Swedish trade surplus continues to swell

Sweden posted a 10 billion kronor ($1.4 billion) trade surplus in November, up from a 2.1 billion kronor surplus in November 2009, data released Wednesday by Statistics Sweden showed.

On a year-to-year basis, exports in November swelled 23 percent in value while imports were up 15 percent, the statistics agency said in a statement.

Swedish bank Swedbank described the export surge as “impressive” and said it “bodes well for a substantial positive contribution from net exports to the fourth quarter gross domestic product,” according to Dow Jones Newswires.

Trade with countries outside the European Union resulted in a 16.5 billion kronor surplus while that with fellow EU members showed a deficit of 6.5 billion.

Seasonally adjusted figures put the net trade surplus at 7.9 billion kronor in November, compared to 7.3 billion in October 2010 and to 6.5 billion for September 2010.

The agency also reviewed upwards the October net trade surplus to 6.2 billion kronor, from 5.6 billion.

The agency said that for the January to November period, exports went up 14 percent and imports went up 17 percent compared to the same period in 2009.

The trade surplus for the period was 63.9 billion kronor.

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