Embassy of India, Helsinki

Commercial Wing

Monthly Economic and Commercial Report of Finland for November 2017

(Note: All monetary sums in the report are presented in Euros, as this is the national currency
in Finland. At the time of writing 1 EUR equals 76,1 INR.)

1. Trends in Bilateral trade and investment (Source: Finnish Customs).

EUR million, from 1 January 2017 to 30 October 2017.

(i) Bilateral Trade (€ Millions)

Growth % of
Finland’s Finland’s Growth % of Finland’s
Finland’s Import
Exports Imports Total Export over same period
over same period of
(India's imports (India's exports of 2016
2016
from Finland) to Finland)
Finland’s
Trade with 439.1 289.5 728,62 6.10% 3.32%
India
Finland’s Total
49,540.499 51,370.5 100,911.1 15.93% 14.50%
Global Trade

(ii) Top 10 Items of Finland's Imports from India (€ Millions)

Percentage
January- January- % Share in total
Growth (%)/over
S. No. Commodity with SITC code October October imports from India
same period of
2017 2016 in 2017
2016
Total Imports 289.562 280.267 3.32% 100%
84 Articles of apparel and
1 43.694 45.948 -4.91% 15.09%
clothing accessories
54 Medicinal, pharmaceutical
2 37.319 38.488 -3.04% 12.89%
products
65 Textile yarn, fabrics, made
3 25.340 21.943 15.48% 8.75%
up articles, etc.

4 67 Iron and steel 19.135 11.469 66.84% 6.61%

77 Electric machinery, n.e.s.

5 17.553 18.828 -6.77% 6.06%
and parts
6 51 Organic chemicals 15.220 14.689 3.61% 5.26%
69 Manufactures of metals,
7 14.920 14.822 0.66% 5.15%
n.e.s.

1
 8 85 Footwear 11.879 9896 20.04% 4.10%
9 62 Rubber manufactures, n.e.s. 11.817 8942 35.15% 4.08%
10 05 Vegetables and fruits 9232 8235 12.11% 3.19%

(iii) Top 10 Items of Finland's Imports from the World (€ Millions)

Percentage % Share in total
January- January-
Growth (%)/over imports from
S. No. Commodity with SITC code October October
same period of World
2017 2016
2016 in 2017
Total Imports 51,370.513 44,863.123 14.50% 100%

1 33 Petroleum and products 5,383.536 4,307.908 24.97% 10.48

2 78 Road vehicles 4,355.721 3,585.714 21.47% 8.48%

77 Electric machinery, n.e.s. and

3 3,182.414 2,858.311 11.34% 6.20%
parts
93 Special transactions and
4 2,606.111 2,322.163 12.23% 5.07%
commodities not classified
28 Metalliferous ores and metal
5 2,561.197 2,019.713 26.81% 4.99%
scrap
74 General industrial machinery,
6 2,298.677 2,147.713 7.03% 4.47%
n.e.s.
7 67 Iron and Steel 2,157.003 1,121.956 92.25% 4.20%
54 Medicinal, pharmaceutical
8 1,568.808 1,673.245 -6.24% 3.05%
products
76 Telecomm, sound recording
9 1,557.621 1,392.020 11.90% 3.03%
equipment
10 69 Manufactures of metals, n.e.s. 1,392.144 1,303.923 6.77% 2.71%

(iv) Top 10 Items of Finland’s Exports to India (€ Millions)

January- January- Percentage Growth % Share in total
S.No. Commodity with SITC code October October (%)/over same exports to India
2017 2016 period of 2016 in 2017
Total Exports 439.058 413.810 6.10% 100%
1 77 Electric machinery, n.e.s. and
118.685 78.445 51.30% 27.03%
parts
2 64 Paper, paperboard and articles
85.173 58.213 46.31% 19.40%
thereof
3 72 Machinery for special industries 55.176 49.552 11.35% 12.57%
74 General industrial machinery,
4 27.011 38.297 -29.47% 6.15%
n.e.s.
5 67 Iron and steel 17.617 11.723 50.28% 4.01%

6 25 Pulp and waste paper 15.829 11.313 39.92% 3.61%

7 87 Instruments and apparates 15.287 12.991 17.67% 3.48%
8 51 Organic chemicals 14.969 12.521 19.55% 3.41%
9 40 Road vehicles 14.325 17.562 -18.43% 3.26%
2
 28 Metalliferous ores and metal
10 12.426 12.755 -2.58% 2.83%
scrap

(v) Top 10 Items of Finland's Exports to the World (€ Millions)

Percentage % Share in total
January- January-
Growth (%)/over exports to the
S.No. Commodity with SITC Code October October
same period of world
2017 2016
2016 in 2017
Total Exports 49,540.499 42,731.370 15.93% 100%
64 Paper, paperboard and articles
1 5,924.139 5,849.674 1.27% 11.96%
thereof
2 33 Petroleum and products 3,761.931 3,049.654 23.36% 7.59%
3 67 Iron and steel 3,527.488 2,982.214 18.28% 7.12%
72 Machinery for special
4 3,193.449 2,888.261 10.57% 6.45%
industries
5 78 Road vehicles 2,960.846 1,745.711 69,61% 5,98%
77 Electric machinery, n.e.s. and
6 2,780.584 2,484.298 11.93% 5.61%
parts
74 General industrial machinery,
7 2,275.587 2,135.332 6.57% 4.59%
n.e.s.
8 68 Non-ferrous metals 2,162.172 1,673.683 29.19% 4.36%
71 Power generating machinery
9 1,839.818 1,500.815 22.59% 3.71%
and equipment
10 79 Other transport equipment 1,799.506 954.430 88.54% 3.63%

(vi) Top 5 Competitors of India’s Top 5 Exports to Finland

S. No. Commodity with SITC Code Competitors Strategy of competitors
China, Bangladesh, 1. EU Customs allows for free trade
84 Articles of apparel and clothing
1 Sweden, Turkey, between EU countries and Turkey,
accessories
Germany which creates a competitive
54 Medicinal, pharmaceutical Germany, Switzerland, advantage. Similarly, there is an FTA
2
products Denmark, USA, France between South Korea and the EU.
Germany, China,
65 Textile yarn, fabrics, made up 2. As an LDC, Bangladesh has duty free
3 Netherlands, Turkey,
articles, etc. access to EU under the EBA
Italy
77 Electric machinery, n.e.s. and Germany, China, Estonia, arrangement.
4
parts South Korea, Poland
3. China is Finland’s biggest trade
partner in Asia.

Russia, Germany,
5 67 Iron and steel
Sweden, Norway, Italy

(vii) Potential Products of Export for India

S. No. SITC Code Description Rationale
3
 Finnish imports of iron and steel have increased
by 92.25% from October 2016 to October 2017.
There is a lot of demand for iron and steel in
Finland, and India produces them in large
1 67 Iron and Steel
quantities. Iron and steel make up about 6.61%
of India’s total exports to Finland and the
imports have been growing by 66.84%
compared to 2016.
Interest in different vegetable based products is
increasing in Finland. For example, retail
company Kesko has dedicated shelves for
2 04, 05, 09 Vegetables and vegetarian products vegetarian products in 200 stores recently.
Among the high growth items are vegetable
protein products, vegan ice cream, vegetable
drinks as well as soy and bean products.
Between 1 July 2016 and 30 June 2017 the
organic food sales grew by 15% comparing to
Organic bananas and other organic the corresponding period of the previous year
3 food products and totalled € 287 million. The market share of
01–09
organic products in Finland is 2.1%. The demand
for organic vegetables exceeds the supply.
Bananas are most sold organic product.
From January to October 2017, Finland's
imports of medicinal and pharmaceutical
products amounted to €1,569 million, while the
imports from India in that sector amounted at
€37.3.8 million which is only 2.8 % of total
imports in that sector. Currently, Finland
Medicinal, pharmaceutical products
4 54 imports most of its medicinal and
pharmaceutical products from Germany (€ 300
million from January to October 2017),
Switzerland (€ 165 million from January to
October 2017) and Denmark (€ 152 million from
January to October 2017).
When it comes to importing rice to Finland,
India has the potential to beat their main
5 042 Rice competitor in Asia, Thailand, as Thailand does
not enjoy price or location advantages over
India.

(viii) Bilateral Investment

S. No. Name of company Sector Amount (million euros)
1.

(ix) Global Investment (Bank of Finland)

S. No. Name of company Sector Amount ($ million)
Unavailable

(x) Significant Trends in India-Finland Trade

S. No. Details of significant trends/ Analysis

4
 1. Finland’s bilateral trade with India has not experienced any major shifts in comparison to January-
October 2016. There has been an increase in Finland’s exports to India (6.10%) as well as in Finland’s
imports from India (3.32%). The growth in trade between Finland and India remains slow compared to
Finland’s global trade, where the exports to world grew 15.93% and imports 14.50%.
2. Trade in Iron and Steel continued to increase in comparison to January-October 2016, in terms of both
exports from Finland to India (50.28%) and imports from India to Finland (66.84%).
3. Most dynamic Finnish export to India was electric machinery, n.e.s. and parts, which grew by 27.03%.
Most dynamic Indian export to Finland was articles of apparel and clothing accessories, which grew by
15,09% and remained as the most imported item.
4. Balance of trade in January-October 2017 was in Finland's favor by € 1,496 million, 20.5 % of overall
bilateral trade. Trade with India constituted 0.72% of Finland’s total trade during the period.

2. Important India-Related Statements of Commercial Significance by Political Leaders, Think

Tanks, Chambers, Associations, etc.:

a. Market Access:

a. Alerts on Tariff Changes, Non-Tariff Barriers (SPS/TBT measures, imports and export
procedures/restrictions/prohibitions/licensing etc.) Trade policy development.

S. No. Notification no. and date Details of products / sectors Effective from
affected
1. Not available

b. Alerts on Trade Defense Measures taken by Finland: (special safeguard, antidumping, CVD or
anti-subsidy)

S. No. Notification no. and date Details of products / sectors Effective from
affected
1. Not available
c. Feedback from Major Indian Industries/other Commercial Concerns Set-Up in Finland and
Indian Trade Visitors to Finland
S. No. Name of business house Activity sector Trade barrier issues if any General Feedback
1. Not available

d. Feedback on Major Trade Fairs / BSM including Indian Participation (whether or not
supported by MAI funds):
S. Particulars of Trade Fair, dates etc. Number of participants Partial List of large Feedback
No. from India Finnish participants received
1. Not available

e. Feedback from Local Commercial Visitors to Trade Fairs in India, including under BSM.
Number of Business Visas Issued:

S. Particulars of Trade Fair, dates Number of List of large Feedback Number of

No. etc. participants participants received Business Visas
issued in
November was
264
5
 Not available

b. Investment:
a. Opportunities for Investments/Assets on Offer/Major Company Divestment:
S. Particulars of the asset/company Contact details
No.
Not available.

b. Information on Tender Notices of Interest to Indian Project Exporters (€ 12 Million & above):

S. Particulars of the asset/company Contact details

No.
1. Currently no Tender Notices found that exceed € 12
Million.

c. Information regarding upcoming major investments in India from Finland:

S. No. Particulars of the asset/company Sector of Investment Quantum of Investment
1. None

c. Details of Trade Research, Information Dissemination Activity of the Commercial Wing.

S. No. Nature of activity (trade research Details (date, venue & No. of participants; copy of research
information dissemination, seminars) sent to DOC)
1. Information dissemination CII Design Summit (5-6 December 2017), Hyderabad, India
2. Information dissemination Bio Asia 2018 (22-24 February 2018), Hyderabad, India
3. Information dissemination India-Europe 29 Business Forum (5-6 March 2018), New Delhi,
India
4. Startup India pavilion SLUSH 2017 (30.11-1.12.2018), Helsinki, Finland

d. Details of Activities Conducted out of Trade Promotion budget:

BE for 2016-17 RE for 2016-17 Amount Details of Activity
utilized
None

e. Action taken on the previous JWGs, Joint Commissions, sub-commissions etc. (issues that
Mission had to follow up with Finland government):
S. No. Detail of JWG/JEC Action Point Action Taken
1. Not so far

f. Trade Queries for Imports in November 2017

*companies marked with a star are featured under more than one sector

Sector Number of companies Names of companies Action Taken

Food products and 12 - VPS Exim Consultants List of importers
spices - Sundar & Shanti International and/or relevant
Exporters* trade
- XO International organizations sent

6
 - Orchard
- Amura International*
- Vikas expor
- SIVI Exporters
- Nextee Trade Private Ltd.
- Certo Exim
- Varsha Industries Pvt. Ltd
- AMB International
- Jaydada International
Bags & wallets 2 - Motherson Industry List of importers
- Raviatth International* and/or relevant
trade
organizations sent
Hand tools 1 - Deeps Tools Pvt Ltd List of importers
and/or relevant
trade
organizations sent
Kitchenware 1 - Laximi Sales List of importers
and/or relevant
trade
organizations sent
Garments & 1 - Velanmerchandising List of importers
accessories and/or relevant
trade
organizations sent
Leather products 1 - Sundar & Shanti International List of importers
Exporters* and/or relevant
trade
organizations sent
Ceramic tiles 1 - Nuvanta International List of importers
and/or relevant
trade
organizations sent
PVC Products 1 - Amura International List of importers
and/or relevant
trade
organizations sent
Veterinary 1 - MarchVet List of importers
medicine and/or relevant
trade
organizations sent
Medical devices 1 - Medtech List of importers
and/or relevant
trade
organizations sent
Pharmaceuticals 1 - VM International List of importers
and/or relevant
trade
organizations sent
Building materials 1 - Morbi List of importers
and/or relevant
7
 trade
organizations sent

The total number of trade queries from India regarding Finland was 23 in November 2017

Information provided by:

Ilona Kuusi, Marketing Assistant
Commercial Wing,
Embassy of India to Finland and Estonia
Kulosaarentie 32, 00570 Helsinki, Finland
Tel. +358 9 228 99121
Email: comm.helsinki@mea.gov.in
Website: http://www.indianembassy.fi