Page 24 - Finland and the United States - Partners in Investment, Innovation and Trade

Finland and the United States
— Interconnected through Trade
Bilateral economic ties between Finland and the United States are strong. The total value of goods and services traded between Finland and the United States amounted to USD 11.6 billion in 2016, of which the share of goods amounted
to USD 6.6 billion and that of services USD 5.0 billion (Finnish Customs; Statistics Finland).
The United States is among Finland’s top trading partners. The United States is the third largest export market for Finnish goods and the largest outside the European Union. In addition, it is the most important export destination for Finnish high-technology products (2016, Finnish Customs).
Finland and the United States are interconnected through global value chains. The expansion of global value chains has led to most products being assembled
with inputs from many countries. In
Finland and the United States the share of intermediate goods of total exports is high, accounting for 76% and 69%, respectively.* The high share of intermediate goods exports signifies that companies in both countries have become successfully linked to global value chains, and are interdependent.
Measured in terms of value added, the United States is the second largest final destination for Finnish products.*
The global value chains allow our economies to enjoy the economic benefits and welfare gains created by specialization,
technological spillovers, and the deepening of the international division of labor.
*Source: ETLA – The Research Institute of the Finnish Economy, 2016, “Suomi Globaaleissa Arvoketjuissa”, ETLA Reports No 62.
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Port of Houston is using Konecranes’ lifting equipment.
Photo: KONECRANES