Year over year, the total value of Finnish exports increased by 12.7% from $86.3 billion for 2021.
Based on the average exchange rate for 2022, Finland uses the euro which depreciated by -12.1% against the US dollar since 2018 and diluted by -12.3% from 2021 to 2022. The weaker European Union currency in 2022 made Finland’s imports paid for in stronger US dollars in 2022 relatively more expensive when converted starting from euros.
Main Countries Selling Products Imported by Finland
The latest available country-specific data shows that about three-quarters (74.7%) of products imported by Finland was furnished by exporters in: Sweden (16.8% of the global total), Germany (13.8%), Netherlands (7.7%), Russia (6.9%), Norway (6.6%), mainland China (4.9%), Estonia (3.8%), United States of America (3.1%), Poland (3%), Denmark (2.8%), Italy (2.67%) and Belgium (2.66%).
Applying a continental lens, 82.7% of Finland’s total imports by value in 2022 was purchased from fellow European countries. Trade partners in Asia fulfilled another 10.3% worth of imports purchased by Finland while 4.4% originated from North America.
Tinier percentages came from customers in Latin America (1.5%) excluding Mexico but including the Caribbean, Oceania (0.6%) led by Australia and Papua New Guinea, then Africa (0.5%).
Given Finland’s population of 5.5 million people, its total $97.2 billion in 2022 imports translates to roughly $17,500 in yearly product demand from every person in the Nordic country. That dollar metric exceeds the average $15,500 one year earlier in 2021.
Finland’s Top 10 Imports
The following product groups represent the highest dollar value in Finland’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Finland.
- Mineral fuels including oil: US$19.6 billion (20.1% of total imports)
- Machinery including computers: $11.8 billion (12.2%)
- Electrical machinery, equipment: $9.6 billion (9.9%)
- Vehicles: $7.6 billion (7.8%)
- Iron, steel: $4.5 billion (4.6%)
- Ores, slag, ash: $3.4 billion (3.5%)
- Plastics, plastic articles: $3.1 billion (3.2%)
- Articles of iron or steel: $2.8 billion (2.9%)
- Pharmaceuticals: $2.6 billion (2.7%)
- Optical, technical, medical apparatus: $2.2 billion (2.3%)
Finland’s top 10 imports generated more than two-thirds (69.2%) of the overall value of its product purchases from other countries.
The fastest-growing import category from 2021 to 2022 was related to mineral fuels including oil (up 72% from 2021). That leading product category was propelled by Finland’s higher international purchases of petroleum gas, coal, crude and refined petroleum oils, and electrical energy.
In second place were Finnish imports of the metals iron and steel (up 30.3%), ahead of imported items made from iron or steel (up 17.5%).
The total cost of Finland’s imports of electrical machinery and equipment expanded by 12.9% year over year.
The severest decline was the -3.6% drop for Finland’s imports of pharmaceuticals 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 below.
From the more detailed view of imported goods, Finland spent the most on imported crude oil (7.6% of total Finnish imports), processed petroleum oils (5.1%), cars (3.7%), electrical energy (3.2%), petroleum gases (2%), nickel (also 3%), automobile parts or accessories (1.8%), medical mixes in dosage (also 1.8%), phone devices including smartphones (1.6%), then computers including optical readers (also 1.6%).
Finland’s Main Imports of Mineral Fuels Including Oil
In 2022, Finnish importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Crude oil: US$7.4 billion (up 72% from 2021)
- Processed petroleum oils: $5 billion (up 61.2%)
- Electrical energy: $3.1 billion (up 53.7%)
- Petroleum gases: $2 billion (up 722%)
- Coal, solid fuels made from coal: $1.3 billion (up 278.6%)
- Petroleum oil residues: $168.7 million (up 49.6%)
- Coal tar oils (high temperature distillation): $85.3 million (up 5.7%)
- Asphalt/petroleum bitumen mixes: $14.5 million (up 30.5%)
- Natural bitumen, asphalt, shale: $4.8 million (up 1796.1%)
- Petroleum jelly, mineral waxes: $3.3 million (down -27.5%)
Among these import subcategories, Finnish purchases of natural bitumen, asphalt and shale (up 1,796%), petroleum gases (up 722%), then coal including solid fuels made from coal (up 278.6%) grew at the fastest pace from 2021 to 2022.
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 2022, Finnish importers spent the most on the following 10 subcategories of machines including computers.
- Computers, optical readers: US$1.5 billion (down -10.4% from 2021)
- Miscellaneous engines, motors: $752.1 million (up 56.9%)
- Machinery parts: $726.3 million (up 10%)
- Taps, valves, similar appliances: $545.2 million (up 4%)
- Transmission shafts, gears, clutches: $467.5 million (down -10%)
- Centrifuges, filters and purifiers: $362.1 million (down -1%)
- Air conditioners: $358.2 million (up 26.8%)
- Refrigerators, freezers: $351.2 million (down -3.7%)
- Heavy machinery (bulldozers, excavators, road rollers): $338.8 million (down -2%)
- Liquid pumps and elevators: $326.5 million (up 3.4%)
Among these import subcategories, Finnish purchases of miscellaneous engines and motors (up 56.9%), air conditioners (up 26.8%), then machinery parts (up 10%) grew at the fastest pace from 2021 to 2022.
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 2022, Finnish importers spent the most on the following 10 subcategories of electrical equipment including consumer electronics.
- Phone devices including smartphones: US$1.6 billion (down -12.5% from 2021)
- Integrated circuits/microassemblies: $1.1 billion (up 37.2%)
- Electrical converters/power units: $797.4 million (up 17.6%)
- Electric storage batteries: $785.1 million (up 54.6%)
- Insulated wire/cable: $625 million (down -1.2%)
- Electrical/optical circuit boards, panels: $408.5 million (up 12.2%)
- Lower-voltage switches, fuses: $400 million (up 6%)
- TV receivers/monitors/projectors: $370 million (down -11.5%)
- Electric motors, generators: $277.6 million (up 47.5%)
- Electric water heaters, hair dryers: $247.5 million (down -8.9%)
Among these import subcategories, Finnish purchases of electric storage batteries (up 54.6%), electric motors and generators (up 47.5%), then integrated circuits or microassemblies (up 37.2%) grew at the fastest pace from 2021 to 2022.
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 2022, Finnish importers spent the most on the following 10 subcategories of vehicles.
- Cars: US$3.5 billion (down -5.5% from 2021)
- Automobile parts/accessories: $1.7 billion (down -19.4%)
- Trucks: $828.2 million (down -4.7%)
- Trailers: $242.2 million (up 2.8%)
- Tractors: $204.4 million (down -2.6%)
- Motorcycles: $178.7 million (up 29.1%)
- Bicycles, other non-motorized cycles: $106.7 million (up 15.3%)
- Public-transport vehicles: $86.8 million (down -15.1%)
- Motorcycle parts/accessories: $72.3 million (up 17.1%)
- Special purpose vehicles: $71.4 million (up 29%)
Among these import subcategories, Finnish purchases of motorcycles (up 29.1%), special purpose vehicles (up 29%), then motorcycle parts or accessories (up 17.1%) grew at the fastest pace from 2021 to 2022.
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 May 16, 2023
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 16, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 16, 2023
International Trade Centre, Trade Map. Accessed on May 16, 2023
