Sweden’s goods exports experienced a 4% contraction in the second quarter of 2023 compared to the previous quarter, as reported by Statistics Sweden (SCB). Conversely, goods imports witnessed a modest increase during the same period. However, when compared to the second quarter of 2022, both exports and imports demonstrated slight growth in value while experiencing minor decreases in volume.
Key Points from the Report:
- Factors Impacting Exports: The decrease in goods exports was attributed to a substantial decline in the import of crude oil from Norway during the first half of the year. This trend contributed significantly to the overall change in export dynamics.
- Export Performance: In terms of value (current prices), Sweden’s goods exports increased by 2% during the second quarter of 2023 compared to the same period in the previous year. However, the volume (value in constant prices) of exports decreased by 2%. Notably, the overall value of exports during January-June 2023 reached SEK 1.056 trillion, marking a 7% rise compared to the same period in the prior year.
- Import Insights: On the import side, goods import value increased by 1% during the second quarter of 2023, while the volume of imports experienced a 3% decrease compared to the same period in 2022.
- Trade Balance Improvement: The trade balance for January-June 2023 exhibited a surplus of SEK 21 billion, a significant improvement compared to a deficit of SEK 3 billion during the same period in 2022.
- Category Performance: Within the realm of goods exports, certain categories displayed notable performance. Export value of passenger cars surged by 46%, with volume increasing by 34%, while the export of energy-related products witnessed a decline of 38% in value and 15% in volume. Furthermore, exports of food, tobacco, and beverages under the “other goods” category increased by 7% in value, despite a 4% volume decrease.
- Regional Analysis: Trade trends with various regions shed light on Sweden’s international trade landscape. Exports to the European Union (EU27) registered a 9% increase in value, with imports from the same region seeing an 11% rise. Notably, trade with individual countries within the EU, such as Germany, Denmark, and Finland, exhibited mixed dynamics in terms of both export and import figures.
- Global Trade: Exports to Asia witnessed a 10% rise while imports from the region fell by 9%. Exports to China increased by 9%, contrasting with a 19% drop in imports from China.
- U.S. Trade: Trade with the United States experienced growth, with exports increasing by 7% and imports by 18%. Notably, oil and pharmaceuticals played a significant role in the uptick of imports from the U.S.