Sweden2020 Economic Complexity : 1.59, Rank 7 of 127
2020 Product Exports | Imports: $152B | $140B, 32 of 226 | 32 of 226
2020 Per Capita Product Exports | Imports: $14.7k | $13.5k, 14 of 219 | 20 of 219
2020 Service Exports | Imports : $49.9B | $54.3B, 15 of 65 | 12 of 65
Overview In 2020, Sweden was the number 22 economy in the world in terms of GDP (current US$), the number 32 in total exports, the number 32 in total imports, the number 15 economy in terms of GDP per capita (current US$) and the number 7 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Sweden are Cars ($11.1B), Packaged Medicaments ($9.29B), Refined Petroleum ($5.25B), Motor vehicles; parts and accessories (8701 to 8705) ($4.13B), and Broadcasting Equipment ($3.76B), exporting mostly to Germany ($15.9B), Norway ($14.2B), United States ($12.7B), Denmark ($11.6B), and Finland ($9.44B).
In 2020, Sweden was the world's biggest exporter of Motor vehicle (8701 to 8705) chassis fitted with engine ($455M), Iron Powder ($412M), and Polymer Ion-Exchangers ($297M)
Imports The top imports of Sweden are Cars ($8.46B), Crude Petroleum ($5.25B), Motor vehicles; parts and accessories (8701 to 8705) ($4.86B), Refined Petroleum ($4.38B), and Broadcasting Equipment ($4.05B), importing mostly from Germany ($25.2B), Netherlands ($11.6B), Denmark ($9.45B), Norway ($9.1B), and China ($9.02B).
In 2020, Sweden was the world's biggest importer of Wood Tar, Oils and Pitch ($46.6M), Other Slag and Ash ($43M), and Horsehair Yarn ($1.84M)
Location Sweden borders Finland and Norway by land and Denmark, Estonia, Germany, Latvia, Lithuania, Poland, and Russia by sea.
November, 2022
Overview In November 2022 Sweden exported SEK163B and imported SEK169B, resulting in a negative trade balance of SEK6.34B. Between November 2021 and November 2022 the exports of Sweden have increased by SEK16.5B (11.3%) from SEK146B to SEK163B, while imports increased by SEK23.2B (15.9%) from SEK146B to SEK169B.
Trade In November 2022, the top exports of Sweden were Refined Petroleum (SEK10.8B), Packaged Medicaments (SEK7.87B), Cars (SEK7.85B), Vaccines, blood, antisera, toxins and cultures (SEK6.8B), and Electricity (SEK4.34B). In November 2022 the top imports of Sweden were Crude Petroleum (SEK16.7B), Cars (SEK10.3B), Refined Petroleum (SEK9.11B), Motor vehicles; parts and accessories (8701... (SEK4.97B), and Computers (SEK4.39B).
Destinations In November 2022, Sweden exported mostly to Norway (SEK18.4B), Germany (SEK17.5B), United States (SEK14B), Finland (SEK12.9B), and Denmark (SEK11.4B), and imported mostly from Germany (SEK25.7B), Norway (SEK24.7B), Netherlands (SEK17.2B), China (SEK9.86B), and Denmark (SEK9.29B).
Growth In November 2022, the increase in Sweden's year-by-year exports was explained primarily by an increase in exports to Poland (SEK335M or 8.86%), Vietnam (SEK211M or 149%), and Russia (SEK170M or 12.3%), and product exports increase in Crude Petroleum (SEK488M or 3.49M%), Nuclear Reactors (SEK479M or 2.82M%), and Electricity (SEK267M or 28.4%). In November 2022, the increase in Sweden's year-by-year imports was explained primarily by an increase in imports from Spain (SEK681M or 40.4%), Vietnam (SEK461M or 55%), and Hungary (SEK340M or 28.8%), and product imports increase in Electricity (SEK662M or 641%), Computers (SEK659M or 21.4%), and Nuclear Reactors (SEK432M or 1.71k%).
EXPORT GROWTH (November 2021 - November 2022): SEK16.5B, (11.3%)
IMPORT GROWTH (November 2021 - November 2022): SEK23.2B, (15.9%)
MAIN DESTINATION (November 2022): Norway, SEK18.4B
This section shows exports and imports data at subnational level for Sweden. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of Sweden over time.
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In 2020, Sweden exported a total of $152B, making it the number 32 exporter in the world. During the last five reported years the exports of Sweden have changed by $12.9B from $139B in 2015 to $152B in 2020.
The most recent exports are led by Cars ($11.1B), Packaged Medicaments ($9.29B), Refined Petroleum ($5.25B), Motor vehicles; parts and accessories (8701 to 8705) ($4.13B), and Broadcasting Equipment ($3.76B). The most common destination for the exports of Sweden are Germany ($15.9B), Norway ($14.2B), United States ($12.7B), Denmark ($11.6B), and Finland ($9.44B).
Sweden Exports Services (2020): $49.9B
Sweden Imports Services (2020): $54.3B
In 2020, Sweden exported $49.9B worth of services. The top services exported by Sweden in 2020 were Miscellaneous business, professional, and technical services ($15B), Other royalties and license fees ($8.39B), Audiovisual and related services ($5.44B), Other transport ($3.36B), and Financial services ($2.72B).
The top services imported by Sweden in 2020 were Miscellaneous business, professional, and technical services ($20.2B), Other royalties and license fees ($9.2B), Other transport ($4.83B), Personal travel ($4.09B), and Sea transport ($2.49B).
Sweden has a high level of specialization in Nuclear Reactors (23.5), Iron Powder (22.9), Motor vehicle (8701 to 8705) chassis fitted with engine (19.8), Newsprint (18.6), and Non-fillet Fresh Fish (17.9). Specialization is measured using RCA, an index that takes the ratio between Sweden observed and expected exports in each product.
The highest complexity exports of Sweden according to the product complexity index (PCI) are Machinery Having Individual Functions (1.95), Drafting Tools (1.84), Electric Soldering Equipment (1.78), Chemical Analysis Instruments (1.75), and Interchangeable Tool Parts (1.69). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Sweden according to the relatedness index, are Cobalt Oxides and Hydroxides (0.35), Railway Freight Cars (0.34), Harvesting Machinery (0.34), Rapeseed Oil (0.34), and Sheet Music (0.34). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Sweden is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Sweden's economy has become relatively less complex, moving from the 1st to the 7th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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