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 10.4 million people and a gross domestic product (GDP) of $635.66 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
The United States is one of Sweden’s top 5 largest export destination. The United States imported $17.08 billion worth of Swedish goods in 2022. The key imported goods from Sweden into the US were transportation equipment, chemicals, non-electrical machinery totaling over $3.9 billion, $3.3 billion, and $3 billion, respectively. Followed by computer and electronic products at $1 billion. Sweden is the 41st largest export destination for goods for the United States. In 2022, the United States exported $7.7 billion worth of products to Sweden. The main exports included chemicals, which composed $1.62 billion of all exports to Sweden. Other main product exports from the US to Sweden were oil and gas, transportation equipment, and computer and electronic products.
Direct investment from the United States into Sweden totaled around $57.698 billion in 2021, while FDI from Sweden into the US was approximately $68.54 billion of the same year. In 2020, Swedish FDI supported 217,300 jobs in the US, contributed $805 million to research and development and another $7.6 billion to expanding US exports. The top industry sectors for Swedish FDI in 2020 were: software and IT services, industrial equipment, communications, business services, metals, and automotive OEM. (Select USA)
Sweden-California Trade
California is one of the largest importers of Swedish goods. In 2022, California imported around $1 billion worth of goods from Sweden. In 2022, transportation equipment equated to $569 million of all imports from Sweden. Other goods imported into California from Sweden were chemicals, computer and electronic products, miscellaneous manufactures, and non-electrical machinery.
Sweden is California’s 34th largest export destination. California exported $685 million of products to Sweden in 2022. The key exports from California were computer and electronic goods, chemicals, miscellaneous manufactured commodities, transportation equipment, and beverages and tobacco. US Department of Commerce
In California, the ninth largest source of FDI through foreign-owned enterprises (FOEs) is Sweden. In 2022, Swedish FOEs in California provided 19,902 jobs through 300 firms amounting to $1.7 billion in wages. The top jobs by sector are: professional/business services, manufacturing, 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