Iba Report On Finland

BAHRIA UNIVERSITY ISLAMABAD INTERNATIONAL BUSINESS ANALYSIS …………………………………………………………………………….......

A REPORT ON FINLAND

PRESENTED TO: MR. ABID SAEED PRESENTED BY: SYED MUHAMMAD FARAZ HUSSAIN EJAZ HASEEB DHILLON TASSADAQ MUSSADAQ ASRAR AHMED SHAHEEN KHURRAM NISAR SECTION: MBA-IV (C)

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TABLE OF CONTENTS 1. Location on earth…………………………………………………………………………………. 2. Overview of country…………………………………………………………………………….. 3. Brief history of economy……………………………………………………………………… 4. Economic history of last 5 to 10 years………………………………………………… 5. Geography of Finland…………………………………………………………………………… 6. Demographic of Finland………………………………………………………………………. 7. Miscellaneous rates……………………………………………………………………………… 8. Main natural resources………………………………………………………………………… 9. Agriculture of Finland…………………………………………………………………………… 10. Manufacturing of Finland…………………………………………………………………… 11. Energy policy……………………………………………………………………………………… 12. Tourism………………………………………………………………………………………………. 13. Culture………………………………………………………………………………………………… 14. Media and Communications………………………………………………………………. 15. Sports…………………………………………………………………………………………………. 16. Literature……………………………………………………………………………………………. 17. Central bank of Finland……………………………………………………………………… 18. Monetary policy of Finland………………………………………………………………… 19. Main Finnish Corporations…………………………………………………………………. 20. Major imports of Finland……………………………………………………………………. 21. Major export of Finland……………………………………………………………………… 22. References………………………………………………………………………………………….

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LOCATION ON EARTH Finland, officially the Republic of Finland, is a Nordic country situated in Northern Europe, bordering the Baltic Sea, gulf of Bothnia, and gulf of Finland, between Sweden and Russia.

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OVERVIEW OF COUNTRY Finland was a province and then a grand duchy under Sweden from the 12th to the 19th centuries, and an autonomous grand duchy of Russia after 1809. It won its complete independence in 1917. During World War II, it was able to successfully defend its freedom and resist invasions by the Soviet Union - albeit with some loss of territory. In the subsequent half century, the Finns made a remarkable transformation from a farm/forest economy to a diversified modern industrial economy; per capita income is now on par with Western Europe. A member of the European Union since 1995, Finland was the only Nordic state to join the euro system at its initiation in January 1999.

BRIEF HISTORY OF ECONOMY Finnish trade relationships and politics were by large determined by avoidance of provoking first the feudally ruled Imperial Russia and then the totalitarian Soviet Union. However, the peaceful relationship with both the Soviet Union and Western powers was turned into an economic advantage. The Soviet Union conducted bilateral trade with Finland, but Western countries remained Finland's main trading partners. After the Second World War, the growth rate of the GDP was high compared to other Europe, and Finland was often called "Japan of the North". In the beginning of the 1970s, Finland's GDP per capita reached the level of Japan and the UK. In 1991, Finland fell into a severe depression caused by economic overheating, depressed foreign markets and the dismantling of the barter system between Finland and the former Soviet Union. More than twenty percent of Finnish trade was with the Soviet Union before 1991, and in the following two years the trade practically ceased. The growth in the 1980s was based on debt, and when the defaults began rolling in, an avalanche effect increased the unemployment from a virtual full employment to one fifth of the workforce. However, civil order remained and the state alleviated the problem of funding the welfare state by taking massive debts. 1991 and again in 1992, Finland devalued the markka to promote export competitiveness. This helped stabilise the economy; the depression bottomed out in 1993, with continued growth through 1995. Since then the growth rate has been one of the highest of OECD countries, and national debt has been reduced to 41.1 percent of GDP (fulfilling the EU's Stability and Growth Pact requirement). Unfortunately, the unemployment has been persistent, and is currently at about 7 percent. Previously part of Sweden and from 1809 an autonomous Grand Duchy within the Russian Empire, Finland declared its independence in 1917. Today, Finland is a democratic, parliamentary republic and has been a member state of the United Nations since 1955 and the European Union since 1995. Finland has thriving services and manufacturing sectors and is a highly democratic welfare state with low levels of

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corruption, consistently ranking at or near the top in international comparisons of national performance. Finland is eleventh on the United Nations' and ranked as the sixth happiest nation in the world. According to the World Audit Democracy profile, Finland is the freest nation in the world in terms of civil liberties, freedom of the press, low corruption levels and political rights.[6] Finland is rated the sixth most peaceful country in the world by the Economist Intelligence Unit,[7] and since 1945, Finland has been at peace, adopting neutrality in wartime. Finland was rated the best country to live in by Reader's Digest study released in October 2007, which looked at issues such as quality of drinking water and greenhouse gas emissions as well as factors such as education and income. Finland has a highly industrialized, largely free-market economy with per capita output roughly that of the UK, France, Germany, and Italy. Its key economic sector is manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Trade is important; exports equal two-fifths of GDP. Finland excels in high-tech exports, e.g., mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining selfsufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. High unemployment remains a persistent problem. Finland has a highly industrialized, largely free-market economy with per capita output roughly that of the UK, France, Germany, and Italy. Its key economic sector is manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Trade is important; Finland's ratio of foreign trade to GDP has risen from a quarter to nearly 45% over the past 15 years. Finland excels in high-tech exports such as mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining selfsufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Although Finland has been one of the best performing economies within the EU in recent years and its banks and financial markets have avoided the worst of global financial crisis, the world slowdown has hit export growth and domestic demand and will serve as a brake on economic growth in 2009 and 2010. The slowdown of construction, other investment, and exports will cause unemployment to rise. During 2009, unemployment will climb to over 8% of the labor force. Long-term challenges include the need to address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

ECONOMIC HISTORY OF LAST 5 TO 10 YEARS 5

Helsinki (14.06.2000—Juhani Artto) Last year multinationals based in Finland employed more than 200,000 people in other countries. This is about the same number of employees as the subsidiaries of foreign multinationals have in Finland and three times more than just five years ago. The limits of this kind of globalisation, however, are still obvious as the figures represent less than ten per cent of the jobs in Finland. It was not before the 1960s that the first Finnish enterprise seriously began to internationalise the geographical division of its production sites. The company concerned was Kone, a manufacture, developer and servicer of lifts and cranes. Today, 93 per cent of its total work force of 23,000 work outside of Finland. It took many years before other enterprises began to follow Kone's example. In terms of the number of employees outside Finland, Kone still ranks third. It was first overtaken in this respect by the communications technology giant Nokia, which employs 28,000 people abroad. The second company to expand abroad was the forest industry company Stora Enso with 25,000 employees working in other countries. Other Finnish enterprises with more than 10,000 employees in their foreign operations are the paper machine producer Metso (formerly Valmet) with 12,000, the engineering company Metra with 12,000, the food industry company Huhtamäki van Leer with 11,000 and the forest industry company UPM-Kymmene with 10,000. Of the top-20 largest employers in foreign countries, few employ the majority of their work force in Finland.

Growing trade dependency In 1994–1999 the value of goods and services exports has varied from 35.1 to 39.1 per cent of Finland's GNP. The export dependency rate has now reached a new record. It was slightly over 30 per cent in 1979-1984 but clearly fell after this time. Experts estimate that this year exports may exceed 40 per cent of GDP. The biggest factor behind the radical change of the 1990s is the enormous expansion of Nokia. One fifth of last year's Finnish exports of FIM 270 billion (Finnish mark = 0,17 euros = 0,16 USD) derived from Nokia sales from Finland to other countries. The export share of the electronics and electrotechnical industries jumped in the 1990s from 2 per cent to 28 per cent, overtaking the traditional leading export sector, the pulp and paper industry for the first time in 1997. A large contingent of Nokia subcontractors have also grown rapidly. One of these, Elcoteq Networks, now has 4,000 employees abroad. The pulp and paper industry has remained a strong arm in the export sector. Last year its share of the total was 23 per cent. Engineering and metal products form a third export sector segment. Last year this accounted for a 19 per cent share of total exports. Chemicals, the basic metal industry and wood products each have a 6-7 per cent share.

A rush of foreign investors 6

Life at the Helsinki Stock Exchange experienced a revolution during the 1990s. Foreign investors rushed in, led by those eager to put their money into the Finnish telecommunications flagship Nokia. By May 2000 foreign investors owned nearly 90 per cent of Nokia shares. Nokia now accounts for about 60 per cent of the total value of the Helsinki Stock Exchange. At the end of April foreign investors had a 70.5 per cent share of the market value of Finnish joint-stock companies quoted on the main list of the Helsinki Stock Exchange. However, it is not only Nokia that has attracted foreign capital. Foreign investors have a majority stake in the world-class forest industry companies Stora Enso and UPMKymmene. Of the more than one hundred companies quoted on the main list twelve are companies in which foreign investors own more than half of the capital stock. In 30 jointstock companies foreigners have a share of at least 30 per cent. Foreign investors have a stake of at least 10 per cent in more than half of all joint-stock companies.

Last year Finns doubled their investments abroad There is more than ten times more foreign capital invested on the Helsinki Stock Exchange than there is Finnish capital invested in foreign stocks, bonds and financial market instruments. However, last year Finnish investors doubled their foreign ownership. In investing abroad, the lead has been taken by pension funds, banks, investment funds and insurance companies. 74 per cent of Finnish capital invested abroad was directed at EU Member States. This is followed by the USA with 13 per cent, non-EU European countries with over 5 per cent and Asia with less than 5 per cent. The top 3 recipient countries for Finnish investment capital have been Germany, Sweden and the USA. (Source:Trade Union News from Finland, 14 June 2000)

GEOGRAPHY OF FINLAND

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Northern Europe, bordering the Baltic Sea, Gulf of Bothnia, and Gulf of Finland, between Sweden and Russia Location:

Geographic coordinates: 64 00 N, 26 00 E Map references: Europe Area: total: 338,145 sq km

land: 304,473 sq km water: 33,672 sq km Land boundaries: total: 2,681 km

border countries: Norway 727 km, Sweden 614 km, Russia 1,340 km Coastline: 1,250 km Climate: cold temperate; potentially subarctic but comparatively mild because of

moderating influence of the North Atlantic Current, Baltic Sea, and more than 60,000 lakes Terrain: mostly low, flat to rolling plains interspersed with lakes and low hills Elevation extremes: lowest point: Baltic Sea 0 m

highest point: Haltiatunturi 1,328 m Land use: arable land: 6.54%

permanent crops: 0.02% other: 93.44% (2005) Environment - current issues: air pollution from manufacturing and power plants

contributing to acid rain; water pollution from industrial wastes, agricultural chemicals; habitat loss threatens wildlife populations

DEMOGRAPHIC OF FINLAND

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Population: 5,250,275 (July 2009 est.) Age structure: 0-14 years: 16.4% (male 438,425/female 422,777)

15-64 years: 66.8% (male 1,773,495/female 1,732,792) 65 years and over: 16.8% (male 357,811/female 524,975) (2009 est.) Median age: total: 42.1 years

male: 40.5 years female: 43.7 years (2008 est.) Population growth rate: 0.098% (2009 est.) Birth rate: 10.39 births/1,000 population (2008 est.) Death rate: 10 deaths/1,000 population (2008 est.) Net migration rate: 0.68 migrant(s)/1,000 population (2009 est.) Sex ratio: at birth: 1.04 male(s)/female

under 15 years: 1.04 male(s)/female 15-64 years: 1.02 male(s)/female 65 years and over: 0.68 male(s)/female total population: 0.96 male(s)/female (2009 est.) Infant mortality rate: total: 3.47 deaths/1,000 live births

male: 3.78 deaths/1,000 live births female: 3.15 deaths/1,000 live births (2009 est.) Life expectancy at birth: total population: 78.97 years

male: 75.48 years female: 82.61 years (2009 est.) Total fertility rate: 1.73 children born/woman (2009 est.) Religions: Lutheran Church of Finland 82.5%, Orthodox Church 1.1%, other Christian

1.1%, other 0.1%, none 15.1% (2006) Languages: Finnish 91.2% (official), Swedish 5.5% (official), other 3.3% (small Sami-

and Russian-speaking minorities) (2007) Literacy: definition: age 15 and over can read and write

total population: 100% male: 100% female: 100% (2000 est.)

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MISCELLANEOUS RATES Unemployment rate: 6.4% (2008 est.) Inflation rate (consumer prices): 4.1%(2008 est.) Fiscal year: calendar year Debt - external: $271.2 billion (30 June 2007) GDP - real growth rate: 1.5% (2008 est.) GDP - composition by sector: agriculture: 2.8%

industry: 33.2% services: 64% (2008 est.) Exports: $104.3 billion f.o.b. (2008 est.) Imports: $93.28 billion f.o.b. (2008 est.)

MAIN NATURAL RESOURCES • • • • • • • •

OATS BARLEY WOOD PIGS PHOSPHATE NICKEL ZINC SILVER

AGRICULTURE OF FINLAND 10

Finland's severe winters; short, frost-interrupted growing seasons; and relatively scarce and acidic arable land has made agriculture a continually tough endeavor. Before the end of the 19th century, Finland was so isolated from the rest of the world that its farmers focused on grains to feed the local population. In the 1880s and 1890s, cheap grain from Russia and the Americas began to flood the market, while simultaneously, dairy products began to be in more demand domestically and abroad. Finnish farmers began to use the imported grain to feed dairy cattle and other livestock, a pattern that has persisted to the present. Arable land is nearly always combined with forests, which cover approximately 70 percent of Finland. Most farms have survived by a combination of farming and forestry. Farms in the more arable south and west focus less on forests than those in the more wooded north and east.Productivity has increased and the number of farms has decreased since the 1960s. This is partly due to advances in agricultural technology, which required fewer people on the land, and partly to the expansion of the industry and services sectors, which have attracted people towards factories and the city. The traditional Nordic emphasis on family farming has meant that the image of the family farmer is a culturally heroic figure, which may have helped farmers resist the urge to set up huge impersonal agribusinesses. In 1999, average farm size in Finland was only 25 hectares (62 acres). The Finnish tradition of cooperative organization has meant that small farms coordinate marketing, transportation, and processing of agricultural and forestry products. Finland's desire for self-sufficiency in basic foodstuffs supported a system of subsidies for the remaining farmers, until the 1995 accession to the EU forced price equalization. Equalization meant a 50 percent or larger reduction in many producer prices. The price of a kilogram of eggs, for example, fell by over 75 percent in 1995. Finland's own budget had to try to cushion the blow, but during the first 3 years of EU membership over 10 percent of Finnish farmers gave up farming. Currently only 4 percent of the population engage in farming. Of the agricultural products exported, dairy products topped the list in 1998. Finland is a net importer of agricultural products, with a total value of agricultural exports of US$1.31 billion and imports worth US$2.3 billion in 1998.Since the decline of other agricultural production in the past decades, forestry is now the most significant contributor to agricultural production, with a turnover in 2001 of around FMk10 billion. Due to improvements in management and harvest techniques, Finland's timber reserves have increased by over 25 percent since the 1970s. Much of its forest production goes to its industrial sector to make paper products, while a significant percentage goes to create wood products like furniture as well. Finland produces 5 percent of global forestry goods, and its printing and writing paper exports are 25 percent of world production.Finland's fur industry dominates the world market for farm-raised foxes, accounting for over half of global fox pelt production in 1997 with revenues of US$2.55 million. Finnish mink furs also have a high reputation on international markets. Commercial fishing, once quite important to the economy, has gradually become less significant, currently accounting for only 0.1 percent of the GDP.

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The decline can be attributed to river pollution and dams built for hydroelectric works, which have adversely affected natural spawning habits.

MANUFACTURING OF FINLAND

-Mining and quarrying -Manufacturing - food, beverages, etc. - textiles, etc. - wood and wood products - pulp, paper, paper products - publishing and printing - chemicals, chemical products, etc. - non-metallic mineral products - basic metals - fabricated metal products - machinery and equipment - electrical and optical equipment - transport equipment - furniture - other manufacturing -Electricity, gas and water supply

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ENERGY POLICY The Ministry of Trade and Industry is responsible for the Government's energy policy. Energy policy is of exceptional importance, for Finland needs a lot of energy because of its cold climate and the structure of its industry, but has no fossil fuel energy resources, like oil or coal. It has thus done pioneering work on developing more efficient ways of using energy. Also, Finland refines oil for export (36 percent of chemical exports) and to cover domestic needs. The Finnish corporation Neste Oil has two oil refineries. Finland is connected to the Nordpool, the Nordic electricity market. Until the 1960s, Finnish energy policy relied on the electricity produced by hydropower stations and extensive decentralised use of wood for energy. Finland's 187,888 lakes do not lie much above sea level – less than 80 metres in the case of the two biggest lakes, Saimaa and Päijänne. Consequently, Finland has less hydropower capacity than Sweden or Norway.

TOURISM Tourism is an expanding industry in Finland and in recent years has become a significant aspect of its economy. In 2005, Finnish tourism grossed over €6.7 billion with a five percent increase from the previous year. Much of the sudden growth can be attributed to the globalisation and modernisation of the country as well as a rise in positive publicity and awareness. There are many attractions in Finland which attracted over 4 million visitors in 2005. The Finnish landscape is covered with thick pine forests, rolling hills and complemented with a labyrinth of lakes and inlets. Much of Finland is pristine and virgin as it contains 35 national parks from the Southern shores of the Gulf of Finland to the high fells of Lapland. It is also an urbanised region with many cultural events and activities. Commercial cruises between major coastal and port cities in the Baltic region, including Helsinki, Turku, Tallinn, Stockholm and Travemünde, play a significant role in the local tourism industry.

CULTURE Like the people, Finnish culture is indigenous and most prominently represented by the Finnish language. Throughout the area's prehistory and history, cultural contacts and influences have concurrently, or at varying times, come from all directions. As a result of 600 years of Swedish rule, Swedish cultural influences are still notable. Today, cultural influences from North America are prominent. Into the twenty-first century, many Finns have contacted cultures from distantly abroad, such as with those in Asia and Africa. Beyond tourism, Finnish youth in particular have been increasing their contact with peoples from outside Finland by travelling abroad to both work and study.

MEDIA AND COMMUNICATIONS 13

Finland is one of the most advanced information societies in the world. There are 200 newspapers; 320 popular magazines, 2,100 professional magazines and 67 commercial radio stations, with one nationwide, five national public service radio channels (three in Finnish, two in Swedish, one in Sami); digital radio has three channels. Four national analog television channels (two public service and two commercial) were fully replaced by five public service and three commercial digital television channels in September 1, 2007.

SPORTS Various sporting events are popular in Finland. Pesäpallo (reminiscent of baseball) is the national sport of Finland, although the most popular sports in Finland in terms of media coverage are Formula One, ice hockey and football. The Finnish national ice hockey team is considered one of the best in the world. During the past century there has been a rivalry in sporting between Finland and Sweden, mostly in ice hockey and athletics (Finland-Sweden athletics international). Jari Kurri and Teemu Selänne are the two Finnish-born ice hockey players to have scored 500 goals in their NHL careers. Football is also popular in Finland, though the national football team has never qualified for a finals tournament of the World Cup or the European Championships. Jari Litmanen and Sami Hyypiä are the most internationally renowned of the Finnish football players

LITERATURE Though Finnish written language could be said to exist since Mikael Agricola translated the New Testament into Finnish in the sixteenth century as a result of the Protestant Reformation, few notable works of literature were written until the nineteenth century, which saw the beginning of a Finnish national Romantic Movement. This prompted Elias Lönnrot to collect Finnish and Karelian folk poetry and arrange and publish them as Kalevala, the Finnish national epic. The era saw a rise of poets and novelists who wrote in Finnish, notably Aleksis Kivi and Eino Leino.

CENTRAL BANK OF FINLAND 14

TurkuThe Bank of Finland was established on March 1 in 1812 in the city of Turku by Alexander I of Russia.[2] In 1819 it was relocated to Helsinki. The Bank created and regulated the Finnish Markka until Finland adopted the Euro in 1999.

Functions and ownership The Bank of Finland is Finland’s central bank and a member of the European System of Central Banks. It is Finland's monetary authority, and is responsible for the country's currency supply and foreign exchange reserves. The Bank of Finland is owned by the Republic of Finland and governed by the Finnish Parliament, through the Parliamentary Supervisory Council and the Board of the bank. The Board is responsible for the administration of the bank, and the Parliamentary Supervisory Council for supervising the administration and activities of the bank and for other statutory tasks. The bank is governed under the provisions of the Act on the Bank of Finland, passed in 1998. The bank has regional offices in Helsinki-Vantaa, Kuopio, Tampere, Oulu, and Turku

MONETARY POLICY OF FINLAND

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The key objective of the Eurosystem's monetary policy is the maintenance of price stability throughout the euro area. The decisions relating to the policy are centralised, being taken by the Governing Council of the European Central Bank (ECB) and implemented at member country level by the individual national central banks. As a member of the ECB's Governing Council, the Governor of the Bank of Finland is therefore one of those deciding on the interest levels set for the euro area and at the same time for Finland, too. The Bank of Finland assesses the impact of the single monetary policy on the Finnish economy and takes it into account in the setting of domestic economic policy. The Bank publishes a macroeconomic forecast twice a year. The three main approaches taken by the Bank's research activities are the modelling of monetary policy, the future of the financial services sector and analyses of economies in transition (primarily China and Russia).

1- Financial markets and statistics 2- Banking operations 3- Maintenance of currency supply

MAIN FINNISH CORPORATIONS

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• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

Ahlstrom, pulp and paper Alma Media, media Amer Sports, sport Altia, state-owned corporation which produces and imports alcoholic drinks Atria, food BaseN, measurement services Benefon, mobile phones Biotie Therapies, biotechnology Cargotec, lifting solutions Elcoteq, electronics Elektrobit, electronics Elisa, telecommunications and services Enermet, energy metering and load management solutions Evia, marketing and communication services F-Secure, computer software Fazer, sweets and pastries Finlandia Vodka, part of the Brown-Forman Company, sells Altia's alcohol from Koskenkorva distillery Finnair, airline Finnlines, shipping company Finnsampo, engineering and consulting Fiskars, consumer products Fortum, energy Genelec, manufacturer of active loudspeaker systems Hesburger, fast-food Honkarakenne, log homes Huhtamäki, food packaging KCI Konecranes, lifting solutions Kemira, chemicals Kemira GrowHow, fertilizer Kemppi, welding equipment Kesko, retailing Kone, elevators and escalators Larox, industrial filters Lemminkäinen Group, asphalt M-real, paper Marimekko, fashion design Mecania Automation, Production technology Metso, paper and board manufacturing equipment, rock and mineral processing equipment, automation Mediatonic (previously Tuovinen Tuominen) , a media conglomerate of IT and media affiliated companies Myllykoski, paper Neste Oil, oil refining, distribution and engineering Nokia, telecommunications

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• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

Nokian Jalkineet (Nokian Footwear), boots Nokian Renkaat (Nokian Tyres), tires Nordea, finance Nordkalk, minerals OMX, stock exchange Outokumpu, mining, stainless steel manufacturing Patria, military technology Pohjola, insurance Polar Electro, heart rate monitors Pohjolan Voima, energy, a biggest shareholder is UPM Pöyry, consulting and engineering Pretax Group, financial administration Raisio Yhtymä, food Rapala, sporting goods Rautaruukki, steel products Remedy Entertainment, video game design Sampo, bank and insurance SanomaWSOY, books and magazines Saunalahti, telecommunication Stockmann, retailing Stora Enso, paper Sulake, online media Suunto, navigational products and sports watches Technopolis, operating environments for high tech companies TeliaSonera, telecommunications Tieto, IT, consulting Umbra Software, video game middleware UPM-Kymmene, paper Uponor, housing and environmental technology Vacon, frequency converters Vaisala, electronic measurement systems Valmet, automotives Viking Line, shipping company VR, railway transport Wärtsilä, ship power YLE, public broadcasts Ålandsbanken, finance

Major imports of Finland 18

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Electrical and optical equipment Machinery Transport equipment Paper and pulp Chemicals Basic metals Timber

Major exports of Finland • • • • • • • • •

Foodstuffs Petroleum Petroleum products Chemicals Transport equipment Iron and steel Machinery Textile yarn and fabrics Grains

References:

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 www.ciafactbook.com  www.wikipedia.org.com  www.google.com.pk

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