The Swedish economy has been a subject of study for many economists worldwide due to its sheer reliance on exports.
Post the 2nd world war, the Swedish economy has come a long way. It has overcome high unemployment and inflation rates to become a thriving economy. The Swedish economy is highly export driven and backed by hydroelectricity along with timber industry and iron. The economy is highly dependent on foreign trade and the major industries of Sweden are comprised of pharmaceuticals, automobiles and chemical goods.
Sweden is also known for its industrial machine production industry, steel industry and iron industry. There is forestry as well and several small scale industries like home appliances, wood and pulp industries. A lot of globally known names derive their origin from Sweden like Ericsson, Alfa Laval, SKF etc.
Sweden Export Scenario
Sweden’s economy is complicated and has in fact been rated as the 4th most complicated economy in the world. It holds the distinction of being the 29th largest export economy in the world and recorded a massive positive trade balance of $12.7 billion in the year 2013.
A few of the most interesting facts about Sweden is its music exports. It is stated that Sweden is the third biggest music exporter of the world after US and UK. The most successful and famous musical export being ABBA. Another success story for Swedish export is the flat pack furniture known as IKEA.
Sweden’s economy revolves around its exports, but the import industry plays a big role as well. Sweden’s major imports include packaged medicament worth $6.95 billion and refined petroleum worth around $11.1 billion. There are Telecommunication devices including telephones worth around $5.23 billion and automobile parts worth around $6B. There are cars worth around $5.23 billion.
Sweden exports its products globally to many countries but primarily in the European circle. Among its European importers most prominent ones are Germany, the United Kingdom. Belgium-Luxembourg, Denmark, and Norway are on the list as well.
Among its top growing exports is the oil industry. The oil industry has risen over 20.1% over a period of 5 years. The automobile industry also looks to have a promising future with a growth of around 11.4%. The growth of the plastics industry was mapped at 11.2%. Other than this, other industries have also shown improvements all the way.