BOFIT Viikkokatsaus / BOFIT Weekly 2017/09

Newfigures from Finnish Customs show the value of Finland's goods exports to China rose by 5 % last year to €2.7 billion. Imports from China increased by 1 % to €4.1 billion. Finland's trade deficit with China shrank from 2015 to €1.4 billion.

China last year became Finland's sixth-largest export destination (5 % of total exports). Exports to Hong Kong last year were valued at €170 million, or 0.3 % of Finland's total exports. Exports to Taiwan were roughly of the same scale. China is Finland's fourth largest provider of imports (just over 7 % of Finnish imports).

Pulp represents a fifth of all Finnish exports to China, with pulp exports to China rising 13 % last year. The value and volume of exports of Finnish furs and pelts to China fell by half from their 2015 level. Furs and pelts represented 5 % of Finland's exports to China last year, down from 11 % in 2015. Nearly half of all Finnish fur exports went to China. Exports of machinery, equipment and devices increased by 8 %, representing 43 % of total value of Finnish exports to China. There were no changes in the structure of imports. Over half of Finland's imports from China were machinery, equipment and devices, and over 15 % clothing and footwear.

Statistics Finland figures for commercial lodging show that overnight stays of Chinese travellers in Finnish hotels & inns increased by 27 % last year, and for the first time exceeded the volume of overnight stays of Japanese travellers. Overall, overnight stays of foreign travellers grew by 5 %. Some 6 % of foreign visitors to Finland were from China.

Finland's top export destinations (share of total export value, %)

Source: Finnish Customs and BOFIT.