That dollar amount reflects a 23.4% gain compared to $160.5 billion five years earlier in 2019.
Year over year, the overall value of Swedish exports flatlined via a 0.3% increase from $197.7 billion for 2022.
Sweden’s 5 most valuable exported products are cars, processed petroleum oils, medication mixes in dosage¸ blood fractions including antisera, and automotive parts or accessories. Combined, that quintet of major Swedish exports represents over one-fifth (22.5%) of the Scandinavian country’s total exports.
Based on the average exchange rate for 2023, the Swedish krona depreciated by -12.2% against the US dollar since 2019 and diluted by -4.9% from 2022 to 2023. Sweden’s weaker local currency made its exports paid for in stronger US dollars relatively less expensive for international buyers.
Biggest Trade Partners Buying Sweden’s Exports
The latest available country-specific data shows that 71.8% of products exported from Sweden was bought by importers in: Germany (10.3% of the Swedish total), Norway (9.6%), United States of America (8.6%), Denmark (7%), Finland (6.8%), Netherlands (5.4%), United Kingdom (5.3%), France (4.4%), Belgium (4.1%), Poland (3.8%), mainland China (3.6%) and Italy (2.9%).
From a continental perspective, 72.9% of Sweden’s exports by value was delivered to fellow European countries while 12.2% was sold to importers in Asia. Sweden shipped another 10.7% worth of goods to North America.
Smaller percentages went to customers in Africa (1.7%), Latin America (1.5%) excluding Mexico but including the Caribbean, then Oceania (1%) led by Australia and New Zealand.
Note that over half (53.6%) of Sweden’s exports was bought by fellow members of the European Union.
Given Sweden’s population of 10.8 million people, its total $198.1 billion in 2023 exports translates to roughly $18,300 for every resident in the north European nation. That dollar metric lags the average $18,500 per capita in 2022.
Sweden’s Top 10 Exports
The following export product groups represent the highest dollar value in Swedish global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Sweden.
- Machinery including computers: US$30.3 billion (15.3% of total exports)
- Vehicles: $29.4 billion (14.8%)
- Electrical machinery, equipment: $17.6 billion (8.9%)
- Mineral fuels including oil: $16 billion (8.1%)
- Pharmaceuticals: $13.6 billion (6.9%)
- Paper, paper items: $9.1 billion (4.6%)
- Iron, steel: $8.2 billion (4.1%)
- Plastics, plastic articles: $6.3 billion (3.2%)
- Fish: $5.7 billion (2.9%)
- Optical, technical, medical apparatus: $4.8 billion (2.4%)
Sweden’s top 10 exports generated more than two-thirds (71.1%) of the overall value of total Swedish shipments.
Vehicles was the fastest grower among Sweden’s top 10 export categories, up by 28.1% from 2022 to 2023.
In second place for improving export sales was machinery including computers via a 16.4% advance.
Sweden’s shipments of fish posted the third-fastest gain in value, up by 10.4%.
The leading decliner among Sweden’s top 10 export categories was the mineral fuels including oil product category, pulled down by a -20.3% year-over-year drop.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, explore the following section.
Searchable List of Sweden’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Sweden during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Sweden's Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Cars | $15,500,797,000 | +28.5% |
| 2 | Processed petroleum oils | $10,541,718,000 | -18.4% |
| 3 | Medication mixes in dosage | $7,285,551,000 | -6% |
| 4 | Blood fractions (including antisera) | $5,806,128,000 | +15.2% |
| 5 | Automobile parts/accessories | $5,365,529,000 | +13% |
| 6 | Phone devices including smartphones | $4,729,174,000 | -5.2% |
| 7 | Whole fish (fresh) | $4,422,161,000 | +10.4% |
| 8 | Iron ores, concentrates | $4,035,057,000 | +8.9% |
| 9 | Sawn wood | $3,641,265,000 | -24.6% |
| 10 | Engines (diesel) | $3,104,839,000 | +28.4% |
| 11 | Coated paper | $2,985,748,000 | -8.1% |
| 12 | Chemical woodpulp (non-dissolving) | $2,513,770,000 | +0.4% |
| 13 | Tractors | $2,502,233,000 | +20.2% |
| 14 | Trucks | $2,345,394,000 | +17.4% |
| 15 | Uncoated kraft paper | $2,160,975,000 | -7.6% |
| 16 | Electrical energy | $2,145,472,000 | -54.8% |
| 17 | Computers, optical readers | $1,895,428,000 | -5.9% |
| 18 | Flat-rolled other alloy steel products | $1,780,994,000 | -3.6% |
| 19 | Machinery parts | $1,644,186,000 | +0.5% |
| 20 | Turbo-jets | $1,593,376,000 | +21.6% |
| 21 | Insulated wire/cable | $1,537,242,000 | +1.6% |
| 22 | Miscellaneous furniture | $1,485,269,000 | -2.4% |
| 23 | Miscellaneous machinery | $1,474,556,000 | +26.1% |
| 24 | Uncoated paper for writing/printing | $1,436,212,000 | -13% |
| 25 | Refrigerators, freezers | $1,366,332,000 | +22.8% |
| 26 | Fork-lift trucks | $1,349,564,000 | +26.2% |
| 27 | Flat-rolled stainless steel items | $1,337,104,000 | -13.6% |
| 28 | Other diagnostic/lab reagents | $1,335,383,000 | +3% |
| 29 | Unrefined copper | $1,316,849,000 | +16460513% |
| 30 | Coal tar oils (high temperature distillation) | $1,261,588,000 | -5.7% |
| 31 | Temperature-change machines | $1,232,591,000 | +6.3% |
| 32 | Automobile bodies | $1,190,311,000 | +33.3% |
| 33 | Centrifuges, filters and purifiers | $1,055,670,000 | -4.5% |
| 34 | Ethylene polymers | $1,043,792,000 | -14% |
| 35 | Initiators/accelerators, catalytic preps | $951,190,000 | +7.7% |
| 36 | Liquid pumps and elevators | $922,796,000 | +4.9% |
| 37 | Electrical converters/power units | $918,628,000 | +1.1% |
| 38 | Physical/chemical analysis tools | $890,098,000 | -23.6% |
| 39 | Move/grade/scrape/boring machinery | $870,788,000 | +17.7% |
| 40 | Electrical/optical circuit boards, panels | $865,427,000 | +47.3% |
| 41 | Miscellaneous plastic items | $860,668,000 | +8% |
| 42 | Fish fillets, pieces | $856,767,000 | +16.3% |
| 43 | Electrical machinery | $848,231,000 | +47.6% |
| 44 | Taps, valves, similar appliances | $829,346,000 | +4.7% |
| 45 | Gold (unwrought) | $829,343,000 | -4.2% |
| 46 | Dishwashing, clean/dry/fill machines | $774,101,000 | -1.9% |
| 47 | TV receivers/monitors/projectors | $747,418,000 | -11.6% |
| 48 | Iron or steel scrap | $742,357,000 | +12.7% |
| 49 | Lifting/loading machinery | $740,665,000 | +6.5% |
| 50 | Miscellaneous iron or steel items | $719,439,000 | +20.4% |
| 51 | Electric water heaters, hair dryers | $703,576,000 | -1.4% |
| 52 | Pneumatic hand tool | $703,385,000 | +2.9% |
| 53 | Lower-voltage switches, fuses | $700,193,000 | +20% |
| 54 | Hormones, miscellaneous steroids | $685,934,000 | +65.3% |
| 55 | Electro-medical equip (e.g. xrays) | $667,581,000 | +20.7% |
| 56 | Cellulose fiber paper | $653,951,000 | -7.8% |
| 57 | Alloy steel bars, rods | $653,071,000 | +5.8% |
| 58 | Petroleum gases | $642,892,000 | -20.8% |
| 59 | Bread, biscuits, cakes, pastries | $638,613,000 | +6.2% |
| 60 | Electric motors, generators | $630,238,000 | +63.5% |
| 61 | Nuclear reactors, fuel elements | $623,928,000 | +29.7% |
| 62 | Refined copper, unwrought alloys | $617,896,000 | -35.9% |
| 63 | Electric storage batteries | $611,210,000 | +26% |
| 64 | Other food preparations | $603,276,000 | -5.5% |
| 65 | Seats (excluding barber/dentist chairs) | $584,300,000 | +1.1% |
| 66 | Transmission shafts, gears, clutches | $570,381,000 | +4% |
| 67 | Vulcanized rubber items | $565,756,000 | +5.8% |
| 68 | Ball, roller bearings | $554,294,000 | -2% |
| 69 | Plastic packing goods, lids, caps | $549,323,000 | +1.4% |
| 70 | Miscellaneous iron and steel structures | $527,080,000 | -5.4% |
| 71 | Granules of iron or steel | $522,836,000 | +12.2% |
| 72 | Aluminum (unwrought) | $515,025,000 | -50.9% |
| 73 | Hot-rolled iron or non-alloy steel products | $514,323,000 | -16.1% |
| 74 | Microphones/headphones/amps | $503,004,000 | +0.9% |
| 75 | Alcohol (including spirits, liqueurs) | $495,871,000 | -1.8% |
| 76 | Piston engine parts | $484,559,000 | +0.3% |
| 77 | Radar, radio communication items | $479,286,000 | +60.9% |
| 78 | Tissues, napkins, toilet paper | $477,457,000 | +5.1% |
| 79 | Copper wire | $476,228,000 | -22.2% |
| 80 | Plastic plates, sheets, film, tape, strips | $475,309,000 | -9.4% |
| 81 | Miscellaneous engines, motors | $466,930,000 | -6.3% |
| 82 | Iron or steel tubes, pipes | $462,191,000 | +9.2% |
| 83 | Machinery to make pulp from fibrous cellulosic material | $445,583,000 | +21.2% |
| 84 | Pig iron granules, powders | $442,405,000 | -2.7% |
| 85 | Sanitary towels, baby napkins/liners | $440,290,000 | +6.9% |
| 86 | Beauty/makeup/skin care preparations | $424,397,000 | +20.3% |
| 87 | Polymer-based ion exchangers | $424,069,000 | -11.7% |
| 88 | Piston engines | $416,204,000 | +48.1% |
| 89 | Soil preparation machinery | $414,615,000 | +11% |
| 90 | Orthopedic appliances | $414,227,000 | +10.4% |
| 91 | Other measuring/testing machines | $411,177,000 | +18.3% |
| 92 | Iron and steel screws, bolts, nuts, washers | $408,859,000 | +1.2% |
| 93 | Margarine | $404,436,000 | +1.8% |
| 94 | Tobacco-containing, substitute products | $398,609,000 | +130.4% |
| 95 | Electric sound/visual signal bells or alarms | $396,232,000 | +19.5% |
| 96 | Other organic cleaning preparations | $395,800,000 | +0.5% |
| 97 | Aluminum plates, sheets, strips | $384,547,000 | -17.7% |
| 98 | Natural polymers | $383,276,000 | -21.1% |
| 99 | Plastic tubes, pipes, fittings | $381,595,000 | -7.8% |
| 100 | Pipe/chewing/snuff tobaccos | $375,262,000 | +2% |
These 100 exported goods were worth a subtotal of US$141.6 billion or 71.4% by value for all products exported from Sweden during 2023.
Products Generating Sweden’s Biggest Trade Surpluses
Sweden earned an overall US$5.25 billion trade surplus for 2023, reversing a -$4.4 billion trade deficit one year earlier in 2022.
The following types of Swedish product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Paper, paper items: US$7.3 billion (Down by -7.1% since 2022)
- Pharmaceuticals: $7.1 billion (Up by 2.2%)
- Vehicles: $6.7 billion (Up by 83.5%)
- Machinery including computers: $4.9 billion (Up by 93.1%)
- Ores, slag, ash: $3.1 billion (Down by -5.8%)
- Iron, steel: $2.9 billion (Up by 20%)
- Woodpulp: $2.7 billion (Up by 1.9%)
- Wood: $2.2 billion (Down by -37.5%)
- Copper: $1.5 billion (Up by 78.5%)
- Gems, precious metals: $868.9 million (Down by -23.9%)
Sweden has highly positive net exports in the international trade of pulp and paper. In turn, these cashflows indicate Sweden’s strong competitive advantages under the paper and related products category.
Products Causing Sweden’s Worst Trade Deficits
Below are exports from Sweden that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Sweden’s goods trail Swedish importer spending on foreign products.
- Electrical machinery, equipment: -US$7.8 billion (Up by 14.2% since 2022)
- Mineral fuels including oil: -$5.5 billion (Down by -34%)
- Inorganic chemicals: -$1.8 billion (Up by 1.5%)
- Articles of iron or steel: -$1.3 billion (Down by -31.2%)
- Meat: -$1.1 billion (Up by 13.9%)
- Knit or crochet clothing, accessories: -$1 billion (Down by -25.3%)
- Clothing, accessories (not knit or crochet): -$976.8 million (Down by -24.8%)
- Beverages, spirits, vinegar: -$940.7 million (Down by -2.3%)
- Rubber, rubber articles: -$928.9 million (Up by 0.1%)
- Fruits, nuts: -$921 million (Up by 1.2%)
Sweden has highly negative net exports and therefore deep international trade deficits under the electrical machinery and equipment product category.
These cashflow deficiencies clearly indicate Sweden’s competitive disadvantages in the international electronics market, but also represent key opportunities for Sweden to improve its position in the global economy through focused innovations.
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.
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)
In macroeconomic terms, Sweden’s total exported goods represent 27.7% of its overall Gross Domestic Product for 2023 ($716 billion valued in Purchasing Power Parity US dollars). That 27.7% for exports to overall GDP in PPP for 2023 compares to 28.9% one year earlier. The latest percentage suggests a relatively decreasing reliance on products sold on international markets for Sweden’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Sweden’s unemployment rate averaged 7.547% for 2023, up from an average 7.467% in 2022 according to International Monetary Fund statistics.
Sweden’s capital city is Stockholm.
See also Sweden’s Top 10 Imports, Sweden’s Top Trading Partners and European Union’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 5, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 5, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 5, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 5, 2024
International Trade Centre, Trade Map. Accessed on April 5, 2024
Investopedia, Net Exports Definition. Accessed on April 5, 2024
Wikipedia, Gross domestic product. Accessed on April 5, 2024
Wikipedia, List of Companies of Sweden. Accessed on April 5, 2024
Wikipedia, Purchasing power parity. Accessed on April 5, 2024
Wikipedia, Sweden. Accessed on April 5, 2024
Zepol’s company summary highlights by country. Accessed on April 5, 2024