About

Overview In 2023, Finland was the number 47 economy in the world in terms of GDP (current US$), the number 45 in total exports, the number 45 in total imports, the number 23 economy in terms of GDP per capita (current US$) and the number 13 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Finland are Refined Petroleum ($6.06B), Kaolin Coated Paper ($3.82B), Large Flat-Rolled Stainless Steel ($3.29B), Sulfate Chemical Woodpulp ($3.22B), and Passenger and Cargo Ships ($2.26B), exporting mostly to United States ($9.68B), Germany ($9.26B), Sweden ($8.13B), Netherlands ($5.51B), and China ($4.58B).

In 2023, Finland was the world's biggest exporter of Kaolin Coated Paper ($3.82B), Precipitated Copper ($422M), Raw Furskins ($349M), and Cobalt Oxides and Hydroxides ($163M)

Imports The top imports of Finland are Crude Petroleum ($6.31B), Cars ($4.37B), Refined Petroleum ($3.04B), Packaged Medicaments ($1.71B), and Broadcasting Equipment ($1.64B), importing mostly from Germany ($11.5B), Sweden ($9.41B), China ($7.51B), Norway ($6.38B), and Netherlands ($4.41B).

In 2023, Finland was the world's biggest importer of Tall Oil ($205M)

Location Finland borders Norway, Russia, and Sweden by land and Estonia by sea.

Latest Trends

Latest Trade

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Y-AXIS SCALE

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Refined Petroleum$6.06B
Top Destination (2023)United States$9.68B

In 2023, Finland exported a total of $84.3B, making it the number 45 exporter in the world. During the last five reported years the exports of Finland have changed by $5.09B from $79.2B in 2018 to $84.3B in 2023.

The most recent exports are led by Refined Petroleum ($6.06B), Kaolin Coated Paper ($3.82B), Large Flat-Rolled Stainless Steel ($3.29B), Sulfate Chemical Woodpulp ($3.22B), and Passenger and Cargo Ships ($2.26B). The most common destination for the exports of Finland are United States ($9.68B), Germany ($9.26B), Sweden ($8.13B), Netherlands ($5.51B), and China ($4.58B).

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Exports (2023)
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Destinations (2023)
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Market Growth

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Growth
Fastest Growing Export Markets (2022 - 2023)
Indonesia$295M (+ 76.7%)
Turkey$256M (+ 19.2%)
Latvia$180M (+ 19.6%)
Fastest Growing Import Markets (2022 - 2023)
Belgium$242M (+ 13.9%)
Singapore$209M (+ 63.7%)
Chinese Taipei$193M (+ 21.7%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Finland Exports Services (2020)$14.5B
Finland Imports Services (2020)$23.2B

In 2020, Finland exported $14.5B worth of services. The top services exported by Finland in 2020 were Miscellaneous business, professional, and technical services ($5.23B), Other royalties and license fees ($2.81B), Sea transport ($1.13B), Other transport ($977M), and Personal travel ($763M).

The top services imported by Finland in 2020 were Miscellaneous business, professional, and technical services ($9.55B), Sea transport ($3.04B), Other transport ($1.77B), Merchanting and other trade-related services ($1.52B), and Personal travel ($1.36B).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)1.46Rank 13 of 132
Economic Complexity (Technology)1.38Rank 4 of 96
Economic Complexity (Research)1.7Rank 16 of 140

Most Specialized Products by RCA Index

Finland has a high level of specialization in Raw Furskins (94.3), Precipitated Copper (93.6), Cobalt Oxides and Hydroxides (63.3), Papermaking Machines (44.1), and Kaolin Coated Paper (40.7). Specialization is measured using RCA, an index that takes the ratio between Finland observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Finland according to the relatedness index, were Harvesting Machinery (0.26), Orthopedic Appliances (0.26), Rock Wool (0.26), Railway Freight Cars (0.26), and Cars (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.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Finland. These are products that tend to be co-exported with the products that Finland exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Finland's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨7th to the 13th⁩ 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.

Explore Rankings

ECI (Trade) Ranking by Country

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