In 2017, FinnishNews reported that the Finnish trade balance is improving, but still needs more exports:
“The 2017 figures from the Finnish Customs showed a continued improvement in the trade balance and economic growth also appears to show a continued improving trend over the summer months. We are not out of the woods yet but at least the private sector is clearly moving into a higher gear.”
Now the latest monthly figures for 2019 show that not much has happened and that exports are still in the dumps, or should we say, “still in the docks” and waiting to grow.
Your correspondent wrote a public report for the Finnish government last year showing that Germany and Sweden are supporting exports in a more robust manner and that improvements are needed. The report out lines three main recommendations plus another dozen other less important recommendations to strengthen Finnish efforts in these global markets.
Here are the three main proposals:
“Finnvera’s standing as a Promotional Bank and Finland’s export performance need to be on par with Sweden and Germany.
Three proposals are made in this report to achieve the above:
1. The laws relating to Finnvera must be unified and clarified to ensure that its status and mandate from the Finnish government as a Promotional Bank is as strong as the similar organizations Germany and Sweden.
2. It is recommended that the management of the CIRR-system be centralized in Finnvera, while the financial accountability of the State remains.
3. Finnvera already has many successful training and information programs for SME’s, but more intensive and focused marketing and training to stimulate SME growth and export growth by SME’s, as well as new approaches in working with other partners who train, support, invest and finance with SME sector to achieve these goals.”
We must be on an equal footing with our two main competitors! You can read the whole report on this link:
Graph: Finnish Customs