Trade with Sweden has soared since 2020 led by aircraft parts, engines, and vodka
The trade relationship between the Miami Customs District and Sweden has experienced significant growth over recent years, with fluctuations reflecting the dynamic nature of both economies. As both regions seek to enhance their economic connections, Miami has emerged as an important entry point for Swedish goods into the United States, while also serving as a platform for Florida’s exports to Sweden.
In 2023, total trade between the Miami Customs District and Sweden reached approximately $279 million. This figure illustrates a robust economic relationship that has evolved considerably over the past few years. The growth trajectory of exports from Miami to Sweden has been particularly notable. In 2020, Miami’s exports to Sweden were valued at $34.9 million. This figure surged to $75 million in 2021 – a remarkable increase of 115 percent. Despite a slight decline in 2022 to $72.7 million, exports rebounded dramatically in 2023, skyrocketing to $174 million, a staggering 139 percent increase. However, preliminary figures for 2024 (from January to July) indicate a drop to $57.9 million, a decline of 42.8 percent compared to the same period in 2023.
The composition of exports has also seen significant changes, with specific categories reflecting the growing industrial and technological capabilities of both regions. In 2023, the leading export categories to Sweden included aircraft parts, valued at $86.2 million (up 102 percent from the previous year), gas turbines at $33.8 million (which saw an impressive increase of 234 percent), and integrated circuits at $27.2 million (exhibiting a remarkable growth of 4,790 percent). This shift towards high-tech goods underscores Sweden’s demand for advanced manufacturing components, aligned with its position as a leader in technology and innovation.
“However, Swedish companies are not necessarily looking for specific products from Miami,” says Sweden’s Ambassador to the U.S., His Excellency Urban Ahlin. “They source high-tech products from all over, as it’s about getting the best technology for the best price.” On the import side, Miami’s imports from Sweden also show interesting trends, albeit with a different trajectory. In 2020, imports were valued at $85.5 million. This number climbed to $111 million in 2021 (reflecting a growth of 29.7 percent). The upward trend continued into 2022, with imports reaching $123 million (a 10.5 $57.9M percent increase). However, in 2023, imports dropped to $105 million (a decline of 14.5 percent). The first half of 2024 showed a down-slight recovery, with imports valued at $73.9 million (a 20.6 percent 42.8% increase compared to the same timeframe in 2023.)
The leading import categories from Sweden in 2023 included hard liquor at $14.3 million (which grew by 11 percent), refined petroleum at $11.5 million (a slight decrease of 3.84 percent), and chemical analysis instruments at $6.13 million (down by 10 percent). The increase in hard liquor imports is reflective of a broader consumer trend toward premium and imported spirits (Absolute Vodka!), while the decrease in refined petroleum may indicate shifts in sourcing strategies or the shrinking demand in the U.S. market.
THE FUTURE OF TRADE BETWEEN MIAMI AND SWEDEN
Looking ahead, the trade relationship between Miami and Sweden is likely to evolve further, driven by technological advancements, shifts in consumer preferences, and economic priorities from both regions. Miami’s strategic location and robust infrastructure position it as a gateway not just for Swedish goods but for Scandinavian products more broadly. As the U.S. market continues to seek high-tech solutions and sustainable products, Swedish companies may find increasing opportunities to expand their presence in South Florida.
“AI is a booming field, and we see a lot of interest in it from both sides,” says His Excellency Ahlin. “We have a strong focus on sustainable, fossil-free energy, which attracts companies that need substantial computing power for AI. As for the future, “We’re eager to connect with Miami-based tech firms to explore opportunities… Aerospace is another field with promising prospects.”
