Finland2020 Economic Complexity : 1.47, Rank 11 of 127
2020 Product Exports | Imports: $67.5B | $66.5B, 42 of 226 | 44 of 226
2020 Per Capita Product Exports | Imports: $12.2k | $12k, 17 of 219 | 34 of 219
2017 Service Exports | Imports : $26.6B | $27B, 34 of 146 | 32 of 146
Overview In 2020, Finland was the number 42 economy in the world in terms of GDP (current US$), the number 42 in total exports, the number 44 in total imports, the number 16 economy in terms of GDP per capita (current US$) and the number 11 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Finland are Refined Petroleum ($3.95B), Kaolin Coated Paper ($3.73B), Cars ($3.05B), Large Flat-Rolled Stainless Steel ($2.29B), and Sulfate Chemical Woodpulp ($1.92B), exporting mostly to Germany ($8.77B), Sweden ($6.52B), United States ($6.17B), Netherlands ($4.36B), and China ($3.92B).
In 2020, Finland was the world's biggest exporter of Kaolin Coated Paper ($3.73B), Papermaking Machines ($981M), Precipitated Copper ($370M), and Vegetable Parchment ($332M)
Imports The top imports of Finland are Crude Petroleum ($3.56B), Cars ($2.98B), Refined Petroleum ($2.05B), Packaged Medicaments ($1.52B), and Motor vehicles; parts and accessories (8701 to 8705) ($1.46B), importing mostly from Germany ($11B), Sweden ($9.44B), Russia ($6.81B), China ($4.61B), and Netherlands ($4.29B).
In 2020, Finland was the world's biggest importer of Other Animal Fats ($131M) and Tall Oil ($93.5M)
Location Finland borders Norway, Russia, and Sweden by land and Estonia by sea.
The following section uses the most recent trade data from partners of Finland.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Refined Petroleum, $3.95B
Top Destination (2020): Germany, $11B
In 2020, Finland exported a total of $67.5B, making it the number 42 exporter in the world. During the last five reported years the exports of Finland have changed by $5.85B from $61.7B in 2015 to $67.5B in 2020.
The most recent exports are led by Refined Petroleum ($3.95B), Kaolin Coated Paper ($3.73B), Cars ($3.05B), Large Flat-Rolled Stainless Steel ($2.29B), and Sulfate Chemical Woodpulp ($1.92B). The most common destination for the exports of Finland are Germany ($8.77B), Sweden ($6.52B), United States ($6.17B), Netherlands ($4.36B), and China ($3.92B).
Fastest Growing Export Markets (2019 - 2020)
Finland Exports Services (2017): $26.6B
Finland Imports Services (2017): $27B
In 2017, Finland exported $26.6B worth of services. The top services exported by Finland in 2017 were Computer and information services ($7.92B), Miscellaneous business, professional, and technical services ($4.8B), Transportation ($4.22B), Royalties and license fees ($3.42B), and Travel ($2.98B).
The top services imported by Finland in 2017 were Miscellaneous business, professional, and technical services ($7.44B), Transportation ($5.94B), Travel ($5.58B), Computer and information services ($3.52B), and Construction services ($2.02B).
Finland has a high level of specialization in Precipitated Copper (75), Papermaking Machines (46.4), Raw Furskins (43.7), Vegetable Parchment (40.8), and Kaolin Coated Paper (39.2). Specialization is measured using RCA, an index that takes the ratio between Finland observed and expected exports in each product.
The highest complexity exports of Finland according to the product complexity index (PCI) are Cermets; articles thereof, including waste and scrap (2.08), Chemical elements doped for use in electronics, in the form of discs, wafers or similar forms; chemical compounds doped for use in electronics (2.01), Machinery and mechanical appliances; having individual functions, n.e.c. in this chapter (1.95), Electric (electrically heated gas) soldering, brazing, welding machines and apparatus, capable or not of cutting, electric machines and apparatus for hot spraying of metals or sintered carbides (1.78), and Instruments and apparatus; for physical or chemical analysis (e.g. polarimeters, spectrometers), for measuring or checking viscosity, porosity, etc, for measuring quantities of heat, sound or light (1.75). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Finland according to the relatedness index, are Zirconium (0.27), Antifreeze (0.27), Wood Pulp Lyes (0.26), Rock Wool (0.26), and Rye (0.26). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Finland is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Finland's economy has become relatively less complex, moving from the 7th to the 11th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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