DYNAMICS OF FOREIGN TRADE OF THE NORDIC COUNTRIES

Abstract

The article aims to identify the main trends in the development of international trade in the Nordic Countries (Sweden, Norway, Denmark and Finland) over the past decade. To achieve it, the author sets three interrelated tasks. The first is to trace the general dynamics of exports and imports of goods, to identify common and special features. The second task is to determine how the COVID-19 pandemic has affected commodity flows and the state of the trade balance. The third task is to analyze the state and dynamics of the foreign trade of these countries with China, which has significantly increased its share in world trade over the past decade. A comparison of the developments that have arisen in the entire international trade of the Nordic countries and in their trade with China may be of considerable research and practical interest. Based on the analysis, it was found that before the coronacrisis, all of Nordic Countries had a steady increase in the cost of imports except Finland, which is most dependent on Russia in this regard. The cost of exports grew more slowly in these countries, and in Norway, as a result of falling energy resource prices, it decreased significantly. The coronacrisis hit all the countries of Northern Europe, but Finland’s foreign trade suffered the most. The volume of trade with China in these countries has increased over the period under review. Even in 2020, there was an increase in almost all indicators. At the same time, the cost of exports to China grew faster than the cost of imports (with the exception of Finland). But the trade balance still remained negative for everyone except Sweden.