Finland: Tractor Market 2024

Tractor Market Size in Finland

The Finnish tractor market soared to $X in 2022, picking up by 19% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Tractor consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Tractor Production in Finland

In value terms, tractor production declined to $X in 2022 estimated in export price. In general, production, however, recorded a notable increase. The most prominent rate of growth was recorded in 2015 with an increase of 134%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports from Finland

In 2022, overseas shipments of tractors decreased by -17.5% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, total exports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 17%. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, tractor exports amounted to $X in 2022. In general, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +30.8% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 28%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Norway (X units), Sweden (X units) and Germany (X units) were the main destinations of tractor exports from Finland, together accounting for 19% of total exports. These countries were followed by France, the UK, Poland, Italy, Estonia, Belgium, Austria, Spain, the Netherlands and Denmark, which together accounted for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +29.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tractor exported from Finland were France ($X), Germany ($X) and the UK ($X), together comprising 20% of total exports. Sweden, Poland, Norway, Italy, Austria, Spain, Denmark, the Netherlands, Estonia and Belgium lagged somewhat behind, together comprising a further 21%.

Among the main countries of destination, Belgium, with a CAGR of +34.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, with an increase of 32% against the previous year. Overall, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tractor export price increased by +49.9% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per unit), while the average price for exports to Norway ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Finland

Tractor imports into Finland dropped to X units in 2022, waning by -3.1% compared with the year before. Over the period under review, imports showed a mild setback. The growth pace was the most rapid in 2021 when imports increased by 45% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, tractor imports contracted to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 22%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Mexico (X units) constituted the largest tractor supplier to Finland, accounting for a 27% share of total imports. Moreover, tractor imports from Mexico exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume from Mexico amounted to +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.4% per year) and Taiwan (Chinese) (+7.2% per year).

In value terms, the largest tractor suppliers to Finland were Mexico ($X), Germany ($X) and Sweden ($X), together accounting for 28% of total imports. Italy, China, Taiwan (Chinese), the United States and India lagged somewhat behind, together accounting for a further 9.4%.

In terms of the main suppliers, India, with a CAGR of +61.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average tractor import price stood at $X per unit in 2022, falling by -2.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 31% against the previous year. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+18.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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