Trade Relations Between Finland and Pakistan: An Economic Overview
In 2018, Finland emerged as an important trade partner for Pakistan, ranking 72nd in export destination and 40th in import sources. Within the EU, Finland held significant positions, being the 17th largest export destination and the 10th highest exporter to Pakistan. Bilateral trade between Pakistan and Finland saw a 39% increase from 2014 to 2018, with Finland experiencing a rise in exports to Pakistan. The trade balance in 2018 favored Finland with a substantial increase. These trends reflect the growing economic ties between the two countries.
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FINLAND WAS PAKISTANS 72ND LARGEST EXPORT DESTINATION IN 2018 RANK COUNTRY EXPORT VALUE (US$) % SHARE IN TOTAL EXPORTS World United States of America China United Kingdom Afghanistan Germany United Arab Emirates Netherlands Spain Bangladesh Finland 23,630,893,000 3,802,500,000 1,818,069,000 1,728,637,000 1,347,934,000 1,310,444,000 983,575,000 942,802,000 922,898,000 783,825,000 27,668,000 1 2 3 4 5 6 7 8 9 72 16% 8% 7% 6% 6% 4% 4% 4% 3% 0.1% 2
FINLAND WAS THE 17th LARGEST EXPORT DESTINATION WITHIN THE EU IN 2018 Denmark, 2% Portugal, 2% United Kingdom, 22% Other, 8% Poland, 3% France, 6% The EU is Pakistan s largest export market representing 34% of exports Belgium, 8% Finland accounted for 0.3% of total EU exports from Pakistan in 2018. Germany, 16% Italy, 10% Netherlands, 12% Spain, 11% 3
FINLAND RANKS NO. 40 IN PAKISTANS IMPORT SOURCES RANK COUNTRY World China United Arab Emirates IMPORT VALUE (US$) 60,162,862,000 14,544,687,000 8,668,637,000 3,242,349,000 2,946,715,000 2,502,372,000 2,386,183,000 2,273,024,000 1,928,465,000 1,430,727,000 141,212,000 % SHARE IN TOTAL IMPORTS 1 2 24% 14% 3 4 5 6 7 8 9 40 Saudi Arabia United States of America Indonesia Qatar Japan India Thailand Finland 5% 5% 4% 4% 4% 3% 2% 0.2% 4
WITHIN THE EU, FINLAND WAS THE 10TH HIGHEST EXPORTER TO PAKISTAN IN 2018 Germany, 24% Finland, 3% Other, 10% EU is Pakistan s 3rd largest import partner after China and UAE. Austria, 3% Spain, 4% Imports from the EU stood at $5.46 billion in 2018. Sweden, 5% Belgium, 6% Finland accounts for 2.5% of Pakistan s imports from the EU and 0.2% of total imports from the world. United Kingdom, 16% France, 8% Netherlands, 10% Italy, 11% 5
PAKISTAN FINLAND TRADETRENDS 200 Bilateral trade increased from US$ 122 Mn in 2014 to US$ 169 Mn in 2018 i.e. by 39% in five years 141 150 95 100 Pakistan s exports to Finland went down by 53% during this period. 64 63 62 60 USD Millions 50 34 34 28 27 Meanwhile, Finland s exports to Pakistan rose by 127% during the last five years. 0 -2 2014 2015 2016 2017 2018 -30 -35 -50 The trade balance in 2018 has gone up $144 Mn in favor of Finland. -61 -100 -114 -150 Year Exports to Finland Imports from Finland Trade Balance 6
PAKISTANS TOP 10 EXPORTS TO FINLAND EXPORT VALUE 2016 (US$) EXPORT VALUE 2017 (US$) EXPORT VALUE 2018 (US$) HS CODE DESCRIPTION Gloves, mittens and mitts, of leather or composition leather (excluding special sports gloves) 420329 4,284,000 4,288,000 3,976,000 630231 Bedlinen of cotton (excluding printed, knitted or crocheted) Men's or boys' ensembles of cotton (excluding knitted or crocheted, ski ensembles and swimwear) Men's or boys' trousers, bib and brace overalls, breeches and shorts of textile materials, ... Toilet linen and kitchen linen, of terry towelling or similar terry fabrics of cotton (excluding ... 2,236,000 6,185,000 3,561,000 620322 616,000 1,364,000 1,130,000 610349 1,527,000 1,369,000 1,125,000 630260 447,000 570,000 965,000 420321 Specially designed gloves for use in sport, of leather or composition leather Articles of apparel, of leather or composition leather (excluding clothing accessories, footware ... Men's or boys' trousers, bib and brace overalls, breeches and shorts, of cotton (excluding ... 656,000 731,000 805,000 420310 1,185,000 651,000 679,000 620342 546,000 303,000 662,000 611090 Jerseys, pullovers, cardigans, waistcoats and similar articles, of textile materials, knitted ... Men's or boys' trousers, bib and brace overalls, breeches and shorts of textile materials (excluding ... 225,000 255,000 596,000 620349 256,000 358,000 591,000 7
PAKISTANS TOP 10 IMPORTS FROM FINLAND IMPORT VALUE 2016 (US$) IMPORT VALUE 2017 (US$) IMPORT VALUE 2018 (US$) HS CODE DESCRIPTION Machines for the reception, conversion and transmission or regeneration of voice, images or ... 851762 317,000 1,774,000 45,625,000 720441 Turnings, shavings, chips, milling waste, sawdust, filings, trimmings and stampings of iron ... Generating sets (excluding wind-powered and powered by spark-ignition internal combustion piston ... 2,226,000 2,840,000 15,403,000 850239 5,189,000 3,442,000 9,020,000 854449 Electric conductors, for a voltage <= 1.000 V, insulated, not fitted with connectors, n.e.s. 18,000 65,000 6,491,000 350790 Enzymes and prepared enzymes, n.e.s. (excluding rennet and concentrates thereof) Multi-ply paper and paperboard, coated on one or both sides with kaolin or other inorganic ... 8,633,000 9,252,000 5,608,000 481092 98,000 3,819,000 4,532,000 850440 Static converters Waste and scrap, of aluminium (excluding slags, scale and the like from iron and steel production, ... Semi-bleached or bleached coniferous chemical wood pulp, soda or sulphate (excluding dissolving ... Optical media for the recording of sound or of other phenomena (excluding unrecorded and goods ... 3,113,000 4,918,000 4,507,000 760200 3,071,000 2,913,000 3,876,000 470321 1,653,000 1,693,000 2,597,000 852349 2,000 292,000 2,548,000 8
Pakistans Theoretical Potential* for Additional Exports to the Finland, 2017 Top 10 Potential Products (HS 06). Aggregate Theoretical Potential $1.5 Bn ACTUAL EXPORTS IN 2018 (US$) POTENTIAL EXPORTS IN 2018 (US$) HS CODE DESCRIPTION 220710 Undenatured ethyl alcohol, of actual alcoholic strength of >= 80% - 425,499,000 270900 Petroleum oils and oils obtained from bituminous minerals, crude - 262,067,000 271019 Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, ... - 235,930,000 901890 Instruments and appliances used in medical, surgical or veterinary sciences, n.e.s. 189,000 202,799,000 610910 T-shirts, singlets and other vests of cotton, knitted or crocheted 236,000 82,039,000 620342 Men's or boys' trousers, bib and brace overalls, breeches and shorts, of cotton (excluding ... 662,000 77,082,000 611020 Jerseys, pullovers, cardigans, waistcoats and similar articles, of cotton, knitted or crocheted ... 39,000 74,130,000 300490 Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, ... - 73,543,000 940490 Articles of bedding and similar furnishing, fitted with springs or stuffed or internally filled ... 422,000 64,887,000 Medicaments containing hormones or steroids used as hormones but not antibiotics, put up in ... *Theoretical potential from diverting Pakistan s existing exports from other countries to meet Finland s imports, ignoring competitiveness and tariffs 300439 - 60,485,000 9
Pakistans Theoretical Potential* for Additional Imports from the Finland, 2017 Top 10 Potential Products (HS 06). Aggregate theoretical potential is $7.4 BN ACTUAL IMPORTS IN 2018 (US$) POTENTIAL IMPORTS IN 2018 (US$) HS CODE 271019 Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, ... Light oils and preparations, of petroleum or bituminous minerals which >= 90% by volume "incl. ... 11,000 3,115,607,000 271012 - 2,170,749,000 890800 Vessels and other floating structures for breaking up Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, ... - 515,542,000 300490 284,000 432,512,000 870323 Motor cars and other motor vehicles principally designed for the transport of persons, incl. ... - 266,725,000 390210 Polypropylene, in primary forms - 218,994,000 851762 Machines for the reception, conversion and transmission or regeneration of voice, images or ... 45,625,000 197,117,000 870322 Motor cars and other motor vehicles principally designed for the transport of persons, incl. ... 20,000 190,077,000 390110 Polyethylene with a specific gravity of < 0,94, in primary forms 638,000 180,080,000 847989 Machines and mechanical appliances, n.e.s. - 170,309,000 *Theoretical potential from switching imports from existing sources to Finland exporters, ignoring competitiveness and tariffs 10
