Finland: There is dependence on trade with China, and Finland has a lot of untapped potential for exporting to China

 [Global Times special correspondent, heavy responsibility] A new Finnish research report shows that China plays a particularly important role in Finland's imports, which has led to Finland's "trade dependence" on China in certain areas. However, Vaskunlahti, Deputy State Secretary of the Finnish Ministry of Foreign Affairs in charge of international trade, said in the conversation that in most cases, trade dependence is mutually beneficial. In addition, there are still many untapped potentials for Finland's exports to China.




According to a report on the "European Dynamics" website on March 6, a research report published by the Emerging Economies Research Institute of the Bank of Finland on the 3rd stated that any disruption of goods imported from China will soon be reflected in business and industry, such as mobile phones, computers, etc. , other electronic equipment and battery shortages. Statistics from the Finnish customs show that Finland relies heavily on China for machinery, textiles, furniture and other household products. Nearly two-thirds of laptops and nearly half of mobile phones are imported from China.



It is time for Finland to diversify its production and supply chains to wean itself off trade dependence on China, the report said. But the report added that Finland is unlikely to switch quickly to other sources of imports, especially at a time when many countries are simultaneously affected by supply chain disruptions.


On the same day that the above-mentioned report was released, a press release issued by the Ministry of Foreign Affairs of Finland stated that the report was the result of the coordination of the Ministry of Foreign Affairs. Vaskunlahti, deputy state secretary of the Ministry of Foreign Affairs of Finland, said, "The above studies show that we have a certain direct trade dependence on China, especially in terms of imports. However, in most cases, trade dependence is mutually beneficial...We encourage Businesses continue to assess their supply chains for potential business disruptions. At the same time, there is a lot of untapped potential in our exports to China."


When referring to exports to China, the press release of the Ministry of Foreign Affairs of Finland stated that the export business of large Finnish companies accounts for 2/3 of exports to China. The press release also mentioned that so far, China has not made any major investment in Finnish infrastructure or critical infrastructure. The Bank of Finland’s Institute for Emerging Economies estimates that direct links between Finland’s financial sector and China are modest. The Ministry of Foreign Affairs of Finland encourages Finnish companies to diversify their production and supply chains and increase the transparency of their value chains, while also stating that the Chinese market still has great potential for growth in the export of end products and services with higher added value.


In an interview with the Finnish Broadcasting Corporation, Vasikunlahti said, "China is an important trading partner of Finland. About 5% of Finland's trade flows to China, with an export value of about 4 billion euros. We rely on China to provide key raw materials and spare parts. components.” Vaskunlahti said Finland should minimize its dependence on external resources. But she added that Finland would remain open to global trade and cooperation.

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