Over the past several years, trade and economic cooperation between Ukraine and the Kingdom of Sweden has been steadily developing.
According to the latest data from the State Statistics Service of Ukraine, in the first half of 2020, the Ukrainian-Swedish trade turnover in goods and services somewhat decreased by 12% y-o-y, to 279 million U.S. dollars.
Ukraine’s exports to Sweden were 80.1 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.
Imports from Sweden amounted to 198.9 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.
Despite the ongoing COVID-19 pandemics and its negative influence on economic activity, in the first half of 2020, there was a positive tendency in trade in services between Ukraine and Sweden – up to 1.1%.
Sweden currently occupies leading position among Ukraine’s largest EUinvestors. As of July 2020, the volume of Swedish investments in Ukrainian economy amounted to 570.3 million U.S. dollars.
The Ukrainian-Swedish economic ties are robust but huge scope remains for greater bilateral trade and investment. There are roughly 100 Swedish companies having presence in Ukraine and many others are exploring the possibilities for further tie-ups. Potential areas of collaboration include telecommunications, energy efficiency and environmental protection, nuclear safety, waste management, agriculture and the sphere of finance, tourism etc.