Sweden Trade Balance Swings to Deficit

Sweden recorded a trade deficit of SEK 7.3 billion in April 2026, shifting from a surplus of SEK 5.3 billion in the corresponding month a year earlier, as import growth far outpaced export growth. Imports surged 16.0% year-on-year to a record SEK 190.8 billion due to notable increases in purchases from both EU countries (12.5% to SEK 127.9 billion) and non-EU markets (23.8% to SEK 62.9 billion). Exports grew 8.1% to SEK 183.5 billion, driven by higher sales to both the EU (10% to SEK 100.5 billion) and non-EU countries (5.9% to SEK 83.0 billion). In the January–April period, the trade surplus narrowed sharply to SEK 5.7 billion from SEK 36.2 billion in the same period last year. On a seasonally adjusted basis, net trade showed a deficit of SEK 2.9 billion in April, widening from a revised SEK 1.4 billion in March.

Sweden's trade surplus narrowed to SEK 9.3 billion in March 2026 from SEK 10.9 billion in the same month last year, as imports grew faster than exports. Imports rose 5.8% to SEK 185.8 billion, driven solely by higher purchases from EU countries (+8.8% to SEK 126.5 billion), while those from non-EU countries were unchanged at SEK 59.3 billion. Meanwhile, exports increased 4.6% to SEK 195.1 billion, supported by stronger sales to EU markets (+10.8% to SEK 109.6 billion), while outbound shipments to non-EU markets declined (-2.4% to SEK 85.5 billion). In the first three months of the year, the cumulative trade surplus narrowed significantly to SEK 16.4 billion from SEK 30.9 billion in the same period a year earlier. On a seasonally adjusted basis, the trade balance posted a deficit of SEK 0.5 billion in March, shifting from a SEK 0.3 billion surplus in the previous month.

Sweden recorded a trade surplus of SEK 1.8 billion in February 2026, narrowing sharply from SEK 12.1 billion in the same month of the previous year. This also marked the smallest monthly surplus since October last year, as exports fell while imports rose. Year-on-year, exports declined by 5.1% to SEK 163.8 billion, due to weaker shipments to both EU countries (-1.6% to SEK 93.5 billion) and non-EU markets (-9.2% to SEK 71.8 billion). Meanwhile, imports increased by 0.9% to SEK 162 billion, driven by a 5.5% rise in purchases from EU countries to SEK 113.9 billion, though imports from non-EU markets decreased by 8.4% to SEK 48.1 billion. Considering the first two months of the year, the cumulative trade surplus narrowed to SEK 8.1 billion from SEK 24.3 billion in the corresponding period a year ago. On a seasonally adjusted basis, the trade surplus fell to SEK 0.9 billion in February from SEK 2.5 billion in January.