2023
Flag  
GDP
$3.57TCURRENT US$
Rnk 5 / 195
2013-2023
Flag
GDP GROWTH
92.1%CURRENT US$
Rnk 19 / 195
2023
Flag
 GDP
$296BCURRENT US$
Rnk 47 / 195
2013-2023
Flag
GDP GROWTH
9.35%CURRENT US$
Rnk 158 / 195
2023
Flag
GDP PC 
$2,481CURRENT US$
Rnk 148 / 195
2013-2023
Flag
GDP PC GROWTH
73.1%CURRENT US$
Rnk 22 / 195
2023
Flag
GDP PC
$52,926CURRENT US$
Rnk 23 / 196
2013-2023
Flag
GDP PC GROWTH
6.51%CURRENT US$
Rnk 144 / 195

About

India-Finland Trade: In 2023, India exported $778M to Finland. The main products that India exported to Finland were Electric Motor Parts ($121M), Other Engines ($102M), and Packaged Medicaments ($69.6M). Over the past 5 years the exports of India to Finland have increased at an annualized rate of 12.9%, from $425M in 2018 to $778M in 2023.

In 2023, India did not export any services to Finland.

Finland-India Trade: In 2023, Finland exported $994M to India. The main products that Finland exported to India were Integrated Circuits ($127M), Other Sea Vessels ($96.5M), and Electrical Transformers ($43.5M). Over the past 5 years the exports of Finland to India have increased at an annualized rate of 1.38%,  from $928M in 2018 to $994M in 2023.

In 2020, Finland exported services to India worth $458M, with Computer and information services ($267M), Royalties and license fees ($120M), and Other business services ($51.4M) being the largest in terms of value.

Comparison: In 2023,  India ranked 39 in the Economic Complexity Index (ECI 0.65), and 12 in total exports ($441B). That same year, Finland ranked 13 in the Economic Complexity Index (ECI 1.46), and 45 in total exports ($84.3B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, India exported $778M to Finland. The main products exported from India to Finland were Electric Motor Parts ($121M), Other Engines ($102M), and Packaged Medicaments ($69.6M). During the last 5 years the exports of India to Finland have increased at an annualized rate of 12.9%, from $425M in 2018 to $778M in 2023.

In 2018, Finland exported $994M to India. The main products exported from Finland to India were Integrated Circuits ($127M), Other Sea Vessels ($96.5M), and Electrical Transformers ($43.5M). During the last 5 years the exports of Finland to India have increased at an annualized rate of 1.38%, from $928M in 2023 to $994M in 2018.

Exports from India (Flag) to Finland (Flag) (2023)

Exports from Finland (Flag) to India (Flag) (2023)

Market Competitiveness

Color
India
Top Destination
United States$85.5B
Finland
Top Destination
United States$9.68B

This map shows whether countries import more from India or Finland. Each country is colored based on the difference in imports they receive from India and Finland or the difference in the growth in imports.

In 2023, countries that imported more from India than Finland included United States ($85.5B), United Arab Emirates ($28.8B), and China ($18.1B).

In 2023, countries that imported more from Finland than India included Sweden ($8.13B), Estonia ($2.4B), and Norway ($2.38B).

Difference in imports from Finland (Flag) and India (Flag) (2023)

Comparative Advantage India - Finland

Flow
Scale

This chart compares trade between India and Finland by product, considering products traded by both, India and Finland.

During 2023, India had a large net trade with Finland in the exports of Machines ($361M), Chemical Products ($107M), and Textiles ($77.1M).

During 2018, Finland had a large net trade with India in the exports of Machines ($364M), Metals ($148M), and Transportation ($131M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential India Finland+$66.6MRefined Petroleum
Top Product Potential Finland India+$27.3MIntegrated Circuits

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2020, Finland exported services to India worth $458M, with Computer and information services ($267M), Royalties and license fees ($120M), and Other business services ($51.4M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Finland (Flag) to India (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of India and Finland. This means that a dot/product with the flag of India indicates it has a comparative advantage over Finland. Similarly, a dot/product with the flag of Finland indicates it has a comparative advantage over India.

Product Space of India (Flag) and Finland (Flag) (2023)

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