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 5.5 million people and a gross domestic product (GDP) of $297.3 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
The United States and Finland have a trade relationship that totaled approximately $11.35 billion in 2022. The United States exported $2.65 billion worth of goods to Finland in 2022. Oil and gas was the top export which made up $662 million of the total. The second largest export was minerals and ores which made up $362 million of the total. This was followed by computer and electronic products and chemicals. Imports from Finland to the US totaled $8.7 billion in 2022. Transportation equipment made up $1.5 billion of the total, followed by chemicals at $1.4 billion, paper at $1.2 million, and non-electrical machinery at $1.09 billion. US Department of Commerce
The US and Finland also have a strong economic relationship in foreign direct investment (FDI). In 2021, the US had $6.4 billion invested in Finland and Finland had $27.4 billion invested in the US. Finnish FDI into the US supported 35,600 jobs and contributed to $47.9 billion in research and development. Finish FDI also contributed $1.7 billion to expanding US exports. The top industry sectors for Finnish investment were: software and IT services, industrial equipment, communications, chemicals, plastics, and electronic components. Select USA
Finland- California Trade
California is the second largest US exporting state to Finland. In 2022, California exported $126 million of goods to Finland. Computer and electronic products account for $58 million of total exports from California to Finland. The other leading exports from California were chemicals, non-electrical machinery, and processed foods. Additionally, California is one of the largest importing states of goods from Finland. In 2022, California imported a variety of goods with a total value of $630 million. California imported $418 million of transportation equipment. This was followed by $70 million in non-electrical machinery. California also imported approximately $52 million worth of computers and electronic products. US Department of Commerce
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