Sweden posts SEK 5.3 billion trade deficit in August

Sweden reported a trade deficit of SEK 5.3 billion in August, which compares with a shortfall of SEK 7.8 billion in the same month of 2023.

Market consensus had pointed to a SEK 5.9 billion surplus.

The nation’s total exports shrank 5.1% year-on-year to SEK 150.3 billion in August, data by Statistics Sweden showed. The latter reflected a 10.2% YoY drop in shipments to the European Union to SEK 80.2 billion. Shipments to non-EU nations rose 1.4% YoY to SEK 70.1 billion.

In the meantime, Sweden’s total imports decreased 6.4% year-on-year to SEK 155.6 billion in August. The latter reflected a drop in purchases from the European Union, by 7.7% YoY to SEK 100.5 billion.

When taking into account the first eight months of this year, Sweden’s trade surplus expanded to SEK 53.4 billion from SEK 28.1 billion in the respective period of 2023.

The Swedish Krona was 0.25% firmer on the day against the US Dollar, with the USD/SEK currency pair last trading at 10.1502.