Sweden’s trade balance swung to a SEK 11.9 billion deficit in August from a SEK 1.2 billion surplus in July, as imports increased faster than exports, according to preliminary data from Statistics Sweden. The figures showed a sharp deterioration in Sweden’s merchandise trade position after the country recorded a surplus in each of the previous two months.
Goods exports totaled SEK 159.9 billion in August, up 11% from the same month a year earlier, while imports reached SEK 171.8 billion, an increase of 12%. The resulting SEK 11.9 billion deficit compared with a SEK 8.7 billion deficit in August 2025. Statistics Sweden said the number of working days was unchanged from a year earlier, limiting the effect of calendar differences on the annual comparison.
The trade performance differed significantly between Sweden’s European Union and non-EU trade. Sweden recorded a SEK 18.6 billion deficit in trade with EU member states in August, while trade with countries outside the bloc generated a SEK 6.7 billion surplus. Exports to EU countries were SEK 91.9 billion, compared with imports of SEK 110.5 billion.
Trade with countries outside the EU was more balanced, with exports of SEK 68 billion against imports of SEK 61.3 billion. Non-EU exports increased 4.9% from a year earlier, while imports from those markets rose 13.5%. Within the EU, exports increased about 15% year over year, while imports rose 11.2%.
The headline monthly deficit also differs from the seasonally adjusted measure. On a seasonally adjusted basis, Sweden recorded a SEK 1.7 billion trade surplus in August, compared with a SEK 1.5 billion surplus in July and SEK 0.9 billion in June. The adjusted figures indicate that the unadjusted monthly deficit was influenced partly by normal seasonal patterns in goods trade.
The deterioration is more pronounced when measured over the first eight months of the year. Sweden recorded a SEK 2.7 billion goods trade deficit from January through August, compared with a SEK 42.7 billion surplus during the same period in 2025. Exports over the period totaled SEK 1.402 trillion, up 4% from a year earlier, while imports reached SEK 1.405 trillion, an 8% increase.
The figures point to a faster expansion in the value of imported goods than exported goods during much of 2026. The difference has narrowed Sweden’s cumulative trade position despite stronger export values, with the January-August balance moving from a substantial surplus last year to a modest deficit this year.
Sweden’s trade figures are an important indicator for the country’s external demand and goods-producing sectors, particularly because exports account for a significant part of the economy. The August data, however, cover goods trade only and do not represent Sweden’s full current-account position, which also includes services, income and transfers.
The August figures are preliminary and can be revised as Statistics Sweden receives additional information. The agency is scheduled to publish its next monthly foreign-trade release on October 27, covering September.
The latest data come as broader European trade conditions remain affected by changing demand, import costs and international supply chains. For Sweden, the divergence between EU and non-EU trade also remains notable, with the country continuing to run a goods deficit with EU partners while maintaining a surplus with markets outside the bloc.
