Sweden2021 Economic Complexity Trade : 1.54, Rank 8 of 131
2021 Economic Complexity Technology : 1.56, Rank 1 of 96
2021 Economic Complexity Research : 1.92, Rank 7 of 140
2021 Product Exports | Imports: $185B | $173B, 32 of 226 | 31 of 226
2021 Per Capita Product Exports | Imports: $17.7k | $16.7k, 23 of 219 | 19 of 219
Overview In 2021, Sweden was the number 22 economy in the world in terms of GDP (current US$), the number 32 in total exports, the number 31 in total imports, the number 11 economy in terms of GDP per capita (current US$) and the number 8 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Sweden are Cars ($12.3B), Refined Petroleum ($8.8B), Packaged Medicaments ($8.23B), Sawn Wood ($5.2B), and Motor vehicles; parts and accessories (8701 to 8705) ($5.08B), exporting mostly to Germany ($19.1B), Norway ($17.4B), United States ($15.2B), Denmark ($14.5B), and Finland ($11.9B).
In 2021, Sweden was the world's biggest exporter of Iron Powder ($590M) and Polymer Ion-Exchangers ($461M)
Imports The top imports of Sweden are Cars ($9.6B), Crude Petroleum ($8.34B), Motor vehicles; parts and accessories (8701 to 8705) ($5.74B), Refined Petroleum ($5.32B), and Broadcasting Equipment ($5.28B), importing mostly from Germany ($30.6B), Netherlands ($15.2B), Norway ($13.7B), China ($12.4B), and Denmark ($11.9B).
In 2021, Sweden was the world's biggest importer of Wood Tar, Oils and Pitch ($66M) and Horsehair Yarn ($2.7M)
Location Sweden borders Finland and Norway by land and Denmark, Estonia, Germany, Latvia, Lithuania, Poland, and Russia by sea.
February, 2023
Overview In February 2023 Sweden exported SEK151B and imported SEK146B, resulting in a positive trade balance of SEK4.68B. Between February 2022 and February 2023 the exports of Sweden have increased by SEK14.6B (10.7%) from SEK136B to SEK151B, while imports increased by SEK11.5B (8.56%) from SEK135B to SEK146B.
Trade In February 2023, the top exports of Sweden were Cars (SEK13.2B), Refined Petroleum (SEK8.43B), Packaged Medicaments (SEK6.03B), Motor vehicles; parts and accessories (8701... (SEK4.49B), and Vaccines, blood, antisera, toxins and cultures (SEK4.2B). In February 2023 the top imports of Sweden were Cars (SEK9.49B), Crude Petroleum (SEK8.43B), Refined Petroleum (SEK5.97B), Motor vehicles; parts and accessories (8701... (SEK5.58B), and Non-fillet Fresh Fish (SEK3.09B).
Destinations In February 2023, Sweden exported mostly to Germany (SEK16.5B), United States (SEK14.6B), Norway (SEK13.5B), Finland (SEK10.7B), and Denmark (SEK10.1B), and imported mostly from Germany (SEK24.7B), Norway (SEK15.5B), Netherlands (SEK14.3B), Denmark (SEK9.41B), and Belgium (SEK7.92B).
Growth In February 2023, the increase in Sweden's year-by-year exports was explained primarily by an increase in exports to Belgium (SEK2.56B or 53.1%), United States (SEK1.96B or 15.5%), and Finland (SEK1.67B or 18.5%), and product exports increase in Cars (SEK1.67B or 14.4%), Electricity (SEK1.03B or 58.9%), and Combustion Engines (SEK959M or 54%). In February 2023, the increase in Sweden's year-by-year imports was explained primarily by an increase in imports from United States (SEK3.15B or 82.6%), Germany (SEK2.77B or 12.6%), and Netherlands (SEK2.03B or 16.6%), and product imports increase in Cars (SEK2.32B or 32.4%), Refined Petroleum (SEK1.38B or 30.1%), and Motor vehicles; parts and accessories (8701... (SEK1.03B or 22.6%).
EXPORT GROWTH (February 2022 - February 2023): SEK14.6B, (10.7%)
IMPORT GROWTH (February 2022 - February 2023): SEK11.5B, (8.56%)
MAIN DESTINATION (February 2023): Germany, SEK16.5B
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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In 2021, Sweden exported a total of $185B, making it the number 32 exporter in the world. During the last five reported years the exports of Sweden have changed by $46.4B from $138B in 2016 to $185B in 2021.
The most recent exports are led by Cars ($12.3B), Refined Petroleum ($8.8B), Packaged Medicaments ($8.23B), Sawn Wood ($5.2B), and Motor vehicles; parts and accessories (8701 to 8705) ($5.08B). The most common destination for the exports of Sweden are Germany ($19.1B), Norway ($17.4B), United States ($15.2B), Denmark ($14.5B), and Finland ($11.9B).
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).
Sweden has a high level of specialization in Iron Powder (24.2), Polymer Ion-Exchangers (22.9), Nuclear Reactors (22.2), Newsprint (17.9), and Non-fillet Fresh Fish (16.9). Specialization is measured using RCA, an index that takes the ratio between Sweden observed and expected exports in each product.
The highest complexity exports of Sweden according to the product complexity index (PCI) are Electric (electrically heated gas) soldering, brazing, welding machines and apparatus, capable or... (1.94), Machinery and mechanical appliances; having individual functions, n.e.c. in this chapter (1.87), Drawing, marking-out, mathematical calculating instruments (drafting machines, protractors, drawing sets etc); instruments... (1.69), Tools, hand; saws and blades for saws of all kinds (including slitting,... (1.68), and Tools, interchangeable; for hand tools, whether or not power-operated, or for machine... (1.67). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Sweden according to the relatedness index, were Rapeseed Oil (0.34), Coin (0.34), Harvesting Machinery (0.34), Other Printed Material (0.33), and Orthopedic Appliances (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.
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.
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.
During the last 20 years Sweden's economy has become relatively less complex, moving from the 1st to the 8th 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.
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