Sweden Trading Partner Portal

Trading Partner Portal: Sweden

Overview

Trade Overview

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Sweden is a high income county in Northern Europe and is slightly larger than California in relative size. 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 28 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

(In USD Millions) – Source: trade.gov

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.

Transatlantic Trade and Investment Partnership 

USTR Transatlantic Trade and Investment Partnership