During the pandemic year 2020, Sweden’s share of the global market for export goods jumped to 1.2 per cent following soaring demand for typical “pandemic goods” such as pharmaceuticals, electrical equipment and wood products. But the upswing was temporary.
Business Sweden’s annual monitoring, presented in the report Global Export published today, is based on the latest statistics from UN Comtrade and shows that Sweden’s share of the global market for export goods fell back to 1.1 per cent in 2021.
“Sweden captured market shares during the pandemic year due to the fact that Swedish exports did not decline as steeply as the global market overall. Sweden’s export trade gained ground in 2020 thanks to increased demand for pandemic goods such as pharmaceuticals, electrical equipment and wood products. Last year, Sweden’s share of the export market returned to a stable level where it has remained since 2015, explains Lena Sellgren, Chief Economist, Business Sweden.
In all, Sweden’s exports grew (in current prices) by 23 per cent in 2021 compared to 2020. Exports of wood products and electrical equipment gained considerable momentum. The global growth of exports was primarily driven by strong export development in South America and the Middle East while Asia and Oceania performed more moderately.
“Sweden’s export trade is keeping pace with export performance in both Europe and North America. During 2020, Sweden outperformed several large exporting nations such as Germany, the United Kingdom and Japan,” Sellgren adds.
Get the full analysis in this year’s edition of the report Global Export here.