Trading Partner Portal: Finland
Overview
Trade Overview
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 5.58 million people and a gross domestic product (GDP) of $300.19 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 Germany and Sweden. World Bank, CIA
U.S. – Finland Trade
The United States and Finland have a trade relationship that totaled approximately $10.27 billion in 2023. The United States exported $2.91 billion worth of goods to Finland in 2023. Oil and gas was the top export which made up $894 million of the total. The second largest export was chemicals which made up $419 million of the total. This was followed by computer and electronic products ($414 million), minerals and ores ($230 million), and transportation equipment ($220 million).
Imports from Finland to the U.S. totaled $7.31 billion in 2023. Chemicals made up $1.41 billion of the total, followed by non-electrical machinery ($1.25 billion), petroleum and coal products ($1.05 billion), paper ($1.03 billion), computer and electronic products ($613 million). U.S. Department of Commerce
Finland- California Trade
California is the third largest U.S. exporting state to Finland. In 2023, California exported $142 million of goods to Finland. Computer and electronic products account for $61 million of total exports from California to Finland. The other leading exports from California were chemicals ($16 million), electrical equipment, components and appliances ($16 million), non-electrical machinery ($16 million), and transportation equipment ($11 million).
In 2023, California imported a variety of goods with a total value of $203 million. California imported $57 million of non-electrical machinery. This was followed by computer and electronic products ($39 million), transportation equipment ($19 million), chemicals ($16 million), and primary metals manufactures ($13 million). U.S. Department of Commerce
FDI – Finland
The U.S. and Finland also have a strong economic relationship in foreign direct investment (FDI), with Finland being the second fastest growing source of FDI in the U.S. in 2022. In 2023, the U.S. had $5.5 billion invested in Finland and Finland had $10.1 billion invested in the U.S.
Finnish FDI into the U.S. supported 34,200 jobs and contributed to $53.7 billion in research and development. Finish FDI also contributed $2.2 billion to expanding U.S. exports. The top industry sectors for Finnish investment were software and IT services, industrial equipment, communications, plastics, electronic components, and chemicals. Select USA
Current News
2019 Nordic-U.S. M&A Study
Alston & Bird, April 8, 2020
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