Finland’s exports have seen a significant change in recent years, as the United States has grown to become Finland’s single most important export country.
Last year, the United States became the number one destination for Finland’s goods exports for the first time, with the value of goods exports from Finland to the United States increasing by two percent. On the other hand, exports to neighboring country Sweden fell by nearly 14 percent. A year earlier, the value of goods exports to the United States jumped by as much as 75 percent.
In the export of both goods and services, the United States overtook Sweden as Finland’s largest trading partner as early as 2022. At that time, total exports to the United States increased by more than 42 percent.
Economists consider the change of recent years to be a significant but natural course of development. This is seen as an indicator of western orientation, with factors such as the loss of Russian trade and slowing down of Chinese trade contributing to this shift. The US economy has fared better than Europe, providing natural reasons for this trend.
Finland exports the most machinery, equipment and means of transport to the United States. At the end of last year, goods exports were tightened, for example, by the 1.9 billion euro cruise ship Icon of the Seas.
Although the importance of the United States has grown, Finland’s exports rely firmly on Europe, where two-thirds of all goods and services were exported last year.
The forest industry suffered the most, with the value of forest industry exports falling by an estimated 18 percent throughout the year to 12.2 billion euros.
Last year, the value of exports also fell sharply in the chemical industry. On the other hand, the Technology Industry, which imports about half of Finland’s exports of goods and services, fared clearly better than others last year.
