Finland’s software and gaming industry now the only clear export growth sector

Finland’s exports have struggled for two decades, with goods trade stagnating while global commerce expands—but one sector has tripled its exports in the same period, according to a report by national broadcaster Yle.

While traditional industries like machinery and forestry products remain flat, Finland’s software and gaming sector has emerged as the sole export category showing strong, sustained growth. Services now account for one-third of total exports, up from a fraction two decades ago, with information and communications technology (ICT) leading the surge.

Hannu Nummiaro, chief economist at Lähitapiola Asset Management, described the shift as a structural transformation. “We’re seeing a turning point where services take a larger share of total exports,” he said, though he cautioned that at current growth rates, services may not surpass goods in export value for decades.

The ICT sector—comprising software (40% of exports) and IT services (60%)—has become Finland’s standout performer, running a trade surplus. Unlike traditional industries, software and gaming firms scale products at minimal cost, with near-total value creation occurring domestically. “A new game license costs almost nothing to produce compared to, say, a paper machine component,” Nummiaro noted.

Geopolitical tensions, from the war in Ukraine to undersea cable cuts in the Baltic, have further boosted demand for Finnish digital expertise. Yet challenges remain: while software and intellectual property exports run a surplus, sectors like R&D services, transport, and tourism still drag down the overall services balance.