In March 2025, Sweden trade balance surplus more than doubled year-on-year, reaching SEK 12.8 billion, up from SEK 6.2 billion in March 2024. This significant increase was driven by a 5% rise in exports to SEK 186.9 billion, while imports grew modestly by 1.3% to SEK 174.1 billion.
Sweden Trade Balance March 2025: Export Dynamics
The growth in exports was primarily fueled by an 11% increase in shipments to non-EU countries, contrasting with a slight 0.5% decline in exports to EU nations. Key export commodities included machinery, motor vehicles, paper products, pulp and wood, iron, steel products, and chemicals.
Import Trends
Imports from non-EU countries rose by 5.3%, while those from EU countries decreased by 0.6%. The modest overall growth in imports contributed to the widening trade surplus.
Economic Context
Despite the robust trade performance, Sweden’s economy remained stagnant in the first quarter of 2025. Gross Domestic Product (GDP) showed no growth compared to the previous quarter, although it increased by 1.1% year-on-year. On a monthly basis, GDP rose by 0.6% in March, recovering from a 0.7% decline in February.
Sectoral Performance
- Industry: Production in the industrial sector decreased by 1.6% in March compared to February, and by 3.5% year-on-year. The chemical and pharmaceutical industry experienced the largest monthly decline among major manufacturing industries, with a 15.2% drop.
- Services: The services sector saw a 0.9% decrease in production in March compared to February, but a 0.7% increase year-on-year. Information and communication companies experienced the largest monthly decline among major service industries, with an 8.5% drop.
- Construction: The construction sector bucked the trend, with production increasing by 1.0% in March compared to February, and by 2.2% year-on-year.
Retail Sales
Retail sales volume decreased by 0.7% in January 2025 compared with December 2024. However, in the three-month period from November to January, sales volume increased by 1.4% compared with the previous three-month period.
Conclusion
Sweden’s trade surplus in March 2025 reflects strong export performance, particularly to non-EU countries, and modest import growth. However, the overall economic stagnation and declines in industrial and service sector production highlight underlying challenges. The construction sector’s growth and retail sales trends provide some positive signals, but sustained economic recovery will require broader sectoral improvements.
