Strong demand for Finnish health technology products led to record exports totaling EUR 1.8 billion in 2014, an increase of 8.3 percent. Imports rose at a slower rate, but still posted another record trade surplus of EUR 829 million, up 10.7 percent.
Health technology is the largest high-tech export segment in Finnish industry, representing 47 percent of Finland’s overall high-tech product exports, a total of EUR 3.8 billion in 2014, according to a report from Healthtech Finland. Finland enjoys a large trade surplus in all health technology product segments except medical implants.
The net growth of 8.3 percent in health technology exports was mainly due to 10.3 percent growth in exports of medical equipment, in particular electromedical equipment, and 6.4 percent growth in exports of diagnostic reagents and equipment. Exports of less R&D-intensive products, such as hospital beds and sterilization equipment, declined by 17 percent, the report notes.
In health technology, Finland has achieved long-term export growth while generating significant and growing trade surpluses. The average growth over the five-year period from 2009-2014 was 8.5 percent.
Since many of the world’s leading health technology manufacturing companies are US-owned or integrated into the supply chains of US companies, global trade in health technology is predominantly referenced to the value of US dollar. Although the euro-dollar exchange rate was extremely volatile during 2014, the overall net effect on trade statistics was likely negligible since the average euro-dollar exchange rate was essentially unchanged compared to 2013, Healthtech Finland reports.
Source: Healthtech Finland