Swedish export to USA drops by 29 billion kronor

Swedish goods exports to the United States decreased by 15 percent, totaling a loss of 29 billion kronor, during the first year following the introduction of new US tariffs. According to a report from the Stockholm Chamber of Commerce, the vehicle and automotive parts sector has been the most heavily impacted.

Despite this decline, Sweden's total exports have increased by nearly 5 percent this year, supported by growth in smaller nearby economies. The Netherlands is currently on track to challenge the United Kingdom for the position of Sweden's sixth most important export destination. Additionally, Denmark is challenging the United States for the third position among Swedish export destinations.

Johan Wirén, chief economist at the Stockholm Chamber of Commerce, characterized the decline as temporary noise, noting that the United States remains a vital trade partner for Sweden.