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Big exposure for Great Britain: Elections matter to Swedish companies

Big exposure for Great Britain: Elections matter to Swedish companies

On July 4th, Great Britain will go to the polls – an important election for Swedish companies to follow. Swedish exposure to Great Britain was large in trade and relations. July's decision could have an impact on Swedish business, according to a new compilation from the Stockholm Chamber of Commerce.

– Great Britain is one of Sweden's most important trading partners along with Norway and Germany. What happens after the election can be significant for business relationships or companies that have exposure to the country in various ways. The devolution could bring a rapprochement with the EU but also higher taxes, says Carl Bergquist, chief economist at the Stockholm Chamber of Commerce.

The Swedish economy has strong ties to Great Britain
In 2023, Sweden's total exports of goods and services to Great Britain were SEK 237 billion and imports SEK 243 billion. Total trade was SEK 480 billion, making Great Britain Sweden's fourth most important trading partner.

– Swedish exchange with Great Britain is large and has been for a very long time. It is estimated that there are more than 1,000 Swedish companies in Great Britain and the companies have around 80,000 employees locally, according to Carl Bergquist.

According to Swedes in the World, there are around 100,000 Swedes living in Great Britain.

Trade with Great Britain was very important to Stockholm
Of Sweden's 21 counties, Stockholm has by far the largest trade with Great Britain. Merchandise exports in 2023 amounted to 38.3 billion, accounting for 34 percent of Sweden's total exports to Great Britain. Imports of goods from England to Stockholm County are 30 billion, which is 40% of Sweden's total imports from England.

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– Stockholm also has very close ties to London. London is the non-Nordic destination with the most departures from Arlanda on a typical weekday. That says a lot about how big the yield is, says Karl Bergquist.

Table 1. Compilation of Sweden's largest and most important trading partners.