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 5.5 million people and a gross domestic product (GDP) of $251.9 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 $9 billion in 2018. The United States exported $1.872 billion worth of goods to Finland in 2018. Computer and electronic products was the top export which made up 26.6% and $498.8 million of the total. The second largest export was minerals and ores which made up 15% and $280 million of the total. This was followed by transportation equipment and chemicals. Imports from Finland to the US totaled $7.16 billion in 2018. Transportation equipment made up 25.1% of the total, followed by chemicals, non-electrical machinery, and paper. US Department of Commerce

The US and Finland also have a strong economic relationship in foreign direct investment (FDI). In 2017, the US had $3.3 billion invested in Finland and Finland had $6.5 billion invested in the US. Finnish FDI into the US supported 23,700 jobs and contributed to $119 million in research and development. Finish FDI also contributed $1.3 billion to expanding US exports. The top industry sectors for Finnish investment were: software and IT services, industrial machinery, textiles, communications, chemicals, and metals. Select USA

Finland- California Trade

California is the second largest US exporting state to Finland. In 2018, California exported $187 million of goods to Finland. Computer and electronic products account for 41% of total exports from California to Finland and had a value of $76.8 million. The other leading exports from California were transportation equipment, chemicals, and non-electrical machinery making up less 26.4%, 6.8&, and 5.1%, respectively. Additionally, California is one of the largest importing states of goods from Finland. In 2017, California imported a variety of goods with a total value of $697.5 million, up from $140 million in 2016 and $449.7 million in 2017, due to an increase in transportation equipment. California imported $545 million of transportation equipment making up 78.2% of the total. This was followed by $35.6 million or 5.1% in non-electrical machinery. California also imported approximately $32.9 million worth of  computer and electronic products and $24.3 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