Finnish goods exports to China surpass 2019 levels; services exports slower to recover

Statistics Finland reports that Finnish goods exports to China were valued at 1.66 billion euros and services exports at 660 million euros in the first half of the year. The value of goods exports was nearly 9 % higher than in the first half of 2019. Finnish Customs show that Finnish goods exports to China in July were down by about 7 % from two years previous. Both in terms of volume and value, high-grade wood pulp used in making cardboard in particular has become an extremely successful export, accounting for about a third of all Finnish exports to China this year. In contrast, Finnish services exports to China are well below pre-covid levels. Much of this is due to covid travel restrictions. In 2019, the number of Chinese visitors averaged 20,000 a month. This year an average of just 200 Chinese a month have visited Finland. China accounted for more that 5 % of Finland’s exports of goods and services.

In the first half of this year, Finland’s goods imports from China were worth 2.77 billion euros and services imports 520 million euros. Goods imports from China continued to rise rapidly last year despite Covid Recession. The value of imports in the first half of this year was over 20 % higher than at the same period in 2019. In addition, services imports have suffered relatively little from the covid pandemic. For the first half, 8 % more services were purchased than in two year ago. China accounts for about 7.5 % of Finland’s imports of goods and services.

Finland’s goods trade deficit with China has widened, while the services trade surplus has shrunk

Sources: Statistics Finland and BOFIT.