2. Nordic imports of intermediate goods

Nordic economies rely substantially on the importation of intermediate goods, a necessity given that small countries cannot domestically produce all required inputs. On average, these inputs account for a significant portion of the region's total goods imports. Finland exhibits the highest dependency on these imports, whereas Denmark and Iceland show the lowest regional reliance. European partners, both the immediate Nordic neighbors and the wider European continent, are the primary suppliers for all five countries, highlighting deep regional integration in value chains.

Trade within the Nordic region is the second most important source of inputs. Major global powers like the US and China play a smaller, supporting role in supplying intermediate goods. Energy-related products like crude oil are dominant imports for Denmark, Finland, and Sweden. Notably, Norway, being a significant energy producer itself, imports considerably fewer energy-related intermediate goods compared to its neighbors.

2.1 Intermediate goods’ imports in Nordics

Nordic companies utilize a significant volume of imported materials, components, and other inputs in their manufacturing processes. These materials and semi-finished products –defined as intermediate goods – serve as inputs for the production of further goods or services. This report focuses exclusively on these intermediate goods, excluding final goods that have completed the production cycle and are ready for consumption or investment. To identify intermediate goods, we utilize BEC (Broad Economic Categories) classification.

In the Nordic countries, intermediate goods account for, on average, 47% of the total goods’ imports. The share of intermediate goods is highest in Finland (57%) and the lowest in Denmark and Iceland (42%).

Figure 2.1 Share of intermediate products in total imports of goods, % (2024)

Imports themselves are not inherently a cause for concern, quite the opposite, in fact. It is practically impossible for small Nordic countries – or in fact any country – to produce all necessary intermediate products domestically.

Thus, it is natural and economically efficient to import intermediate goods from elsewhere. In the current era of heightened geopolitical tensions, however, the critical question is less about the necessity of imports and more about the specific source regions or countries from which those goods originate.

Next, we consider from which countries or regions the Nordic countries import intermediate goods.

Figure 2.2 Nordic countries import of Intermediate goods by regions/countries, % (2024)

Note: Due to rounding errors, the numbers may not necessarily total 100%. Regions are defined in Appendix.

The analysis of intermediate goods imports by Nordic countries reveals a strong, primary reliance on European partners (excluding Nordic countries) and, secondarily, significant trade within the Nordic region itself. Imports from major non-European economies, while present, play a smaller role in supplying the necessary intermediate inputs (Figure 2.2).

Trade within the Nordic region serves as the second most important source for all five Nordic countries, underscoring the importance of regional supply chains. However, almost four-fifths of imported intermediate products originate from outside the Nordic countries, leaving the Nordic share at an average of 21%. In Finland, the Nordic share is the highest at 23.4%, while in Denmark it is the lowest at 18.4%. In this respect, the differences between the Nordic countries appear to be rather small.

The role of China and the US as sourcing countries varies between Nordics. Nordic countries import, on average, 7.1% of intermediate goods from the US, peaking in Denmark at 10.1% and Norway at 8.6%. For Iceland and Sweden, the share drops to a low of 4.9%. China's share is also moderate and relatively consistent, ranging from 8.4% for Denmark to a low of 5.0% for Sweden.

Next, we present more detailed figures for each Nordic country regarding the imports.

2.2 Country-Level analysis regarding imports of intermediate goods

2.2.1 Denmark

The role of intermediate goods in total imports

In 2024, the Danish import of intermediate goods amounted to EUR 41.5 billion accounting for 42% of the total import of goods. During the past few years, the share has slightly decreased.

Year	The total imports of goods, billion euros	Imports of intermediate goods, billion euros	Share of intermediate goods, %
2022	114.2	53.8	47.2%
2023	99.8	43.1	43.2%
2024	99.4	41.5	41.2%

Table 2.2.1 Denmark’s total imports and imports of intermediate goods

Sourcing regions

Of Denmark's imports of intermediate goods, which amounted to EUR 41.5 billion in 2024, 18.4% were imported from other Nordic countries and a further 52.5% from other European countries. Thus, as much as 70.9% of all intermediate goods were imported from Europe. (Figure 2.2.1).

BRICS+ stood for 11.2% of which China represented the majority (8.1 percentage points). 10.1% of the imported intermediate goods came from the US. The remaining part (7.8%) was imported the rest of the world.

Figure 2.2.1 Geographic distribution of Denmark's intermediate goods’ imports (2024)

Of the total Nordic import of intermediate goods EUR 7.6 billion, the majority came from Sweden (48.2%) and Norway (41.9%), while Finland and Iceland represented 9.5% and 0.5%, respectively.

Top 10 imported intermediate goods

We proceed by analyzing in terms of the value the most important intermediate goods that Denmark imports (Table 2.2.2). In Denmark, the Top 10 imported intermediate goods amounted to EUR 8.3 billion in 2024, corresponding to 19.9% of total imports of intermediate goods in 2024.

Table 2.2.2 Top 10 imported intermediate goods. Denmark (2024)

Product code (HS)	Product category	Import value, EUR million	Share of total intermediate goods’ imports
270900	Petroleum oils and oils obtained from bituminous minerals, crude	2,625	6.3%
2716	Electrical energy	1,216	2.9%
300215	Immunological products	747	1.8%
293719	Polypeptide hormones, protein hormones and glycoprotein hormones	616	1.5%
760120	Unwrought aluminium alloys	581	1.4%
2304	Oilcake and other solid residues, from the extraction of soya-bean oil	539	1.3%
440131	Wood pellets	509	1.2%
732690	Articles of iron or steel, n.e.s.	490	1.2%
270799	Oils and other products of the distillation of high temperature coal tars	486	1.2%
848180	Appliances for pipes, boiler shells, tanks, vats or the like	472	1.1%
Total		8,281	19.9%

Note: Top 10 intermediate goods based on the value of imports, 2024.

We also analyzed from which regions these Top 10 goods were imported. In turned out that the other Nordic countries accounted for 26.3% and the other European countries for 28.7% of the Top 10 imported intermediate goods. The import from US accounted for 32.7%, China 2.6% and the other BRICS+ 3.0% and RoW 6.8%.

2.2.2 Finland

The role of intermediate goods in total imports

In 2024, the total Finnish import of intermediate goods amounted to EUR 40.1 billion accounting for 56.9% of the total import of goods.

Year	The total imports of goods, billion euros	Imports of intermediate goods, billion euros	Share of intermediate goods, %
2022	89.3	55.8	62.5%
2023	73.0	41.7	57.1%
2024	70.5	40.1	56.9%

Table 2.2.3 Finland’s total imports and imports of intermediate goods

Sourcing regions

Finland's imports of intermediate goods are dominated by Europe, establishing a clear regional focus in its value chains. The largest single source is Other European countries, accounting for 45.5% of the total imports. This is closely followed by the Other Nordic countries at 23.4%, highlighting the significance of intra-regional trade. Combined, the European regions supply nearly seven out of every ten imported intermediate inputs (Figure 2.2.2).

Figure 2.2.2 Geographic distribution of Finland’s intermediate goods imports (2024)

Outside of Europe, the Rest of the World (RoW) makes up the most significant portion at 11.5%. Global powers like China (7.7%) and the US (6.8%) contribute a relatively modest and similar share. Finally, the Other BRIC+ countries represent the smallest category, providing only 5.0% of Finland's intermediate goods. Overall, the analysis underscores Finland's high reliance on its immediate European neighborhood for value chain inputs (Figure 2.2.2).

Finnish companies imported intermediate goods valued at 9.4 billion EUR from other Nordic countries in 2024. More than half (52.9%) that import came from Norway and close to 40% from Sweden, while Denmark and Iceland represented smaller shares (7.4% and 0.1%, respectively).

Top 10 imported intermediate goods

We proceed by analyzing in terms of the value the most important intermediate goods that Finland imports (Table 2.4). In Finland, the Top 10 imported intermediate goods amounted to EUR 12 billion in 2024. These 10 most imported intermediate goods accounted close to 30% of the total imports of intermediate goods in 2024.

Table 2.2.4 Top 10 imported intermediate goods. Finland (2024)

Product code (HS)	Product category	Import value, EUR million	Share of total intermediate goods’ imports
270900	Petroleum oils and oils obtained from bituminous minerals, crude	5,035	12.6%
720421	Waste and scrap of stainless steel (excl. radioactive, and batteries’ waste etc.)	1,221	3.0%
850760	Lithium-ion accumulators (excl. spent)	1,167	2.9%
2603	Copper ores and concentrates	984	2.5%
271111	Natural gas, liquefied	826	2.1%
750110	Nickel mattes	636	1.6%
841112	Turbojets of a thrust > 25 kN	582	1.5%
2608	Zinc ores and concentrates	566	1.4%
730890	Structures and parts of structures, of iron or steel, n.e.s. (excl. bridges etc.)	493	1.2%
7402	Copper, unrefined; copper anodes for electrolytic refining	461	1.1%
Total		11,970	29.8%

Note: Top 10 intermediate goods based on the value of imports, 2024.

2.2.3 Iceland

The role of intermediate goods in total imports

Iceland's total imports remained relatively stable between 2022 and 2024, slightly decreasing from EUR 9.2 billion in 2022 to 8.7 in 2023, before rebounding to 9.1 in 2024 (Table 2.2.5).

Year	The total imports of goods, billion euros	Imports of intermediate goods, billion euros	Share of intermediate goods, %
2022	9.2	3.8	41.2%
2023	8.7	3.6	41.0%
2024	9.1	3.8	42.1%

Table 2.2.5 Iceland’s total imports and imports of intermediate goods

Correspondingly, imports of intermediate goods followed a similar trend, dropping from 3.8 to 3.6 before returning to 3.8 by 2024. Consequently, the share of intermediate goods as a percentage of total imports remained consistently high, hovering around 41% to 42% throughout the period, indicating that intermediate goods constitute a substantial and steady portion of Iceland's total import basket.

Sourcing regions

Iceland's intermediate goods imports show a clear European and regional focus, but with a notable diversity in its non-European sourcing (Figure 2.2.3).

Figure 2.2.3 Geographic distribution of Iceland’s intermediate goods imports (2024)

The primary source for these goods is Other European countries, which account for 39.8% of the total imports. The other Nordic countries follow as the second largest source, supplying a substantial 21.3%, underscoring the importance of regional trade partnerships (Figure 2.2.3).

When looking outside of Europe, the Rest of the World (RoW) represents a significant import source at 16.9%, indicating varied global supply chains. This is followed by the Other BRIC+ category, which provides 8.9% of the imports, making it a more important partner for Iceland than it is for other Nordic nations. China is the fifth largest source at 8.2%. In contrast, imports from the US are the smallest share among all listed categories, contributing only 4.9% of the intermediate goods.

Overall, Iceland's supply structure is heavily European-oriented, yet it demonstrates a comparatively higher reliance on diverse Rest of World and developing economies than its Nordic peers.

In 2024, EUR 0.8 billion of intermediate goods were sourced by Icelandic companies from other Nordic countries. More than half (50.3%) of these imports came from Norway, a quarter (24.9%) from Denmark and close to one fifth (18.7%) from Sweden. Finland is less important in this respect, as only 6.1% of intermediate goods imports came from Finland.

Top 10 imported intermediate goods

In Iceland, the Top 10 imported intermediate goods amounted to EUR 1.5 billion in 2024. These 10 most imported intermediate goods accounted for slightly more than 40% of the total imports of intermediate goods in 2024.

Table 2.2.6 Top 10 imported intermediate goods. Iceland (2024)

Product code (HS)	Product category	Import value, EUR million	Share of total intermediate goods’ imports
281820	Aluminium oxide (excl. artificial corundum)	675	17.6%
854511	Electrodes of graphite or other carbon, for electric furnaces	217	5.7%
230990	Preparations of a kind used in animal feeding (excl. dog or cat food put up for retail sale)	166	4.3%
854519	Electrodes of graphite or other carbon, for electrical purposes (excl. for furnaces)	163	4.2%
150420	Fats and oils of fish and their fractions (excl. liver oils and chemically modified)	68	1.8%
730890	Structures and parts of structures, of iron or steel, n.e.s. (excl. bridges etc.)	66	1.7%
841112	Turbojets of a thrust > 25 kN	61	1.6%
880730	Parts of aeroplanes, helicopters or unmanned aircraft, n.e.s. (excl. those for gliders)	45	1.2%
382600	Biodiesel and mixtures thereof	39	1.0%
051191	Products of fish or crustaceans, molluscs or other aquatic invertebrates; dead fish etc.	38	1.0%
Total		1,537	40.1%

Note: Top 10 intermediate goods based on the value of imports, 2024.

In Iceland, energy-related intermediate goods belonging to the top 10 group account for 1 per cent of Iceland's total intermediate goods imports. The reason being mainly that in Icelandic economy at least 66% of all consumed energy comes from renewable natural resources and secondly, the energy-related products imported are imported as final goods.

2.2.4 Norway

The role of intermediate goods in total imports

Norway's total imports experienced a significant drop from EUR 102.1 billion in 2022 to 92.1 in 2023, followed by a slight recovery to 93.6 in 2024. These swings can largely be attributed to fluctuations in the NOK-EUR exchange rate. Actually, in NOK, the total value of imports was higher in 2024 than in 2022.The value of intermediate goods imports followed a similar trajectory, decreasing from EUR 48.1 billion to 42.0 before stabilizing at 42.1 by 2024 (Table 2.2.7).

Year	The total imports of goods, billion euros	Imports of intermediate goods, billion euros	Share of intermediate goods, %
2022	102.1	48.1	47.1%
2023	92.1	42.0	45.6%
2024	93.6	42.1	45.0%

Table 2.2.7 Norway’s total imports and imports of intermediate goods

Despite these fluctuations in absolute value, the share of intermediate goods as a proportion of total imports remained remarkably steady, around 46–47% throughout the three-year period, indicating that these goods consistently form almost half of Norway's entire import basket.

Sourcing regions

Norway's sourcing of intermediate goods is heavily concentrated in Europe, although it shows significant reliance on diverse global partners as well (Figure 2.2.4). The largest source is Other European countries, which supply 41.3% of the total intermediate imports. The Other Nordic countries follow as the second-most important source, contributing approximately 20%, emphasizing the strong regional supply links.

Figure 2.2.4 Geographic distribution of Norway's intermediate goods imports (2024)

Together, the European regions account for nearly two-thirds (61.9%) of Norway's total intermediate goods imports. The Rest of the World (RoW) represents the third largest single category at 15.8%, indicating a substantial set of diverse global supply chains outside the main blocs.

Among the major global economies, The US is the largest source at 8.6%. Both China and the Other BRIC+ countries contribute an equal share of 6.8% each. This distribution highlights a supply profile that is European-centric while maintaining strong, varied connections to the broader global market.

In 2024, Norway imported intermediate goods from other Nordic countries worth 8.7 billion euros. Clearly more than half (56.9%) of these imports came from Sweden. Denmark is the second most important with 21.8%, while the roles of Finland (16.7%) and Iceland (3.5%) are smaller.

Top 10 imported intermediate goods

In Norway, the 10 most important products account for almost a fifth of Norway's total intermediate goods imports. In 2024, the total import value of these 10 most important products was €8.3 billion (Table 2.2.8).

Table 2.2.8 Top 10 imported intermediate goods. Norway (2024)

Product code (HS)	Product category	Import value, EUR million	Share of total intermediate goods’ imports
750110	Nickel mattes	1,853	4.4%
281820	Aluminium oxide (excl. artificial corundum)	1,120	2.7%
730890	Structures and parts of structures, of iron or steel, n.e.s. (excl. bridges etc.)	953	2.3%
150420	Fats and oils of fish and their fractions, whether or not refined (excl. liver oils etc.)	944	2.2%
230990	Preparations of a kind used in animal feeding (excl. dog or cat food put up for retail sale)	656	1.6%
270900	Petroleum oils and oils obtained from bituminous minerals, crude	666	1.6%
732690	Articles of iron or steel, n.e.s. (excl. cast articles or articles of iron or steel wire)	561	1.3%
848180	Appliances for pipes, boiler shells, tanks, vats or the like (excl. pressure-reducing valves etc.)	538	1.3%
843143	Parts for boring or sinking machinery of subheading 8430.41 or 8430.49, n.e.s.	528	1.3%
760110	Aluminium, not alloyed, unwrought	453	1.1%
Total		8,275	19.7%

Note: Top 10 intermediate goods based on the value of imports, 2024.

Since Norway is itself a significant producer of energy products, it does not need to import these products as much. In contrast, in Finland and Sweden, energy-related imports are considerably greater than in Norway.

2.2.5 Sweden

The role of intermediate goods in total imports

Sweden's total imports dropped from EUR 181.5 billion in 2022 to EUR 167.9 billion in 2023. Sweden’s imports dropped further in 2024 to EUR 164.5 billion (table 2.2.9). The drop was mainly caused by a decline of the exchange rate of the Swedish currency.

Year	The total imports of goods, billion euros	Imports of intermediate goods, billion euros	Share of intermediate goods, %
2022	181.5	91.8	50.6%
2023	167.9	81.9	48.7%
2024	164.5	80.6	50.1%

Table 2.2.9 Sweden’s total imports and imports of intermediate goods

The share of intermediate goods imports out of total imports remained largely unchanged during the period. In 2022 intermediate goods made up 50.6% of total imports and in 2024 the share stood at 50.1% after having fallen to 48.7% in 2023.

Sourcing regions

Sweden's sourcing of intermediate goods is characterized by an exceptionally high concentration in Europe, with a smaller reliance on major global partners (Figure 2.2.5).

Figure 2.2.5 Geographic distribution of Sweden's intermediate goods imports (2024)

The Other European countries are the overwhelmingly dominant source, supplying 56.1% of all imported intermediate goods – the highest share among the Nordic nations. The Other Nordic countries follow as the second most important source, contributing a significant 23.1% of the imports. Together, Europe account for nearly four-fifths (79.2%) of Sweden's total intermediate goods imports, demonstrating deep regional integration.

The Rest of the World (RoW) makes up the next largest share at 8.8%. Imports from the major global economies are notably small: China contributes only 4.9%, while the US supplies a marginally smaller share of 5.3%. Finally, the Other BRIC+ category is the smallest of all sources, representing a mere 1.7% of the total. This import profile confirms that Sweden's manufacturing and supply chains are heavily dependent on immediate European neighbors.

Swedish companies imported intermediate goods valued at EUR 18.6 billion from other Nordic countries in 2024. In this respect, Norway was the most important country, accounting for 52.4% of these imports. Finland also played an important role with a share of 27.0%. Denmark's share was 20.5% and Iceland's 0.2%.

Top 10 imported intermediate goods

In Sweden, the 10 most important products account for more than quarter of Sweden's total intermediate goods imports. In 2024, the total import value of these 10 most important products was EUR 20.6 billion (Table 2.2.10).

Table 2.2.10 Top 10 imported intermediate goods. Sweden (2024)

Product code (HS)	Product category	Import value, EUR million	Share of total intermediate goods’ imports
270900	Petroleum oils and oils obtained from bituminous minerals, crude	10,411	12.9%
870899	Parts and accessories, for tractors, motor vehicles for the transport of ten or more, etc.	1,819	2.3%
850760	Lithium-ion accumulators (excl. spent)	1,657	2.1%
300215	Immunological products, put up in measured doses or in forms or packings for retail sale	1,204	1.5%
284420	Uranium enriched in U 235 and its compounds: plutonium, etc.	1,094	1.4%
740311	Copper, refined, in the form of cathodes and sections of cathodes	1,037	1.3%
870829	Parts and accessories of bodies for tractors, motor vehicles for the transport of 10 or more	984	1.2%
840999	Parts suitable for use solely or principally with compression-ignition piston engine, etc.	849	1.1%
853710	Boards, cabinets and similar combinations of apparatus for electric control, etc.	778	1.0%
300212	Antisera and other blood fractions	757	0.9%
Total		20,589	25.6%

Note: Top 10 intermediate goods based on the value of imports, 2024.

Two of Sweden's 10 most important imported intermediate goods are energy related. Their share of Sweden's total intermediate goods imports is substantial (14.3%).

2.3 Intermediate goods and the importing firm landscape

The final analysis of this Chapter concerns the question of which types of companies import intermediate goods in each Nordic country.

The results show that within the Nordic region, large companies with more than 250 employees import, on average, 53.1% of intermediate goods (Table 2.3.1). The role of large companies is highest in Sweden and Finland, while lowest in Denmark and Norway.

	Denmark	Finland	Iceland	Norway	Sweden	Average
0–9 employees	8.3%	6.3%	11.8%	13.5%	6.1%	9.2%
10–49 employees	21.5%	12.8%	17.7%	18.0%	11.5%	16.3%
50–249 employees	27.0%	18.5%	20.1%	25.2%	16.5%	21.5%
250+ employees	43.3%	62.4%	50.4%	43.3%	65.9%	53.1%
Sum	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Table 2.3.1 Imports of intermediate goods by company size, % (2023).

Note: Shares of total intermediate goods imports in each Nordic country, broken down by the number of employees (full-time equivalent).

Table 2.3.1 Imports of intermediate goods by company size, % (2023).

	Denmark	Finland	Iceland	Norway	Sweden	Average
0–9 employees	8.3%	6.3%	11.8%	13.5%	6.1%	9.2%
10–49 employees	21.5%	12.8%	17.7%	18.0%	11.5%	16.3%
50–249 employees	27.0%	18.5%	20.1%	25.2%	16.5%	21.5%
250+ employees	43.3%	62.4%	50.4%	43.3%	65.9%	53.1%
Sum	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Note: Shares of total intermediate goods imports in each Nordic country, broken down by the number of employees (full-time equivalent).

The variations are also evident when examining the role of the smallest companies. In both Finland and Sweden, firms with fewer than ten employees contribute only marginally – just over 6% – to total intermediate goods imports. Conversely, the contribution of these smallest firms is markedly higher in Norway and Iceland.