Trading Partner Portal: Sweden
Overview
Trade Overview
Sweden is a high-income country in Northern Europe and covers an area slightly larger than California. Sweden has a population of 10.54 million people and a gross domestic product (GDP) of $593.27 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 27 countries in the European Union. World Bank, CIA
U.S. – Sweden Trade
Sweden is the 39th largest export destination for goods for the United States. In 2023, the United States exported $8.7 billion worth of products to Sweden. The main exports included oil and gas, which composed $1.89 billion of all exports to Sweden. Other main product exports from the U.S. to Sweden were chemicals ($1.72 billion), computer and electronic products ($1.39 billion), transportation equipment ($1.06 billion), and non-electrical machinery ($571 million).
The United States is one of Sweden’s top 5 largest export destinations. The United States imported $18.4 billion worth of Swedish goods in 2023. The key imported goods from Sweden into the U.S. were transportation equipment ($4.64 billion), chemicals ($4.12 billion), non-electrical machinery ($3.18 billion), computer and electronic products ($1.13 billion), primary metals manufactures ($801 million).
Sweden-California Trade
Sweden is California’s 35th largest export destination. California exported $595 million of products to Sweden in 2023. The key exports from California were computer and electronic goods ($302 million), chemicals ($68 million), transportation equipment ($48 million) electrical equipment, appliances and components ($36 million), and non-electrical machinery ($33 million). U.S. Department of Commerce
California is one of the largest importers of Swedish goods. In 2023, California imported around $587 million worth of goods from Sweden. In 2023, transportation equipment equated to $115 million of all imports from Sweden. Other goods imported into California were computer and electronic products ($108 million), chemicals ($102 million), miscellaneous manufactures ($83 million), and non-electrical machinery ($77 million).
FDI – Sweden
Direct investment from the United States into Sweden totaled around $56.2 billion in 2023, while FDI from Sweden into the U.S. was approximately $104.9 billion of the same year. Swedish FDI is the 6th fastest growing source of FDI in the U.S. As of 2022, Swedish FDI supported 208,700 jobs in the U.S., contributed $921 million to research and development and another $8.2 billion to expanding U.S. exports. The top industry sectors for Swedish FDI in 2022 were: software and IT services, industrial equipment, communications, business services, metals, and automotive OEM. (Select USA)
In California, the 17th largest source of FDI through foreign-owned enterprises (FOEs) is Sweden. In 2023, Swedish FOEs in California provided 11,445 jobs through 291 firms amounting to $1.411 billion in wages. The top jobs by sector are manufacturing, professional/business services, information, construction, and wholesale trade (World Trade Center Los Angeles FDI Report).
2019 Nordic-U.S. M&A Study
Alston & Bird, April 8, 2020
Trade Agreements
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.
Events
Crown Princess Opens Full-Time Swedish Consulate Office, Signs Climate Change Cooperation Letter with Governor
CalChamber, February 27, 2024
Her Royal Highness Crown Princess Victoria of Sweden, accompanied by her husband, His Royal Highness Prince Daniel, opened a full-time consulate office in San Francisco on February 20.
The consulate will be headed by newly appointed Consul General Anna Lekvall. Longtime Honorary Swedish Consul General Barbro Osher had promoted the concept of full-time representation for many years.
Earlier in the day, the Swedish delegation, including Their Royal Highnesses, met with Governor Gavin Newsom at the Stanford Mansion in Sacramento for the signing of a Letter of Cooperation between Sweden and California.
Representing the California Chamber of Commerce at the signing were Jennifer Barrera, CalChamber president and CEO; Sima Patel, CEO of Ridgemont Hospitality and chair of the CalChamber Council for International Trade; and Susanne Stirling, CalChamber vice president for international affairs.
The Lieutenant Governor of California, Ambassador Eleni Kounalakis welcomed the approximately 40 dignitaries to the Stanford Mansion. Read More