Trading Partner Portal: Sweden
Sweden is a high income county in Northern Europe and is slightly larger than California in relative size. Sweden has a population of 9.8 million people and a gross domestic product (GDP) of $495.6 billion. Sweden has one of the highest standards of living in the world with a strong capitalist system and welfare state. Sweden is one of the 28 countries in the European Union. World Bank, CIA
The United States is Sweden’s 6th largest export destination. The United States imported $9.7 billion worth of Swedish goods in 2016. The key imported goods from Sweden into the US were transportation equipment, non-electrical machinery, chemicals, and computer and electronic products. Transportation equipment and non-electrical machinery totaled over $2 billion each. Sweden is the 45th largest export destination for goods for the United States. In 2016, the United States exported $3.8 billion worth of products to Sweden. The main exports included chemicals, which composed 21.7% of all exports to Sweden, and was worth roughly $829 million dollars. Other main product exports from the US to Sweden were computer and electronic products, transportation equipment, and non-electrical machinery.
Direct investment from the United States into Sweden totaled around $27.1 billion in 2016, while FDI from Sweden into the US was approximately $52.7 billion of the same year. Swedish FDI supported 210,600 jobs in the US, contributed $639 million to research and development and another $6.8 billion to expanding US exports. The top industry sectors for Swedish FDI in 2016 were: textiles, software and IT services, industrial machinery, communications, consumer products, and business services. Select USA
Sweden- California Trade
California is the fifth largest importer of Swedish goods out of all the States with the US. In 2016, California imported around $715 million worth of goods from Sweden. In 2016, transportation equipment equated to 56.5% of all imports from Sweden and totaled approximately $404 million. Other goods imported into California from Sweden were computer and electronic products and miscellaneous manufactured commodities. Though Sweden is California’s 36th largest export destination, California is the top exporting state to Sweden in the US. California exported $454 million of products to Sweden in 2016. The key exports from California were computer and electronic goods, chemicals, transportation equipment, and miscellaneous manufactured commodities. Exported computer and electronic products to Sweden made up 28.3% of the total and were valued at $128 million. US Department of Commerce
Trade Agreements and Issues
Transatlantic Trade and Investment Partnership (TTIP)
Sweden is one of the European nations that are currently involved in negotiations for the Transatlantic Trade and Investment Partnership (TTIP) with the rest of the European Union and the United States. The United States and the European Union have a strong bilateral trade relationship totaling $698.7 billion in 2015. A free trade agreement, such as TTIP, desires to strengthen that relationship by eliminating tariffs, aligning compatible regulations to open trade, and furthering trade in the service sector.