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2022
Economic Complexity
Trade 1.49Rank 9 of 133
2021
Economic Complexity
Technology 1.56Rank 1 of 96
2022
Economic Complexity
Research 1.99Rank 6 of 135
2022
Product
Exports | Imports $194B | $190B33 of 226 |  31 of 226
2022
Per Capita Product
Exports | Imports $18.5k | $18.1k23 of 220 |  28 of 220

About

Overview In 2022, Sweden was the number 23 economy in the world in terms of GDP (current US$), the number 33 in total exports, the number 31 in total imports, the number 13 economy in terms of GDP per capita (current US$) and the number 9 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Sweden are Refined Petroleum ($12.9B), Cars ($11.9B), Packaged Medicaments ($8.25B), Electricity ($5.83B), and Sawn Wood ($4.76B), exporting mostly to Germany ($19.2B), Norway ($18.7B), United States ($17.8B), Denmark ($14.6B), and Finland ($13.4B).

In 2022, Sweden was the world's biggest exporter of Polymer Ion-Exchangers ($494M) and Iron Powder ($492M)

Imports The top imports of Sweden are Crude Petroleum ($14.2B), Cars ($9.84B), Refined Petroleum ($8.81B), Broadcasting Equipment ($6.44B), and Motor vehicles; parts and accessories (8701 to 8705) ($5.66B), importing mostly from Germany ($30B), Netherlands ($19.3B), Norway ($17.7B), China ($13.6B), and Denmark ($11.6B).

In 2022, Sweden was the world's biggest importer of Wood Tar, Oils and Pitch ($96.7M) and Horsehair Yarn ($1.18M)

Location Sweden borders Finland and Norway by land and Denmark, Estonia, Germany, Latvia, Lithuania, Poland, and Russia by sea.

Latest Trends

July, 2024

About

Overview In July 2024 Sweden exported SEK141B and imported SEK135B, resulting in a positive trade balance of SEK6.46B. Between July 2023 and July 2024 the exports of Sweden have increased by SEK10.1B (7.69%) from SEK131B to SEK141B, while imports increased by SEK10B (8.05%) from SEK125B to SEK135B.

Trade In July 2024, the top exports of Sweden were Refined Petroleum (SEK9.94B), Packaged Medicaments (SEK9.21B), Cars (SEK8.34B), Vaccines, blood, antisera, toxins and cultures (SEK5.02B), and Kaolin Coated Paper (SEK3.22B). In July 2024 the top imports of Sweden were Crude Petroleum (SEK10.9B), Cars (SEK8.04B), Refined Petroleum (SEK5.88B), Computers (SEK4.71B), and Packaged Medicaments (SEK3.45B).

Destinations In July 2024, Sweden exported mostly to Germany (SEK14.9B), United States (SEK13.6B), Norway (SEK13.4B), Finland (SEK8.82B), and United Kingdom (SEK8.2B), and imported mostly from Germany (SEK19.8B), Norway (SEK16.4B), Netherlands (SEK13B), Denmark (SEK8.85B), and China (SEK7.68B).

Growth In July 2024, the increase in Sweden's year-by-year exports was explained primarily by an increase in exports to United States (SEK2.89B or 27%), Norway (SEK2.09B or 18.5%), and Germany (SEK1.75B or 13.3%), and product exports increase in Packaged Medicaments (SEK2.03B or 28.2%), Vaccines, blood, antisera, toxins and cultures (SEK1.78B or 54.9%), and Insulated Wire (SEK1.57B or 209%). In July 2024, the increase in Sweden's year-by-year imports was explained primarily by an increase in imports from Nigeria (SEK2.58B or 509k%), Norway (SEK1.58B or 10.7%), and United States (SEK1.54B or 55.7%), and product imports increase in Crude Petroleum (SEK4.23B or 63.7%), Refined Copper (SEK1.09B or 1.48k%), and Petroleum Gas (SEK1.06B or 152%).

Latest Trade

Time Scale
Flow
Color
Depth
EXPORT GROWTH (July 2023 - July 2024)SEK10.1B(7.69%)
IMPORT GROWTH (July 2023 - July 2024)SEK10B(8.05%)
MAIN DESTINATION (July 2024)GermanySEK14.9B

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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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2022)Refined Petroleum$12.9B
Top Destination (2022)Germany$19.2B

In 2022, Sweden exported a total of $194B, making it the number 33 exporter in the world. During the last five reported years the exports of Sweden have changed by $42.2B from $151B in 2017 to $194B in 2022.

The most recent exports are led by Refined Petroleum ($12.9B), Cars ($11.9B), Packaged Medicaments ($8.25B), Electricity ($5.83B), and Sawn Wood ($4.76B). The most common destination for the exports of Sweden are Germany ($19.2B), Norway ($18.7B), United States ($17.8B), Denmark ($14.6B), and Finland ($13.4B).

Explore Visualizations

Exports (2022)
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Destinations (2022)
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Market Growth

Flow
View
Growth
Fastest Growing Export Markets (2021 - 2022)
United States$2.49B (+ 16.3%)
Norway$1.48B (+ 8.56%)
Finland$1.47B (+ 12.3%)
Fastest Growing Import Markets (2021 - 2022)
Netherlands$3.99B (+ 26.1%)
Norway$3.88B (+ 28.1%)
United States$1.92B (+ 37.1%)

Total Export Growth by Market (2021 - 2022)

Potential Exports

Potential Exports

Type
Flow
Depth
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Service Trade

Service Trade

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).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)1.49Rank 9 of 133
Economic Complexity (Technology)1.56Rank 1 of 96
Economic Complexity (Research)1.99Rank 6 of 135

Most Specialized Products by RCA Index

Sweden has a high level of specialization in Polymer Ion-Exchangers (25.5), Iron Powder (21.8), Nuclear Reactors (19.9), Non-fillet Fresh Fish (18.4), and Kraft Paper (16.8). Specialization is measured using RCA, an index that takes the ratio between Sweden observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Sweden according to the relatedness index, were Coin (0.34), Harvesting Machinery (0.34), Raw Nickel (0.33), X-Ray Equipment (0.33), and Special Pharmaceuticals (0.33). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Sweden is not specialized in.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Sweden. These are products that tend to be co-exported with the products that Sweden exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2022)

Diversification Frontier

Filter
Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Sweden's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨4th to the 9th⁩ 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.

Explore Rankings

ECI (Trade) Ranking by Country

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