Finnish exports to China up in first half

BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/36

Foreign trade figures from Finnish Customs show that the value of Finnish goods exports to China in January-June was €1.3 billion. Goods exports rose 7 % from 1H14. The development of Finnish exports to China has been positive compared to last year, as in 1H14 exports fell 12 % y-o-y. In the first half, China’s share of Finnish total goods exports remained around 5 % as in earlier years.

Finland’s top exports to China were paper pulp, furs, as well as industrial machinery & equipment. Paper pulp has been Finland’s top export item to China for several years now. In the first half, pulp accounted for 19 % of Finland’s total exports to China and the value of paper pulp amounted to €244 million, an increase of 16 % y-o-y. The share of fur exports (€192 million, up 83 % y-o-y) in total exports rose to 15 % in the first half, up from 8 % last year. Exports of industrial machinery (10 % of total exports) climbed 24 % to €133 million.

Imports from China also grew 6 % y-o-y in the first half. The value of imports from China was €1.9 billion. Imports of phones (14 % of total imports) and other electrical devices (13 % of imports) increased about 6 %. Imports of computers (13 % of imports) and clothing (12 % of imports) fell 5 %. Despite higher export growth than import growth, Finland’s trade deficit with China increased in the first half to €557 million, up from €533 million in 1H14.

Based on overnight stays at Finnish inns and hotels reported to Statistics Finland in the first half, the number of Chinese tourists visiting Finland increased sharply from a year earlier. In 1H15, Chinese travellers recorded 70,403 overnight stays, an increase of 38 % from 1H14. The second largest increase was registered for French tourists (up 7 %). Chinese, however, represent only a tiny share of tourists visiting Finland, accounting for about 3 % foreign travellers.

Finnish goods trade with China, 3 month moving sum
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Source: Finnish Customs

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