BOFIT Viikkokatsaus / BOFIT Weekly 2019/49

Finland’s goods exports with China contracted in January-September by about 1 % y-o-y. Finnish imports from China grew by 7 % in the same period. On a yearly basis, Finnish exports to China amounted to 3.5 billion euros and imports 4.9 billion euros. The trade deficit in recent months widened to around 1.4 billion euros. China accounted for 5.4 % of Finnish exports and 7.4 % of imports.

The bulk (44 %) of Finnish exports to China were basic commodities. Pulp alone was 25 %. Industrial machinery, a second important export product group, constituted nearly a third of goods exports. Exports of meat products has grown quickly, even if food was still just 2 % of exports.

During the first nine months of this year, 53 % of goods imports consisted of electronics and other machinery & equipment. The remainder was other manufactured goods. Clothing had a 10 % share.

The latest services trade data are from the second quarter of this year. The 12-month period ending in June showed Finnish services exports to China were 1.6 billion euros and imports 1.0 billion euros, and thereby slightly offsetting the goods trade deficit. Licencing fees were the top services export category last year (28 % share). Tourism accounted for 16 % of services exports. Finns purchased business services (56 % share) and transport services (24 %) from China.

Finland’s goods trade with China, 2001–2019

Source: Finnish customs.