Sweden exported US$195.8 billion worth of products around the world in 2024, up 26.4% compared to $154.9 billion five years earlier in 2020.
Year over year, the overall value of Swedish exports slowed by -1% from $197.8 billion for 2023.
Sweden’s 6 biggest trading partners are Germany, Norway, United States of America, Denmark, Finland and the United Kingdom. Combined, that half-dozen of leading customers for Sweden’s exported products approached half (47%) of the total value for all Swedish exports in 2024.
Applying a continental lens, approaching three-quarters (72.1%) of Sweden’s exports by value was delivered to fellow European countries while 12.4% was sold to importers located in Asia. Sweden shipped another 10.9% worth of goods to buyers in North America.
Note that over half (53.1%) of Sweden’s exports was bought by fellow members of the European Union.
Smaller percentages went to customers in Africa (2%), Latin America (1.6%) excluding Mexico but including the Caribbean, then Oceania (1%) led by Australia and New Zealand.
Sweden’s Top Trading Partners
Below is a list showcasing 25 of Sweden’s top trading partners in terms of export sales. That is, countries that imported the most Swedish shipments by dollar value during 2024. Also shown is each import country’s percentage of total Swedish exports.
- Germany: US$19.6 billion (10% of Sweden’s total exports)
- Norway: $18.8 billion (9.6%)
- United States: $17.1 billion (8.7%)
- Denmark: $13.2 billion (6.8%)
- Finland: $13.1 billion (6.7%)
- United Kingdom: $10.2 billion (5.2%)
- Netherlands: $10.1 billion (5.2%)
- Belgium: $9.1 billion (4.6%)
- France: $7.9 billion (4.1%)
- Poland: $7.5 billion (3.8%)
- mainland China: $7.2 billion (3.7%)
- Italy: $5.7 billion (2.9%)
- Spain: $4.3 billion (2.2%)
- Canada: $2.7 billion (1.4%)
- Japan: $2.3 billion (1.2%)
- Türkiye: $23 billion (1%)
- Austria: $23 billion (1%)
- India: $1.96 billion (1%)
- Estonia: $1.85 billion (0.9%)
- Switzerland: $1.78 billion (0.9%)
- Australia: $1.77 billion (0.9%)
- South Korea: $1.76 billion (0.9%)
- Czech Republic: $1.7 billion (0.9%)
- Brazil: $1.6 billion (0.8%)
- Lithuania: $1.5 billion (0.8%)
Well over four-fifths (85.2%) of Swedish exports in 2024 was delivered to the above 25 trade partners.
Double-digit growers among Sweden’s top customers from 2023 to 2024 were: India (up 18.7%), Japan (up 14.6%), Brazil (up 11.8%), and Canada (up 19.1%).
The 5 severest decliners were importers in France (down -8.6% from 2023), South Korea (down -8.1%), Lithuania (also down -8.1%), Türkiye (down -6.9%) and the Czech Republic (down -6.4%).
Countries Causing Worst Trade Deficits for Sweden
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Sweden incurred the highest trade deficits with the following countries.
- Germany: -US$11 billion (country-specific trade deficit in 2024)
- Netherlands: -$10.4 billion
- mainland China: -$4.8 billion
- Czech Republic: -$2 billion
- Slovakia: -$1.14 billion
- Poland: -$1.12 billion
- Guyana: -$980.9 million
- Ireland: -$974.1 million
- Vietnam: -$929.5 million
- Hungary: -$881.3 million
Among Sweden’s trading partners that cause the greatest negative trade balances, Swedish deficits with Guyana (up 892%), Slovakia (up 31%) and mainland China (up 23.1%) grew at the fastest pace from 2023 to 2024.
These cashflow deficiencies clearly indicate Sweden’s competitive disadvantages with the above countries, but also represent key opportunities for Sweden to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Biggest Trade Surpluses for Sweden
Sweden generated an overall US$6.8 billion trade surplus for 2024, growing by 42.8% from $4.75 billion of black ink one year earlier in 2023.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Sweden incurred the highest trade surpluses with the following countries.
- United States: US$9.7 billion (country-specific trade surplus in 2024)
- Finland: $4.2 billion
- United Kingdom: $4 billion
- Canada: $2.1 billion
- France: $1.5 billion
- United Arab Emirates: $1.38 billion
- Egypt: $1.29 billion
- Australia: $1.27 billion
- Norway: $1.1 billion
- Saudi Arabia: $940.5 million
Among Sweden’s trading partners that generate the greatest positive trade balances, Swedish surpluses with the United Arab Emirates (up 46.9%), Egypt (up 39.7%) and Australia (up 33.4%) grew at the fastest pace from 2023 to 2024.
In addition, Sweden reversed a -$1.7 billion deficit trading with Norway in 2023 to posting the Swedish surplus listed above.
These positive cashflow streams clearly indicate Sweden’s competitive advantages with the above countries, but also represent key opportunities for Sweden to develop country-specific strategies to optimize its overall position in international trade.
Sweden’s Major Export Companies
Twenty-six corporations rank among Forbes Global 2000. Below is a sample of the major Swedish companies that Forbes included.
- Alfa Laval (miscellaneous industrial equipment)
- Assa Abloy (miscellaneous industrial equipment)
- Atlas Copco (miscellaneous industrial equipment)
- Autoliv (automotive parts)
- Electrolux Group (household appliances)
- Ericsson (communications equipment)
- Hexagon (miscellaneous industrial equipment)
- Sandvik (miscellaneous industrial equipment)
- SCA (household, personal care)
- SKF Group (miscellaneous industrial equipment)
- Volvo Group (heavy equipment)
According to global trade intelligence firm Zepol, the following smaller exporters from Sweden.
- Bulten Sweden (automotive parts, screws/bolts/nuts)
- First Cargo Sweden (automobiles, bicycles, rubber tires)
- Gelita Sweden (gelatin, salted/smoked meat, peptones/other proteins)
- Kappahl (textile footwear, clothing)
- Kendrion Hagalund (automotive parts, smoking tobacco, titanium dioxide pigments)
See also Sweden’s Top 10 Imports, Sweden’s Top 10 Exports and European Union’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on September 24, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 24, 2025
International Trade Centre, Trade Map. Accessed on September 24, 2025
Investopedia, Definition Net Exports . Accessed on September 24, 2025
Wikipedia, Sweden. Accessed on September 24, 2025
Zepol’s company summary highlights by country. Accessed on September 24, 2025