The share of the developing countries in Finnish foreign trade
Patel, Dolat (01.04.1966)
JulkaisusarjaSuomen Pankki. D
JulkaisijaBank of Finland
Julkaisun pysyvä osoite onhttps://urn.fi/URN:NBN:fi:bof-201808061896
At a time when international discussions on trade and development are devoting increasing attention to the expansion of trade with the developing countries, it seems timely for Finland to examine the pattern of her trade with the developing countries and to consider the possible positive steps towards boosting trade in directions other than the traditional markets.This is becoming vitally important in view of other factors as well, as for example, the Economic Council forecast contained in the Report on Growth Policy, according to which the average rate of growth of exports is likely to decline from 7.1 per cent between 1954-1962 to 4.5 per cent between 1962-1967. In this paper an attempt has been made to study the pattern and structure of Finnish foreign trade with the developing countries over the period 1954-1965.The examination of both import and export trends has revealed that the share of the developing countries in total imports and total exports has been steadily decreasing during the last decade.To begin with trends in imports are surveyed and the reasons explaining the small share of the developing countries in total imports are considered, followed by an analysis of exports and the factors responsible for the small proportion of total exports to the developing countries.Finally, the extent to which it would be possible to expand trade is discussed.The trends are surveyed in terms of a comparison of developments in the major trading areas, since such a comparison should serve to indicate the relative significance and the shifting emphasis of these areas in Finland's trade. The trends may be meaningfully explained in terms of the three distinct phases in Finnish foreign trade: 1954-1957, when import licensing and bilateral trade were the dominant features; 1958-1960, the move towards greater liberalisation; and 1961-1965, the years during which trade with the EFTA countries assumed increasing importance.