 40.2%) grew at the fastest pace from 2020 to 2021.
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 June 13, 2022
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on June 13, 2022
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 13, 2022
International Trade Centre, Trade Map. Accessed on June 13, 2022
