Declining sales of machines for paper industry and furs hurt Finnish exports to China

Finnish Customs reports that Finnish goods exports to China last year were worth €2.6 billion, or 8 % less than in 2013. The value of imports rose by 1 % to €3.7 billion, resulting in a trade deficit of nearly €1.2 billion.

Some 27 % of Finnish exports to China consisted of industrial machinery and equipment, while 17 % was electrical devices. Forest industry products accounted for nearly a quarter of Finland’s exports to China. In the current decade, China has become a major market for Finnish furs and pelts, with over 40 % of pelt exports going to China. Last year the price of pelts fell, so the value of pelt exports to China fell by half to less than €200 million, or 8 % of the value of total Finnish exports to China. The reduction in sales of machines to China’s paper industry also hurt Finland’s exports.

Over 40 % of Finnish imports from China are electrical machinery and electronic devices such as mobile phones and computer equipment. Clothing, textiles and footwear account for about a fifth of imports. The rest consists of a wide variety of manufactured items. Finland imports only a tiny amount of raw materials from China.

Finland has so far failed to cash in on China’s new enthusiasm for international travel. Statistics Finland reports that foreign travellers enjoyed 5.7 million overnight stays in Finnish hotels and inns last year, but only about 2 % of that involved Chinese travellers. The number of overnight stays of Chinese tourists increased just 1 % from 2013.

Finnish trade with China, 12-month moving total, EUR billion

Source: Finnish Customs