Sweden Trade Deficit Largest Since 2022

Sweden’s trade deficit widened to SEK 11.9 billion in August 2026 from SEK 8.7 billion in the same month last year, marking the largest trade shortfall since August 2022, as import growth outpaced export growth. Imports rose 12% year-on-year to SEK 171.8 billion, with purchases increasing from both the EU (+11.2% to SEK 110.5 billion) and non-EU markets (+13.5% to SEK 61.3 billion). Meanwhile, exports grew 10.5% to SEK 159.9 billion, supported by stronger sales to the EU (+15% to SEK 91.9 billion) and non-EU markets (+4.9% to SEK 68 billion). Despite the annual increase, the value of exports was the lowest in a year. In the first eight months of 2026, Sweden recorded a trade deficit of SEK 2.7 billion, narrowing sharply from SEK 42.7 billion in the corresponding period a year earlier. On a seasonally adjusted basis, the trade balance posted a SEK 1.7 billion surplus in August, up slightly from SEK 1.5 billion in July.

Sweden’s trade surplus narrowed to SEK 1.2 billion in July 2026 from SEK 3.5 billion in the corresponding month of the previous year, as imports rose more than exports. Imports increased 5.7% year-on-year to SEK 158.7 billion, with purchases from both EU countries (5.8% to SEK 106.4 billion) and non-EU countries (5.7% to SEK 52.3 billion) increasing. Exports grew 4.1% to SEK 159.9 billion, as a 12% increase in shipments to EU countries, to SEK 85.9 billion, offset a 3.8% decline in exports to non-EU countries, to SEK 74.0 billion. For the first seven months of the year, Sweden recorded a trade surplus of SEK 8.5 billion, narrowing sharply from SEK 51.4 billion in the same period last year, as imports rose 7.3%, outpacing the 3.4% growth in exports. On a seasonally adjusted basis, the trade balance showed a surplus of SEK 2.8 billion in July, compared with SEK 2.6 billion in June.

Sweden posted a trade surplus of SEK 2.6 billion in June 2026, more than four times lower than the SEK 11.8 billion recorded in the same month a year earlier, as imports rose faster than exports. Imports climbed by 18.1% year-on-year to an all-time high of SEK 195.3 billion, driven by higher purchases from both EU markets (21% to SEK 131.8 billion) and non-EU countries (12.6% to SEK 63.5 billion). Meanwhile, exports grew at a slower pace of 11.7%, but also to a record of SEK 197.6 billion, reflecting increased shipments to both EU countries (18.2% to SEK 112.2 billion) and non-EU countries (4.3% to SEK 85.7 billion). Considering the first six months of the year, the country’s trade surplus narrowed sharply to SEK 8.2 billion from SEK 47.9 billion in the corresponding period a year ago, as exports rose 3%, while imports increased by a faster 7%. On a seasonally adjusted basis, the trade net recorded a deficit of SEK 0.5 billion in June.