Over the past several years, trade and economic cooperation between Ukraine and the Kingdom of Sweden has been characterized by a steady upward trend. Due to COVID-19 pandemics, economic cooperation and trade between Ukraine and Sweden have temporary encountered some challenges in 2020.
Despite the ongoing restrictions and their negative influence on economic activity, in the first quarter of 2021 there was a positive tendency in trade in goods and services between Ukraine and Sweden – up to 305.4 million U.S. dollars, which was 125.6% increase compared to the same period last year.
Ukraine’s exports of goods and services to Sweden increased by 21.3% and amounted to 48.9 million U.S. dollars, while the volume of imports of goods and services from Sweden grew by 169.7% and amounted to 256.5 million U.S. dollars.
The main items of Ukrainian exports to Sweden include, among others, ferrous metals, wood and wood products, furniture, nuclear reactor components, textile clothing, plastics and polymers.
Ukraine mostly imported nuclear reactor components, cars and mechanisms, paper and cardboard, transport equipment, pharmaceuticals, textile clothing as well as vegetable and animal oils and fats.
Sweden is among Ukraine’s largest EU investors. As of beginning 2021, the volume of Swedish investments in Ukrainian economy amounted to 543.3 million U.S. dollars.
The Ukrainian-Swedish economic ties are robust but huge scope remains for greater bilateral trade and investment. Approximately 89 Swedish companies are present in Ukraine and many others are exploring the possibilities for further business relations. Potential areas of cooperation include telecommunications, energy efficiency and environmental protection, nuclear safety, waste management, agriculture and the sphere of finance, tourism etc.