Finland Tradedata - Global Database | Tendata

tendata blogTrade Data

ten data blog20-11-2023

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Imports

In 2022, Finland imported $97.2 billion worth of products from all over the world, a 12.7% increase in value from $86.3 billion in 2021.



Top Selling Countries for Finnish Imports

The latest country-specific data show that the main share of Finland's imports is supplied by exporters from Sweden (16.8% of the global total), Germany (13.8%), the Netherlands (7.7%), Russia (6.9%), Norway (6.6%), Mainland China (4.9%), Estonia (3.8%), the USA (3.1%), Poland (3%), Denmark (2.8%), Italy (2.67%) and Belgium (2.66%).



Finland's Top 10 Imports

1. Mineral fuels including oil: $19.6 billion (20.1% of total imports)

2. Machinery including computers: $11.8 billion (12.2%)

3. Electrical machinery and equipment: $9.6 billion (9.9%)

4. Vehicles: $7.6 billion (7.8%)

5. Iron and steel: $4.5 billion (4.6%)

6. Ore, slag, ash: $3.4 billion (3.5%)

7. Plastics, plastic products: $3.1 billion (3.2%)

8. Iron and steel products: $2.8 billion (2.9%)

9. Pharmaceuticals: $2.6 billion (2.7%)

10. Optical, technical, medical equipment: $2.2 billion (2.3%)


Finland's top 10 imports account for more than two-thirds (69.2%) of the total value of products it purchases from other countries.


The fastest-growing import category from 2021 to 2022 relates to fossil fuels, including petroleum (up 72% from 2021). This leading product category is driven by Finland's increased international purchases of oil and gas, coal, crude and refined petroleum, and electricity. In second place, Finland's imports of iron and steel metals (up 30.3%) are ahead of imports of iron and steel products (up 17.5%). The total cost of Finnish electrical machinery and equipment imports increased by 12.9% year-on-year.


The worst decline was -3.6% year-on-year in Finnish pharmaceutical imports.


Looking at the more detailed four-digit HS codes, Finland spent the most on imported crude oil (7.6% of Finland's total imports), processed petroleum (5.1%), automobiles (3.7%), electricity (3.2%), LPG (2%), nickel (also 3%), automotive parts or accessories (1.8%), doses of medical mixtures (1.8%), telephony equipment including smartphones ( 1.6%), and then computers including optical readers (1.6%).




Exports

In 2022, Finland exported $85.9 billion worth of products to the world. The value of Finnish exports increased by 5.4% year-on-year compared to the 2021 figure of $81.5 billion.



Countries that spend the most on Finnish exports

From a continental perspective, more than two thirds (68.1%) of Finland's exports go to the rest of Europe, while 14.3% go to importers in Asia. Finland also exported 11.6% of the value of its goods to North America.


A smaller proportion went to Latin America (2.6%) (excluding Mexico but including the Caribbean), Africa (2.2%) and then Oceania (1.2%), led by Australia and New Zealand.



Finland's Top 10 Exports

1. Machinery including computers: $10.3 billion (12.0% of total exports)

2. Fossil fuels including oil: $9.5 billion (11%)

3. Paper, paper products: $8.1 billion (9.5%)

4. Electrical machinery, equipment: $7.2 billion (8.4%)

5. Iron and steel: $6.8 billion (7.9%)

6. Vehicles: $5.1 billion (5.9%)

7. Wood: $4.3 billion (5%)

8. Optical, technical, medical equipment: $3.6 billion (4.1%)

9. Plastics, plastic products: $3.05 billion (3.6%)

10. Wood pulp: $3.01 billion (3.5%)


Finland's top 10 exports accounted for 70.8% of its total global exports.


Fossil fuels, including oil, are the fastest growing of the top 10 export categories, growing by 66.2% from 2021 to 2022. The second highest improvement in export sales was in electrical machinery and equipment, which grew by 15.7%. Finland's iron and steel metal shipments ranked third in terms of growth, up 11.7%.



Finland's top 10 export categories with the biggest declines

The only Finnish top ten export category to show a single-digit percentage increase was automobiles, which fell by -11.7% year-on-year.


At the more detailed four-digit HS code level, Finland's most valuable export was refined petroleum (8.1% of the global total). In second place was coated paper (4.7%), followed by Finnish exports of flat-rolled stainless steel products (4.3%), non-dissolving chemical wood pulp (3.3%), sawn timber (3.2%), automobiles (2.8%), pulp-manufacturing machinery (1.6%), electro-medical equipment (1.6%) such as X-ray machines, electrical converters and power supply units (1.5%), and then uncoated kraft paper (1.3%).




Uncovering Foreign Trade Opportunities – Mainly Through Foreign Trade Data


Currently, the government has officially rolled out policies to support the development of the big data industry. In this era, customs data has become an indispensable part of the international trade ecosystem. The new approach to facilitating transactions in the Information Age involves constantly uncovering new business opportunities from customs data using big data analysis methods.


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Tendata's foreign trade big data can help foreign trade companies in identifying, marketing to, and managing customers, as well as fulfilling orders with a complete set of products and solutions. In the future, Tendata will continue to explore products to cater to more scenarios within the export industry.


In summary, Tendata is a big data company and a pioneer in the Chinese trade industry, helping foreign trade businesses in customer development, market analysis, trade facilitation, and data output.



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