Sweden's Top Imports & Exports 2008
Major Swedish Exports Include Passenger Cars and Telecommunications
Oct 2, 2009
Achieving a Gross Domestic Product (GDP) valued at US$484.6 billion, Sweden was the world’s 22nd richest country in 2008.
With a population of 9.1 million Swedes who enjoyed an average GDP of $38,500 per person last year, Sweden was also the 23rd wealthiest nation in terms of GDP per capita.
As the world’s 24th biggest exporter, Sweden shipped $183.1 billion worth of exports in 2008. Principal Swedish exports were machinery, motor vehicles, paper products, wood, iron and steel products, and chemicals. Based on 2008 statistics, Sweden’s largest export clients were Germany (10.4%), Norway (9.5%), Denmark (7.4%), the United Kingdom (7.4%), the United States (6.6%), Finland (6.3%), Netherlands (5.1%), France (4.9%) and Belgium (4.4%).
According to the CIA World Factbook, Sweden imported $165.3 billion worth of foreign goods last year. Major commodities imported into Sweden include machinery, petroleum, chemicals, motor vehicles, iron and steel, foodstuffs and clothing. Leading suppliers to Sweden were Germany (17.5%), Denmark (9.4%), Norway (8.6%), the United Kingdom (6.2%), Finland (5.7%), Netherlands (5.6%), France (5%), Russia (4.4%) and China (4.2%).
In total, Sweden’s international trade amounted to $348.4 billion or 71.9% in relation to its overall GDP. This compares with roughly 25% for the U.S. and 60% for Canada.
Swedish Trade with the U.S.
Last year, Swedish exports to America fell 4% to $12.5 billion. Over that same period, Sweden bought $5 billion worth of U.S. imports – an increase of 12.2%.
Therefore, Sweden’s trade surplus with the U.S. came to $7.5 billion in 2008.
The lists below present the top 10 exports and imports that American and Swedish enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
Sweden’s Top Exports to America
Among the top 10 Swedish exports shipped to the U.S. in 2008, only 2 of the leading product categories exceed $1 billion in sales but account for 34.6% of the total shipment value from Sweden to America. Five product categories had positive percentage gains ranging from 1.3% to 64%. The other 5 product categories declined from 0.3% to 38%.
- Medicinal, dental and pharmaceutical preparations … US$4 billion, up 40.9% from 2007 (22.6% of US imports from Sweden)
- Passenger cars … $1.5 billion, down 36.7% (12%)
- Telecommunications equipment … $712.8 million, up 64% (5.7%)
- Semi-finished iron and steel mill products … $664.5 million, down 5.3% (5.3%)
- Other petroleum products … $545.7 million, up 48.7% (4.4%)
- Other industrial machinery … $525 million, down 0.3% (4.2%)
- Materials handling equipment … $475.5 million, up 38% (3.8%)
- Other scientific, medical and hospital equipment … $462.5 million, up 1.3% (3.7%)
- Alcoholic beverages excluding wine … $410 million, down 3.9% (3.3%)
- Service industry machinery … $298.1 million, down 14.4% (2.4%).
Fastest-Growing Swedish Exports to the U.S.
The 10 fastest-growing Swedish exports to America experienced relatively mild gains in 2008. A relatively small export category, food oils and oilseeds, was up by 176.9% while the 9 other products realized double-digit increases of at least 39.6%.
- Food oils and oilseeds … US$5.1 million, up 176.9% from 2007
- Unmanufactured steelmaking materials … $123.1 million, up 68.6%
- Stereo equipment including radios … $7 million, up 68.2%
- Telecommunications equipment … $712.8 million, up 64%
- Cookware, cutlery and garden tools … $13.2 million, up 63.3%
- Motorcycles and parts … $7.1 million, up 55.4%
- Woodworking and glass working … $54.3 million, up 53.5%
- Laboratory testing and control instruments … $78.2 million, up 51.1%
- Other petroleum products … $545.7 million, up 48.7%
- Fuel oil … $281.4 million, up 39.6%.
Sweden’s Top Imports from America
America’s top 10 exports to Sweden were for relatively small amounts. These 10 product categories account for 43.4% of total Swedish imports from the U.S.
- Other household goods … US$472.2 million, up 10.6% from 2007 (9.4% of US exports to Sweden)
- Civilian aircraft … $321 million, up 22.9% (6.4%)
- Telecommunications equipment … $238 million, up 4% (4.8%)
- Other vehicle parts and accessories … $199.2 million, up 17.2% (4%)
- Fuel oil … $178.7 million, up 102,613% (3.6%)
- Semiconductors … $159.7 million, down 37.9% (3.2%)
- Medicinal equipment … $158.2 million, down 1.7% (3.2%)
- Passenger cars … $154.9 million, up 14.5% (3.1%)
- Pharmaceutical preparations … $148.2 million, up 42.5% (3%)
- Industrial engines … $136.6 million, up 13.4% (2.7%).
Fastest-Growing Swedish Imports from the U.S.
American shipments of fuel oil to Sweden spiked by an amazing 102,613% in 2008.
- Fuel oil … US$178.7 million, up 102,613%
- Other coal and fuels… $17.4 million, up 23,350%
- Non-monetary gold … $15.5 million, up 4,054%
- Military apparel and footwear… $14.4 million, up 220.6%
- Iron and steel mill products … $27.6 million, up 151.5%
- Military trucks, armored vehicles … $6.3 million, up 140.2%
- Pulp and paper machinery … $53.4 million, up 114.5%
- Glass-plates, glass sheets … $19.9 million, up 106.5%
- Other petroleum products … $7.8 million, up 95.9%
- Non-farm tractors and parts … $34.7 million, up 66%.
Comparative Trade Advantages
During 2008, Sweden exported $1.5 billion worth of new and used Swedish passenger automobiles to the U.S. while importing $154.9 million worth of American passenger cars.
These Swedish-American trade statistics show that Sweden has comparative advantages over the U.S. in passenger-car trade between the 2 nations.
On the other hand, America exported $159.7 million worth of semiconductors to Sweden in 2008 contrasted with U.S. imports of Swedish semiconductors worth $30.9 million.
That the U.S. exported more than 5 times the value of Swedish semiconductors clearly shows that America has a comparative advantage in exporting semiconductors to Sweden.
Sources
This analysis is based on latest statistics from the US Census Bureau- Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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