The chemical industry has become Finland's largest exporter. The chemical industry accounted for 19 per cent of Finland's exports of goods last year. However, there is an explanation for this.

- The increase in the export share reflects a generally weaker situation than the chemical industry's own growth. The weakening of international demand and labor disturbances, which began already in the autumn, are particularly visible in the figures for the rest of the year, says Mika Aalto, President of the Chemical Industry Association.

The chemical industry's goods exports reached 12.4 billion last year. However, in October-December, exports of chemical products increased only by one per cent. For the whole of last year, exports in this sector grew by a modest 0.7 per cent on the previous year.

The outlook for the first half of the year is bleak and industry expectations are frosty. This is due to the oil price collapse and the coronavirus, which will weaken the first half figures.

- The biggest hit from the coronavirus hasn't been seen yet. Even before the koruna spreads and oil prices plummet, chemical companies expect the business outlook to be clearly downward, Aalto says.

The bright spot is investment. Investment in the chemical industry grew markedly last year, according to a survey by the Confederation of Finnish Industries EK, reaching 1.6 billion. Growth is expected to continue this year.

R&D investment is also expected to reach a new record level of almost € 600 million.

Source from tellerreport