Over the past several years, trade and economic cooperation between Ukraine and the Kingdom of Sweden has been characterized by a steady upward trend, while the slowdown in business activities resulting from the COVID-19 pandemic restrictions has negatively affected the positive dynamics of bilateral trade.
According to the latest data from the State Statistics Service of Ukraine, in 2020 the Ukrainian-Swedish trade turnover in goods and services somewhat decreased by 8.5% y-o-y, to 647.9 million U.S. dollars. Ukraine’s exports to Sweden decreased by 2.1% and amounted to 166.8 million U.S. dollars. The main items of Ukrainian exports to Sweden include, among others, wood and wood products, ferrous metals, furniture, nuclear reactor components, textile clothing, plastics and polymers.
The volume of imports of goods and services from Sweden decreased by 10.5% and amounted to 481.1 million U.S. dollars. Ukraine mostly imported nuclear reactor components, cars and mechanisms, paper and cardboard, transport equipment, chemicals, pharmaceuticals, electrical machines as well as vegetable and animal oils and fats.
Sweden is among Ukraine’s largest EU investors. As of October 2020, the volume of Swedish investments in Ukrainian economy amounted to 536.3 million U.S. dollars.
The Ukrainian-Swedish economic ties are robust but huge scope remains for greater bilateral trade and investment. Approximately 100 Swedish companies are present in Ukraine and many others are exploring the possibilities for further tie-ups. Potential areas of cooperation include telecommunications, energy efficiency and environmental protection, nuclear safety, waste management, agriculture and the sphere of finance, tourism etc.