Month: March 2024

Online buying from domestic sources decreased while online buying from China increased – Finnish speciality goods trade needs support in order to compete

Online shopping by Finns from domestic and foreign sources shrank by a good three per cent last year. Online purchases of domestic commodities decreased more than those of foreign ones, which was also affected by the rise of Chinese digital trade giants Temu and Shein. In February 2024, Temu has already become the most used foreign marketplace by Finns when measured by the number of visits. In order to cope with international competition, domestic speciality goods trade should receive support for digitalisation and, for example, the adoption and application of AI-based solutions.

Additional investments in research and development activities must be directed to applied research and diversification of the economic structure

Service Sector Employers Palta and the Finnish Commerce Federation demand that growing public research and development funding be directed towards applied research and diversification of the economic structure. The current situation, in which the productivity of private services in particular has lagged behind the development of competitor countries, is unsustainable.