Export companies are typically more growth-oriented than companies in general, and they seek growth in new markets for expansion rather than for individual reasons. However, in export deals, companies take significant risks that can lead to credit losses large enough to jeopardize their operations. In some cases, companies have lost more than €100,000 in a single deal. These findings come from a survey conducted by Finnvera, the Finland Chamber of Commerce, and the International Chamber of Commerce (ICC). The survey was carried out in May and received responses from over 300 exporting companies of various sizes.
The study shows that few companies prepare for the possibility that a buyer might fail to pay. Many respondents believe that potential credit losses could endanger their business for a long period, and the fear of losses may even prevent them from starting export operations. Nevertheless, few companies insure their exports through tools such as credit insurance.
Over the past two years, 21% of respondents have incurred credit losses in export trade. Finnvera’s Executive Vice President for Finance, Otto Lindstedt, points out that such losses could be prevented with insurance. He adds that the use of all forms of export protection has declined compared to a similar survey conducted six years ago. According to Lindstedt, it is positive that companies have a strong desire to grow through exports, but they are taking unreasonable risks.
Many respondents believe that global economic uncertainty and the threat of trade wars have made exporting more difficult. In addition, the slowdown in Finland’s economic growth has reduced many companies’ willingness to engage in new export projects. Nevertheless, about half of the companies surveyed plan to enter new markets to achieve growth. Companies in the industrial and trade sectors, as well as smaller firms in terms of turnover, are the most active in seeking new markets—indicating a lack of confidence in domestic growth potential.
Buyer Financing Is Underutilized
The majority of survey respondents sell their products abroad with advance payment. While a common global practice in exports is for the exporting company to offer the buyer a financing solution alongside the product, few Finnish companies are familiar with this option or have used buyer credits from Finnvera or banks. Deals may even fall through if the buyer cannot secure financing or receives a better financing offer from another exporter.
Lindstedt notes that “especially among strongly growth-oriented companies, important export deals have fallen through over the past year due to financing or credit risk management issues, with the most common reason being that the buyer could not arrange financing.”
Päivi Pohjanheimo, Director of International Affairs at the Finland Chamber of Commerce and ICC Finland Country Manager, says that strengthening financing know-how in exporting companies would be a key factor in supporting Finland’s international competitiveness. She points out that in some companies, this skills gap is already recognized, and half of the strongly growth-oriented companies consider training in export financing necessary.
Little Change in the Structure of Finnish Exports in Six Years
The May survey was a follow-up to export financing studies conducted in 2019 and 2018. Most respondents are SMEs, but some have an annual turnover exceeding €300 million.
Finnish exports have changed little in recent years. For 45% of respondents, exports account for at least half of total turnover. For 44%, the annual value of export turnover is under €2 million, and for more than half, the average value of a single standard export deal is under €100,000.
Pohjanheimo highlights that the clearest change in the export structure has been the growth of service exports, which now make up nearly a quarter of total exports. She explains that “this shows that a growing share of, for example, engineering workshop exports now consists of services related to the product. Of course, new export sectors have also emerged, such as IT services and software.”
Export Companies Struggle with Uncertainty and Financing Risks – Survey Also Reveals New Opportunities
The 2025 survey highlighted several current concerns and opportunities in exports. Global economic uncertainty has hindered exports significantly more than in 2019—51% now fully or partly agree that deals have been canceled or postponed, compared to 25% in 2019. The slowdown in Finland’s rapid economic growth has also reduced the willingness to pursue new export projects and related investments—17% of respondents share this view (8% in 2019).
However, some companies see new opportunities. Reconstruction in Ukraine is seen as a growth potential by 32%, and the increase in defense spending is creating export opportunities for 20%. Responsibility is more often seen as an opportunity than a restriction, with 40% saying it creates more trade opportunities than obligations.
Financing-related risks remain a real concern for many. Just over half (54%) believe that a deal may collapse due to a lack of financing. Nearly as many (49%) say that a credit loss could endanger the company’s operations for a long time. In total, 26% view the risk of non-payment as the greatest barrier to starting exports. Opinions on the benefits of credit insurance are mixed: 36% (2019: 43%) fully or partly agree that credit insurance helps with payment delays and debt collection, but as many as 31% (2019: 22%) are unsure.