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.

Sweden’s economy is export-oriented; principal exports include automobiles,

telecommunications products, construction equipment, and other investment goods.

Sweden’s 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.

Sweden’s 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 today’s competitive economy. Sweden’s business

freedom score is one of the highest in the world. Fiscal responsibility remains central to the new

government’s policy proposals, but plans to reverse some of the previous government’s 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 Sweden’s 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%. Sweden’s 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.

      Sweden’s 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 IntÈgrÈ de la CommunautÈ), 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 Sweden’s 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. Sweden’s 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, Sweden’s 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.

Sweden’s 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 nation’s 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; It’s 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 Sweden’s economy. Country’s 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 Sweden’s 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 Sweden’s 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. Sweden’s 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 Sweden’s international trade and

financial position.

      The balance in hand in Sweden is active. Country’s 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 country’s 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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