Exports of Finnish health technology grew to over €2.1 billion in 2016 - Growth of 9.7% in product exports
The value of Finland’s exports of health technology products rose to €2.11 billion in 2016, an increase of 9.7% over the prior year. Imports of health technology products rose 8.0% to €1.10 billion. The net trade balance exceeded €1 billion for the first time in 2016. Health technology is still a significant export segment of high-tech of Finnish industry.
In health technology, Finland has achieved long-term export growth while generating significant, and growing, trade surpluses. A twenty-year analysis, including the years prior to adoption of the euro, shows average growth in the value of health technology exports of 6.2%. Over the last two decades, the value of exports has increased more than five-fold and the net trade surplus has increased ten-fold.
The biggest contributor to the net €1.0 billion trade surplus in 2016 continued to be Finland’s traditionally strong Medical Equipment segment, which contributed nearly 90% of the net total. Exports of Medical Equipment rose 11.8% to €1,350 million.
The second biggest contributor was the In Vitro Diagnostics segment, comprising both diagnostic reagents and equipment. In 2016, exports in the In Vitro Diagnostics segment rose 4.1% overall to €526 million.
The segment made a positive contribution of €222 million to Finland’s balance of trade in 2016.
Exports to the USA grew strongly, up 23% to €841 million, accounting for 39.9% of all health technology exports. Net exports to Europe (EU and EFTA countries) were essentially unchanged at €680 million in 2016 and made 32.3% of all exports. Exports to China, including Hong Kong, also grew strongly, and were up 19% to €177 million. China is now the second largest country destination, accounting for 7.7% of exports.
Saara Hassinen, CEO, Healthtech Finland
Tel +358 40 531 1661, email@example.com
Twitter @saarahassinen and @HealthtechFi