Swedish export in freefall

Companies - Published Wednesday, 27 May 2009 09:30 | Author: Johan Nylander

Swedish export in freefall

The value of Swedish export fell 19 percent during the first quarter as demand diminished from Germany, Great Britain and the USA.

Related news
• Downturn hits government’s finances
• Swedes have faith in brighter future
• Swedish GDP expected to fall

Swedish foreign trade was in freefall during the first quarter as the global economic downturn diminish demand on important markets such as Germany, Great Britain and the USA, the statistics office said on Wednesday.

The value of Swedish exports of goods amounted to 250 billion kronor (€24 billion), a decrease of 19 percent compared to January-March 2008. Simultaneously, imports dropped off by 18 percent, amounting to 224 billion kronor.

Net trade surplus amounted to 35 billion kronor.

Trade with EU countries, which makes up more than half of Sweden's trade in terms of value, has strongly decreased. Exports to Sweden's biggest trade EU partner, Germany and the UK, decreased by 20 respectively 32 percent. Exports to the USA decreased by 19 percent.

However, trade with China is still going strong. Exports to China increased by 17 percent and imports from China by 6 percent. Exports of electronics, including telecommunication, to China more than doubled.

Export and import of goods by regions

	Exports		Imports
Region	Share in %	Change In %	Share in %	Change in %
	2009	2009/2008	2009	2009/2008
Total	100.0	-19	100.0	-18
Europe	73.4	-22	81.9	-21
EU-27	58.6	-23	68.2	-21
EMU-16	39.1	-23	46.2	-19
Other European countries	14.8	-14	13.7	-22
Africa	3.8	17	1.1	96
North Africa	1.4	1	0.2	65
West Africa	0.8	72	0.0	9
Central, East and Southern Africa	1.7	15	0.9	104
America	10.0	-19	5.9	6
North America	7.9	-19	4.4	16
Central and South America	2.1	-20	1.4	-15
Asia	11.3	-4	10.9	-3
Middle- and Near East	2.4	-15	0.3	-35
Other countries in Asia	8.9	0	10.6	-2
Oceania and other territories	1.2	-21	0.3	45
Source: Statistics Sweden