Trading Partner Portal: Finland

Overview

Trade Overview

Flags of USA, Finland, California

Finland is located in Northern Europe between Sweden and Russia. It has a coastline on the Baltic Sea, where the Capital, Helsinki, lies. Finland is industrialized and retains a high gross domestic product per capita, much like its neighbor, Sweden. Finland has a population of 5.46 million people and a gross domestic product (GDP) of $272.2 billion. As a high income country, it promotes a free-market economy and relies heavily on trade. In fact, in the most recent years, one third of Finland’s GDP has come from exports. The two largest trading partners of Finland are Sweden and Germany. World Bank, CIA

The United States and Finland have a trade relationship that totaled approximately $6 billion in 2016. The United States exported $1.5 billion worth of goods to Finland in 2016. Computer and electronic products were a key export, which accounted for 25.6% of total exports to Finland from the United States and had a value of $403 million. The second largest export from the US to Finland was transportation equipment which made up 9.9% and had a value of $156 million. The same year, the US imported nearly $4.6 billion worth of goods from Finland. 19.6% of those imports were chemicals, which had a total of $895 million. The second largest import from Finland was paper in 2016. Imported paper from Finland had a value of $831 million and composed 18.1% of total imports from Finland to the United States. US Department of Commerce

The US and Finland also have a strong economic relationship in foreign California Exports to Finlanddirect investment (FDI). In 2015, the US had $1.17 billion invested in Finland and Finland had $9.8 billion invested in the US. BEA

Finland- California Trade

California is the largest US exporting state to Finland. In 2016, California exported $226 million of goods to Finland. Computer and electronic products account for 64% of total exports from California to Finland and had a value of $144 million. The other leading exports from California were non-electrical machinery, transportation equipment and chemicals, each making up less than 10%. Additionally, California is the tenth largest importing state of goods from Finland. In 2016, California imported a variety of goods with a total value of $140 million. $34 million or 24.3% was computer and electronic products. California also imported approximately $32 million worth of non-electrical machinery and $14 million worth of primary metal. US Department of Commerce

Current News

US-Nordic Leaders’ Summit (05/13/2016)

President Obama hosted a summit with the leaders of Denmark, Finland, Iceland, Norway, and Sweden in Washington D.C. in May. The summit was to pursue discussions on multiple topics, including immigration, security, climate change, and economic and trade relations

Trade Agreements

Trade Agreements and Issues

Transatlantic Trade and Investment Partnership (TTIP)

Finland is one of the nations that is currently involved in negotiations for the Transatlantic Trade and Investment Partnership (TTIP) with the rest of the European Union and the United States. The United States and the European Union have a strong bilateral trade relationship totaling $698.7 billion in 2015. A free trade agreement, such as TTIP, desires to strengthen that relationship by eliminating tariffs, aligning compatible regulations to open trade, and furthering trade in the service sector.

Transatlantic Trade and Investment Partnership

USTR Transatlantic Trade and Investment Partnership