2015

Sweden
INBS 370

[SPRING FINAL
PROJECT]

Table of contents

A. Introduction.

Basic Business Economic and Statistic.

B. Foreign Trade Performance.

Tariff, Imports Quotas.

C. Bi-directional Foreign Direct Investment Portfolio Investment flow.

Multinational Company Activity

D. Fiscal and Monetary policy, Trade Exchange Rate.
International trade and Finance Position.

Introduction
Part A

Sweden joined the European Union in 1995 but rejected adoption of the euro in
2003. The public remains opposed to Eurozone membership. The economic downturn in
2009 led to a slight increase in unemployment, but unemployment levels appeared to be
stabilizing in 2014. A general election was held in September 2014. After difficult

negotiations, a new center-left coalition government consisting of the Social Democratic

Party and the Green Party took office. Banks are well capitalized, and Sweden has
weathered the financial crisis relatively well. Swedens economy is export-oriented;
principal exports include automobiles, telecommunications products, construction
equipment, and other investment goods.
Swedens economic freedom score is 72.7, making its economy the 23rd freest in the
2015 Index. Its score has decreased by 0.4 point since last year, with improvements in
four of the 10 economic freedoms outweighed by deteriorations in freedom from
corruption, business freedom, and the management of government spending. Sweden is
ranked 12th out of 43 countries in the Europe region, and its overall score is above the
world and regional averages.
Despite its well-established welfare state and large government budget, Sweden has made
marginal changes to improve its economic freedom and competitiveness. Over the past
five years, economic freedom in Sweden has advanced by 0.8 point with gains in five of
the 10 economic freedoms, including fiscal freedom, the management of government
spending, monetary freedom, trade freedom, and investment freedom.
Swedens high-performing economy has built its success on openness to global trade and
investment. Reforms over the past two decades reduced the role of government and
introduced market mechanisms that set the foundations for todays competitive economy.
Swedens business freedom score is one of the highest in the world. Fiscal responsibility
remains central to the new governments policy proposals, but plans to reverse some of
the previous governments tax cuts in order to fund higher spending could hurt growth.
Sweden's economy is predominantly services-based. Agriculture accounts for 1.44% of
GDP and employs 2.00% of the population. Manufacturing and industry accounts for
25.85% of GDP and employs 19.50% of the population. The service sector accounts for

72.71% of the GDP and employs 77.90% of the population.

In 2013 Swedens GDP was estimated at 552 billion dollars, with a purchasing power
parity of 393.8 billion dollars. Their real growth rate was estimated to 0.9% and GDP per
capita was estimated at $40,900. In 2012 their public debt accounted for 38.2% of their
GDP and their unemployment rate was as high as 8%. Swedens budget revenue in 2013
was estimated at 283.5 billion dollars, while their expenditures reached as high as 294.7
billion, due to that they had a budget deficit of 2% of GDP. Their exports accounted for
181.5 billion dollars with major trading partners such as Norway, Germany, Finland and
Denmark while their imports were estimated at 158 billion dollars.

Part B
The extension of May 2004 that incorporated ten new nations further expanded
the essentialness of the EU. In 2008, the EU represented 70 percent of Sweden's
imports and 60 percent of Sweden's exports. "Sweden has been a WTO member
since January 1995 and a member of GATT since 30 April 1950. All EU member
States are WTO members, as is the EU (until 30 November 2009 known officially
in the WTO as the European

Communities for legal reasons) in its right. (WTO

2015)
The European Union plays a vital role in the expansion of international trade

policy. One of the primary advantages of membership of the EU is that today,

Sweden can actively influence the traditional trade policy. The strength that a
current action provides is in the interest of the EU, Sweden, and the individual
member states. Sweden was one of the initiators after the creation of the European
Free Trade Association (EFTA), which was established in 1960. The aim of EFTA
was partially to achieve a reciprocal free trade area for the European countries that
did not want or were incapable, to join the European Commission, and partly to
build a platform for future negotiations with the EC. In 1995, Sweden left EFTA to
become a member of the EC/EU.
Swedens economy is based on international trade, which requires access to the
markets of other nations on good and equal terms, as abundant raw materials and
input goods are imported from outside Sweden. The principle of EU Customs Tariff
is the ten-digit Harmonized Commodity Description and Coding System (HS),
which indicates the duty that should be employed and whether an import license or
permit is required for the commodity in subject." The Integrated Tariff of the
Community, TARIC, referred to as TARIC (Tarif Intgr de la Communaut), is
designed to show several rules applying to specific products being imported (or in
some cases exported from) into the customs territory of the EU, to determine if a
license is required for a particular product. The TARIC can be searched by country
of origin, Harmonized System (HS) Code, and product description on the
interactive website of the Directorate-General for Taxation and the Customs Union,
and is renewed daily. (Global Trade.org) Most industrial products imported to
Sweden are directed to duty varying from 0% to 20%. Duty rates for raw foods
products can be higher as they are based on the weight of the commodity. Customs
procedures, involving the classification and valuation of imported goods, are
governed by EU rules. As a member of the EU, Sweden maintains a duty-free entry

on all products originating in other EU countries.

Swedish companies might sometimes encounter problems in the EU and
sometimes these could be described as trade barriers.(Sweden abroad 2015)
Certain trade barriers could be all types of official measures that hinder or make it
troublesome to trade with goods or services, both involving import and export.
Examples of possible trade barriers are fees, technical barriers, quantitative barriers,
not correctly applied rules of origin, specific documentation requirements at the
border, measures related to intellectual property, difficult or lengthy bureaucracy,
and depravity within an official administrative body, discriminating state
procurement or political interference in judicial or license procedures. Some trade
barriers can be difficult to overcome, especially for smaller and medium sized
companies. This can lead to substantial economic losses for the companies
concerned. The US is one of Swedens most prominent trading allies." About 7% of
all Swedish goods are exported to the US and 3% of the goods imported Into
Sweden originate in the US. The US is of even prominent significance for trade in
services as trade with the US represents approximately 8% of Swedish service
exports and 13% of Swedish service imports. (kommers 2015)
Sweden holds top marks for its transport and communications infrastructures,
where it is ranked 1st out of all in 118 countries. Sweden has high-quality transport
infrastructure and world-class transportation services, and the country has fully
controlled the use of ICTs, which is so essential for the logistic and transport
industry. Swedens border administration is ranked 2nd, attributable to its high
efficiency and transparency. With customs methods that are not overly
burdensome, requiring, administration also gets top marks, with customs procedures
that are not troublesome and a particularly low-cost imports, perhaps revealing the
high clarity and low level of corruption associated to its border administration is

ranked 3rd. Sweden has a few tariff, as is the case of other EU countries, placing it
3rd, although the country does impose meaningful non-tariff barriers ranked lower
at 64th. More, Sweden demonstrates a very strong productivity to trade, ranked 3rd
out of all countries.
As stated earlier, Swedens main partners are countries within the European
Union like Germany, Denmark, Netherlands, and Norway. Imports to Sweden
include machinery, petroleum, chemicals, food, and clothing. It is vital that
importing countries or their agents need to make the customs declaration with the
SAD, single administrative document. As part of the "SAFE" standards advocated
by the World Customs Organization (WCO), the European Union has set up a new
system of import controls, the "Import Control System" (ICS), which aims to secure
the flow of goods at the time of their entry into the customs territory of the
EU,(Santander Trade, 2015). The total value of good imported must surpass the
1,300 SEK in order to have customs duties. Within the European Economic Area,
EEA, the countries are not required to pay duties, so the average tariff for EU
members are about 1%, but the Common Customs Tariff, CCT, are applied to all
other imports, not from the European Union. Overall duties do not tend to be high
in Sweden. For countries outside the EU, the average duty for industrial products is
about 4.2%.However, on the other hand for the apparel industry and agrifoods have
a much higher tariff rate standing at an average of 17.3 % tariff rates and very high
tariff quotas. Swedens success has been primarily based off of their economic
freedom and openness in the global market.
Nontariff barriers do exist in the nation but are very minimal. They are used as
another restrictive form of barriers but without the tariff cost. The promotion of
greater trade freedom has left Sweden encountering obstacles because they have
such a strong stand on open trade policies. Moreover, the European Union does not

and so the Swedes had to adjust to their norms in order to take part in the union.
Sweden strongly stands for a large public sector that consequently leaves the
government with a substantial influence on its economy. This is unlike many other
developed countries but has undoubtedly decreased over the past decades. The
Swedish economy has undergone fundamental changes over the past fifteen to
twenty years. Some of the most important changes concerned new organizational
structures in the business sector, larger foreign ownership and decreased production
of goods in Sweden.(Ekonomifakta,2015). The Swedish government has
ownership over important shares within the nation; these shares include credit
institutions, telecommunications, broadcasting, drug chains, pharmaceuticals,
mining companies, air transport, postal services, etc. The nations top priority lies
in the reduction of unemployment within the nation.
Sweden has been an active member of the European Union, its regional trading
bloc. Their membership began on January 1, 1995, even though, the nation was
divided in two because not every political leader approved of their membership in
the European Union; the decision was highly controversial. The question of
Swedish EU membership was finally resolved. 52.3 percent of participants voted
Yes, and 46.8 voted No.6 The voting turnout was as high as 83 percent. 7 The EU
membership was the achievement of a long-lasting and fruitful Swedish cooperation
and integration with the EU. This relationship was highlighted by the Swedish free
trade agreement with the European Community since 1972 and with the European
Economic Area since 1992, (Orsorio, 2006.) Also, while, in the process of
approving Sweden into the EU membership, work was being done on arrangements
and agreements about their membership in the EU through the EEA Agreement of
1992. This agreement set into stones the Swedish participation in the internal
markets of the European Union.

Sweden is the most populated Northern European country and is the third largest
in the European Union; Its immensity enables their influence greatly in the EU. In
2014 the total EU spending stood in Sweden was 1.661 billion euros which each
about to 1.823 billion US dollars and their overall contribution to the EU was 3.769
billion euros when translated into US dollars it was about 4.136 billion. All of the
money funded into the EU is to better improve the infrastructures, protection of the
environment and promoting researching in order to enhance development of the
countries in the union. Member countries' financial contributions to the EU budget
are shared fairly, according to means. The larger your country's economy, the more
it pays and vice versa. The EU budget does not aim to redistribute wealth, but
rather to focus on the needs of all Europeans as a whole, (European Union, 2015)
Bidirectional Foreign Direct Investment By definition, Foreign Direct Investment
(also known as FDI) is an investment made by a company or entity based in one
country, into a company or entity based in another country. Foreign direct
investments differ substantially from indirect investments such as portfolio flows,
where overseas institutions invest in equities listed on a nation's stock exchange.
Entities are making direct investments typically have a significant degree of
influence and control over the company into which the investment is made. Open
economies with skilled workforces and good growth prospects tend to attract larger
amounts of foreign direct investment than closed, highly regulated economies.
(Investopedia 2015) According to the Central Intelligence Agency, the Stock of
Direct "Foreign Investment at home are all investments in the home country made
directly (IndexMundi 2015)" by resident principally companies of other countries
as of the end of the time period designated. Direct investment excludes investment
through the acquisition of shares. This Stock is of $519.3 billion to December 31 of
2013. Moreover, to December 31 of 2012 this stock was $500.8 billion. Comparing

Sweden with the rest of the world, we have Sweden in the place number 17 of the
ranking. Right behind Russia ($552.8 billion) and above Italy ($466.3 billion).
Then we have the Stock of Direct Foreign Investment abroad, which are all
investments in foreign countries made directly by residents primarily companies
of the home country, as of the end of the period indicated. Direct investment
excludes investment through the purchase of shares. In this Stock, the inversion is
of $558.8 billion to December 31 of 2013. Also, it was of $527.8 billion to
December 31 of 2012. In comparison with the rest of the world, Sweden is in
number 14 in the ranking. Behind Italy ($683.6 billion) and above China ($541
billion) After some investigations, it was possible to achieve some conclusions
about the Foreign Direct Investment. One of them is that the FDI causes economic
growth in some countries, and economic growth causes FDI in some other
countries. Another conclusion is that FDI do not exert any independent influence on
economic growth for both developed and developing countries. Also that the
relationship between FDI and trade is complimentary. Other important conclusion
found was a negative linkage between exports and FDI for finished goods and a
positive relationship between exports of intermediate goods and FDI.
Part D
Many initiatives were taken to strengthen the nation's international trade and
finance position. The most important and efficient methods were the monetary
policy, fiscal policy as well as trade and exchange rates. Riksdag is the central bank
of Sweden, and they are in charge of publishing the Monetary Policy report three
times a year. The Fiscal policy consists of decisions on public revenue and
expenditure made by the Riksdag bank and the government to improve Swedens
economy. Countrys foreign trade relations in terms of exports and imports are
contributing massively into Sweden's economy. As well as a lot of initiatives are

being implemented to strengthen exchange rates and financial positions

In order to stabilize Swedens price, according to the Sveriges Riksbank Act,
the monetary policy played an important role. The Riksbank has specified this as a
target for inflation, according to which the annual change in the consumer price
index (CPI) is to be two percent. (Riskbank2015) The motive was to increase
employment, growth and enforce inflation in Sweden; unfortunately, economics is a
study that relies on forecasting futuristic decision-making since it is ever changing.
Nonetheless, the Executive Board still strives to stabilize inflation and the real
economy to remain at a rate of two percent.
The GDP and employment rate were increasing at a relatively healthy rate over the
past twelve months. In order to assure that inflation will increase, the Executive
Board of the Riksbank had to drop its repo rate down to zero percent. As a result,
other policy areas became highly alert to compensate for the change. The repo rate
will slowly rise to 1.7 towards the end of year 2017. Since the repo rate is at zero
percent, its effect would stimulate economic activity.
Economic activity globally is forecasted to improve slowly. The economic
outlook in the United Kingdom and United States is averagely good, but the
recovery in the Eurozone is expected to be very slow. When looking at Sweden's
economic activity, it is clear that their economic activity is strengthening mostly due
to consumption and housing investments. Because the monetary policy in Sweden
will be even more expansionary, demand in the whole economy will increase,
resulting in higher inflationary pressures.
The purpose of the Fiscal Policy is the means by which a government adjusts
its spending levels and tax rates to monitor and influence a nation's economy. In
2013, General Government net lending amounted to -1.3 percent of GDP.

Government lending continued to be deficit the following year with a -2.3 percent
of Sweden's GDP. In order to improve this number, they adjusted a tighter fiscal
policy, Government will lend more in order to increase the GDP gradually. The
expected net lending as a percent of GDP will be -0.4 percent in 2017.
Tax increases account to about 20 billion Swedish Kronas in order to fund an
increase in expenditure. Part of the money will be used in schools to improve
education, Due to these changes, employment is expected to increase which means
unemployment will decrease. By 2017, unemployment will have decreased from 8
percent in 2014 to 6.5 percent (2017 forecast).
Trade
The economy of Sweden is much diversified. 53 percent of Swedens land consists
of forests. "Timber, hydropower, and iron ore constitute the resource base of an
economy heavily oriented toward foreign trade. Privately owned firms account for
about 90% of industrial output, of which the engineering sector accounts for 50% of
output and exports. Agriculture accounts for little more than 1% of GDP and of
employment. Until 2008, Sweden was in the midst of a sustained economic
upswing, boosted by increased domestic demand and strong exports. This upswing,
as well as robust finances, offered the center-right government considerable scope
to implement its reform program aimed at increasing employment, reducing welfare
dependence, and streamlining the state's role in the economy. Despite strong
finances and underlying fundamentals, the Swedish economy slid into recession in
the third quarter of 2008 and growth decelerated in 2009 as deteriorating global
conditions reduced export demand and consumption. Strong exports of
commodities and a return to profitability by Sweden's banking sector drove the
strong rebound in 2010 but growth slipped again in 2013, as a result of continued

economic weakness in the EU - Sweden's main export market. (Trade

Commissioner. GC)"
With its 9.7 billion people and the area of 174,000 square miles, Sweden is the
second most competitive economy in the world. Swedens economic development is
ahead of United States and Singapore, and only behind Switzerland. Not many
countries with the size and population of Sweden have their own aircraft industry,
nuclear power engineering, two national car companies, developed department of
weapon production, department of telecommunication with high level of
technology, as well as two big pharmaceutical companies. All these achievements
have a big impact on Swedens international trade and financial position.
The balance in hand in Sweden is active. Countrys total trade of exports
accounts $165B; meanwhile the total trade of imports accounts $154B. Balance in
hand is equal to $11B, which is enough amount of money to maintain strong
financial positions. The majority of the foreign markets Sweden exports to be
located in Eastern Europe. More than half of the Sweden exports go to the members
of EU. However, the major trading partners of Sweden are Scandinavian countries:
Finland, Norway, and Denmark. Despite having not large populations, these
countries import 20% of the whole exports of Sweden.
Exports
Top five products exported by Sweden are refined petroleum (8.1%), packaged
medicaments (4.2%), telephone (3.8%), vehicle parts (3.4%), and cars (3.2%). Top
five export destinations of Sweden are Germany (9.9%), United Kingdom (8.2%),
Norway (7.5%), Denmark (6.9%), and United States (6.3%).
Imports

Top five products imported by Sweden are crude petroleum (9.7%), refined
petroleum (4.4%), cars (4.4%), vehicle parts (3.1%), and computers (2.8%). Top
five import origins of Sweden are Germany (17%), Denmark (8.4%), Norway
(7.8%), Netherlands (6.6%), and United Kingdom (6.4%).
US Sweden Relations
Sweden is a member of the European Union (EU). The U.S. economic
relationship with the EU is the largest and most complex in the world, and the
United States and the EU continue to pursue initiatives to create new opportunities
for transatlantic commerce.
Sweden is highly dependent on exports, is strongly pro-free trade, and has one of
the most internationally integrated economies in the world. The government has
been expanding its export base away from the traditionally European market,
seeking to grow in Asia, South America, and the United States. Combined with a
well-educated labor force, outstanding telecommunications network, and a stable
political environment, Sweden has become more competitive as a choice for U.S.
and foreign companies establishing a presence in the Nordic region. None of these
countries provide development assistance to each other.
Sweden participates in the Visa Waiver Program, which allows nationals of
participating countries to travel to the United States for certain business or tourism
purposes for stays of 90 days or less without obtaining a visa.
The Exchange rate
The currency in Sweden is known as Krona. Krona means crown. It was first
put in circulation in 1873, along with the creation of the Scandinavian Union. The
members of the Scandinavian Union were Sweden, Denmark, and Norway. The

main aim of the Scandinavian Union was to institute single currency among the
members, in order to improve trade and economic relations, as well as mutual
settlement. The Scandinavian Union did exist until the world war one. After the
collapse of the union, each of these countries introduced their independent
currencies, keeping the same name Krona. Today, Swedish krona is considered to
be one the most stable currencies of Europe. The stability of the Swedish krona is
the main concern of the Swedish national bank (Sveriges Riksbank). The country is
trying to maintain the lowest inflation rate in Europe, which accounts only 2%.
Swedish banks are some of the most reliable and secure banks in the world. There
are four major banks in Sweden. One of them is Swedish national/state bank. The
other three are commercial banks. Two-thirds of the countrys assets belong to these
four banks. During the 90th of the past century, the banking system in Sweden was
massively impacted from the financial crisis. The government had to implement
government control over banking systems, and develop protection and assistance
programs for their banks. Thereby, the government managed to assist many banks in
escaping the risk of getting bankrupted.
In 1992, Sweden introduced the national system of guaranteeing deposits. The
new system of guaranteeing deposits was there to avoid the massive money
withdrawals from the Swedish banks. By law, the guaranteed deposits were as much
as 250,000 Kronas, which is equivalent to $37,000. By introducing this system, the
government thought it would increase the loyalty and trust for Swedish banks. In
1997, when the crisis in the country was gone, the government canceled the control
over the national banks, as well as assisting them. As a result, the free banking
system became even more effective. The experts say that because of the
cancellation of state control and effective use of advantages of globalization, today,
Sweden has become one of the most effective banking systems in the world.

In 2003, as a result of referendum Sweden refused the entry to the European

currency union. The people of Sweden did not want to risk their currency system
because Swedish Krona was and still is one of the oldest and most stable currencies
of Europe. The reason for refusal were to retain high standards of living, stable
economy, low inflation rate, high level of employment, as well as avoidance of
inevitable financial economic problems that come up when countries with different
levels of economic development unite. For example, if we compare the GDP per
capita of Sweden and Greece, which is, one of the least economically developed
countries in EU, we could see that the difference is immense. In Sweden, the GDP
per capita is $44,161 and in Greece $18,146. The more developed countries of EU
such as Germany, France, and Italy are assisting Greece to increase this amount. By
assisting Greece, the euro is suffering, which is ultimately impacting the economic
stability of every country whose currency is the euro. Therefore, Sweden chose not
to join the single monetary policy of EU. Moreover, besides, Swedish krona is
easily convertible currency. However, along with Swedish krona, there are also
other currencies that circulate in Sweden (Euro), as well as the currencies that can
be converted into Krona (US Dollars, Great Britain Pounds, and etc.).
Exchange rates of Swedish krona with other major currencies of the world:
1 EUR = .11 SEK

1 USD = .18 SEK

1 GBP = .08 SEK

1 AUD = .15 SEK

1 THB = 3.75 SEK

1 RUB = 6.45 SEK

Moreover, export of Swedish Krona is limited to 6,000 per person. By limiting

the exportation of the currency, once again Sweden is maintaining the stability of its
currency and economy. Swedish Krona has a very high level of protection, which is

represented by magnetic encoded stripe. Counterfeiting the currency is almost

impossible.

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