Import

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

Top Selling Countries For Finnish Imports

The latest country-specific data show that Finland's imports are mainly 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 United States (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 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%), liquefied petroleum gas (2%), nickel (3%), automotive parts or accessories (1.8%), doses of medical compounds (1.8%), and telephony equipment, including smartphones (1.6%),. Then computers including optical readers (1.6%).

Export

In 2022, Finland exported $85.9 billion worth of products to the world. This dollar amount represents a 5.4% year-on-year increase from 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 went to the rest of Europe, while 14.3% went 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.

From a continental perspective, 71.5% of Finland's exports went to the rest of Europe, while 14.6% went to Asian importers. Finland also exported 8.5% of its value to North America.

A smaller proportion went to Latin America (2.3%) (excluding Mexico but including the Caribbean), Africa (2.1%) and then Oceania (1.1%), with Australia and New Zealand leading the way.

Finland's Top 10 Exports

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

2. Mineral 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. 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 increased by 11.7%, ranking third.

The only single-digit percentage decline among Finland's top 10 export categories was automobiles, which fell by -11.7% year-on-year.

According to the more detailed four-digit HS codes, Finland's most valuable export product 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 (also up by 1.6%) such as X-ray machines, electrical converters and power supply units (up by 1.5%), then uncoated kraft paper (up 1.3 %).

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