Trade between Finland and Serbia in 2022
Trade figures between Finland and Serbia remain at a moderate level. However, there is significant change in imports to Finland, compared to 2021. Excluding 2022, looking at past 8 years, only in 2018 export of Finnish products had lower value compared to the imports from Serbia. In 2022, for the first time imports to Finland have much larger value, compared to exports from Finland. Trend of growth of trade exchange values from year to year is still present. However, numerous opportunities for Finnish companies to export to Serbian market remain untapped.
Trade figures between Finland and Serbia (January - December 2022)
Trade exchange in 2022 amounted to EUR 274 million, which is 121.9% increase, compared to 2021. Exports from Finland amounted to EUR 74.5 million, which is 4.1% increase compared to 2021. Imports to Finland amounted to EUR 199.4 million, which is 284.4% increase compared to 2021. The trade balance in 2022 was negative and trade deficit was EUR 125 million.
Main export commodities from Finland are: Machinery and mechanical parts (EUR 26 million); Plastics and articles thereof (EUR 15.5 million); Paper, paperboard and articles thereof (EUR 10.8 million); Electric machinery and parts (EUR 7.2 million); Medical instruments and apparatus (EUR 2.5 million); Vehicles and parts (EUR 2.6 million); Iron and steel (EUR 1.7 million); Articles of iron or steel (EUR 1 million); Paints and varnishes (EUR 1 million).
Main import commodities to Finland are: Ores, slag and ash (EUR 130.7 million); Electric machinery and parts (EUR 19 million); Machinery and mechanical parts (EUR 18.8 million); Footwear (EUR 4 million); Rubber and articles thereof (EUR 4 million); Edible fruit and nuts (EUR 3.4 million); Plastics and articles thereof (EUR 1.6 million); Apparel and clothing not knitted (EUR 1.6 million); Edible preparations (EUR 1.5 million); Articles of iron or steel (EUR 1.2 million); Other textile articles (EUR 1.1 million).
Finnish machinery and mechanical parts had the strongest impact on Serbian market as products from this industry amounted to 34.9% of overall exports from Finland to Serbia. Plastics and articles thereof follow with 20.8%, paper, paperboard and articles thereof with 14.5% and electric machinery and parts with 9.7%. These four industries amount to 79.9% of the overall Finnish exports to Serbia.
Looking at the Finnish imports, there has been huge increase in the value of ores, slag and ash component (dominantly copper ore), which had greatest share in overall imports to Finland with 65.5%. Electric machinery and parts follow with 9.5% and machinery and mechanical parts with 9.4%. These three industries amount to 84.4% of the overall Finnish imports from Serbia.
Source: Finnish Customs, International Trade Statistics http://uljas.tulli.fi/(Linkki toiselle web-sivustolle.)