The Treasurer’s Guide to Trade Finance

Finland

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 263 bn Goods Exports 82

GDP per capita (USD) 48,837 Imports 79

GDP volume growth (year-on-year) + 2.7% Net + 3

Population 5.39m Services Exports 27

MMR (year average) 1.39% Imports 30

Exchange rate EUR / USD (year average) 0.7194 Net – 2

BoP (goods, services & income) as % of GDP + 0.1% Source: IFS, IMF, January 2013

International/Regional memberships

European Union (EU): since 1 January 1995.
Finland is also a member of the European
Economic Area (EEA).

International Monetary Fund (IMF):
since 14 January 1948.

World Trade Organization (WTO):
since 1 January 1995.

Government trade policy

ƒ Finland implements the EU’s trade

regulations, commercial policies and

customs code (ec.europa.eu/trade).

ƒ Finland trades freely with its fellow EEA

member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

Finnvera (www.finnvera.fi).

ƒ Finnvera also operates Finland’s state-

supported export credit programmes.

ƒ The EU maintains 74 free trade zones, with

four located in Finland.

Currency and exchange controls

Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

Finland does not impose foreign exchange
controls.

ƒ Individuals importing or exporting the
equivalent of EUR 10,000 or more in
domestic or foreign currency from or to a
country outside the EU are required to notify
the customs authorities.

Bank accounts

Permission to hold currency accounts

Within

Finland

Outside

Finland

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A