With 89 years of formal diplomatic relations, Mexico and Finland have been building a constructive alliance forged by economic and cultural exchanges and driven by shared values. Today, Mexico is Finland’s second-largest trade partner in Latin America, with a total bilateral trade value that reached US$855 million in 2024.

The Treaty of Friendship Between Mexico and Finland, signed on Oct. 2, 1936, in Washington D.C., marked the first step of the to-date 89-year-long relationship between both countries, which was consolidated just three years later, when Mexico expressed its political and moral support toward Finland at the League of Nations when the Soviet Union invaded Finnish territory. 

Today, Mexico is Finland’s second trade partner in Latin America. According to Heidi Virta, Director, Business Finland, Latin America hosts over 220 Finnish subsidiaries, with Mexico hosting 40. 

In 2024, Mexico-Finland trade totaled US$855 million, with Mexico exporting US$125 million and importing US$730 million, resulting in a trade deficit of US$605 million in favor of Finland. 

Mexico's main export to Finland was motor vehicles for the transport of goods, with sales totaling US$25.7 million. The main states of origin for these sales were Chihuahua, Jalisco, and Mexico City. On the other hand, Mexico's primary import from Finland was coated paper and cardboard, valued at US$104 million. The main destinations for these Finnish goods were Mexico City, Jalisco, and San Luis Potosi.

Export and Business Opportunities

While coated paper and cardboard were the main products Mexico imported from Finland in 2024, an analysis by segment shows a different picture. According to the Ministry of Economy’s (SE) data, the industrial category of machinery was the dominant sector, with total imports from Finland in this segment reaching a value of US$273 million. The main subproducts traded within that category were machinery and mechanical appliances, representing 3.16% of total imports, followed by power transformers at 2.6%, and machinery for grading, leveling, and tamping.

Furthermore, Virta notes that several emerging sectors in Mexico present significant opportunities for Finnish expertise and collaboration. In the energy sector, Mexico's focus on renewables, biofuels, and hydrogen aligns with Finland's strengths in clean technologies. The mining industry also offers opportunities for Finnish companies to implement sustainable practices, such as mineral recovery from tailings and the use of green hydrogen. In manufacturing and retail, Finnish proficiency in supply chain optimization can meet the growing demand for operational efficiency driven by e-commerce. Finally, with Mexico's new commitment to a circular economy, Finland's advanced knowledge in waste management and recycling, where nearly all waste is repurposed, presents a major area for partnership.

Finnish Context, Growth Expectations

Finland, which has been consistently ranked as the happiest in the world for several consecutive years according to the UN World Happiness Report, is a parliamentary republic and an EU member, using the Euro as its currency. With a population of approximately 5.6 million, the majority of whom live in the capital city of Helsinki, Finland has a highly industrialized, export-driven economy. Finland is also a member of the North Atlantic Treaty Organization (NATO). Finland is well-known for offering world-class expertise in sectors like cleantech, forestry, metal and machinery manufacturing, ICT industry and services, and health and well-being.

In 2024, Finland’s GDP accounted for US$299.84 billion, registering a 0.2% decrease. However, GDP is expected to grow by 1% and 1.3% in 2025 and 2026, respectively. Finland ranks ninth in EU in terms of GDP per capita with €40,700 (US$46,482.94), above the EU’s average of €37,600. The country accounts for 1.6% of the European Union's total GDP. 

Finland points out that one of the key challenges for growth in the near term is the tense trade environment dominated by tariffs, as its key export markets will slow down their growth pace. “During the past few years, the United States has been one of Finland’s most important trading partners, but US import demand has fallen due to the increase in tariffs. The trade war will erode Finland’s external demand from countries outside the euro area, especially in 2025 and 2026,” reads a Finland Bank report.