A Snapshot: UK-Finland Trade Relations

• Finland
• United Kingdom
• 18 February 2021

By Haroon Faqir

Helsinki, Finland – Indineo/Pixabay

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Haroon Faqir

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Building on our UK-Arctic Trade and Investment Observatory, we have collated a snapshot of the relevant information pertaining to UK-Finnish trade relations, including the most up-to-date figures on current trading information between the two nations.

Period: Four quarters to the end of Q2 2021 (unless specified otherwise)

• Rank as trading partner (goods and services):
  • 34th largest trading partner (accounting for 0.5% of total UK trade)
  • 33rd largest goods trading partner (accounting for 0.5% of UK goods trade)
  • 41st largest services trading partner (accounting for 0.3% of UK services trade)
• Rank as export market:
  • 40th largest export market (accounting for 0.4% of total UK exports)
  • 40th largest goods export market (accounting for 0.4% of UK goods exports)
  • 36th largest services export market (accounting for 0.4% of UK services exports)
• Rank of import market:
  • 33rd largest import market (accounting for 0.5% of total UK imports)
  • 28th largest goods import market (accounting for 0.6% of UK goods imports)
  • 52nd largest services import market (accounting for 0.2% of UK services imports)
• Total trade in goods and services: £5.4 billion (decrease of 2.7% or £151 million from previous year)
• Total UK exports to Finland: £2.3 billion (decrease of 20.7% or £597 million from previous year)
• Total UK imports from Finland: £3.2 billion (increase of 16.5% or 446 million from previous year)
• Outward stock of FDI (2019): £2.8 billion (0.2% of the total UK outward FDI stock)
• Inward stock of FDI (2019): £569 million (<0.1% of the total UK inward FDI stock)

For further information, visit DIT’s Trade and Investment Factsheet for Finland. 

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Latest News about UK-Finland Trade: 

1. Finland’s Nokian Tyres steps up during Ukraine crisis (22/02/22): https://uk.investing.com/news/stock-market-news/finlands-nokian-tyres-steps-up-planning-due-to-ukraine-crisis-2589671
2. UK backtracks on foie-gras and fur import ban (21/02/22): https://www.veganfoodandliving.com/news/uk-to-scrap-foie-gras-and-fur-import-ban/
3. UK, Norway and Finland benefiting from increased Swedish ethylene exportation (30/01/22): https://www.globaltrademag.com/the-uk-norway-and-finland-benefit-from-rising-swedens-ethylene-imports/
4. UK exporters ‘replaced’ as nations seek to exploit Brexit (23/01/22): https://www.cityam.com/uk-exports-to-eu-could-drop-by-another-8-per-cent-as-finland-luxembourg-portugal-and-greece-benefit-from-brexit/
5. Finnish-US internet cable planned to boost European trade with Asia (22/12/21): https://www.politico.eu/article/finnish-us-internet-cable-europe-digital-trade-asia/
6. Finish company Sampo buys up stocks in Hastings Direct (08/12/21): https://www.nasdaq.com/articles/finlands-sampo-buys-remaning-stake-in-uk-insurer-hastings-0
7. UK uses Finish fur farms where animals are ‘deformed’ and ‘diseased’ (23./11/21): https://metro.co.uk/2021/11/23/animals-are-deformed-diseased-and-obese-inside-fur-farms-used-by-uk-15646108/UK uses Finish fur farms where animals are ‘deformed’ and ‘diseased’ (23./11/21): https://metro.co.uk/2021/11/23/animals-are-deformed-diseased-and-obese-inside-fur-farms-used-by-uk-15646108/
8. New Delays For Finland’ Squadron 2020 Pohjanmaa Corvette Program (04/11/21): https://www.navalnews.com/naval-news/2021/11/new-delays-for-finland-squadron-2020-pohjanmaa-corvette-program/ 
9. Finland agrees new trade deal with the UK and EU (29/10/21): https://dealmakerz.co.uk/finland-agrees-to-new-trade-and-cooperation-agreement-with-the-uk-not-good-but-in-everyones-interest-home/ 
10. Finland’s circular bioeconomy to revolve around wood trade (21/10/21): https://www.newscientist.com/article/2294381-how-finland-plans-to-create-a-circular-bioeconomy-that-runs-on-wood/ 
11. Tesco products no longer in Finnish supermarkets due to Brexit (16/10/21): https://www.thelondoneconomic.com/news/tesco-finland-brexit-products-295670/ 
12. Finns doubtful of humanity’s ability to deal with climate crisis (14/10/21): https://www.helsinkitimes.fi/finland/finland-news/domestic/20179-hs-finns-largely-doubtful-of-humankind-s-ability-to-contain-global-warming.html 
13. Finland to lobby EU to declare nuclear energy as sustainable (10/10/21): https://www.euractiv.com/section/politics/short_news/finland-lobbies-nuclear-energy-as-a-sustainable-source/ 
14. Finland targeted by digital espionage intended to sway public opinion (27/09/21): https://www.bloomberg.com/news/articles/2021-09-27/finland-reports-widespread-espionage-around-politics-high-tech 
15. Timber shortage sees Finnish imports increase (20/09/21): https://www.bbc.co.uk/news/uk-england-norfolk-58599958 
16. Finnair to increase London-Helsinki service (17/09/21): https://t.co/AfTJoCNJbj?amp=1 
17. COVID restrictions set to end – what impact will this have on winter tourism? (14/09/21): https://www.helsinkitimes.fi/finland/finland-news/domestic/19894-marin-finland-could-do-away-with-restrictions-in-october.html 

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Haroon Faqir is a Global Leadership Fellow at Polar Research and Policy Initiative. He is part of the PRPI team behind the UK-Arctic Trade and Investment Observatory, and serves as the lead for the US and Finland.

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