United States and Sweden
Military cooperation intensified with Sweden's accession to NATO and a bilateral defence agreement. These instruments have different scopes and dates. Trade, business presence and academic activity maintain another dimension of the relationship, outside military facilities.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07DCA entry into force
The Defence Cooperation Agreement between Sweden and the United States entered into force on 15 August 2024.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 25,301 M USD | 2025 · Census |
| Goods: United States to Sweden | 9,253.4 M USD | 2025 · Census |
| Goods: Sweden to United States | 16,047.6 M USD | 2025 · Census |
| Services trade | ||
| Export share: United States to Sweden | 0.42 % | 2025 · Census |
| Export share: Sweden to United States | ||
| Investment stock: United States in Sweden | 72,460 M USDBEA est. | 2025 · BEA |
| Investment stock: Sweden in United States | 115,911 M USDBEA est. | 2025 · BEA |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · U.S. Census Bureau · Goods, January–December 2025, United States reporter. Not services or affiliate production.
- Goods: United States to Sweden
- 2025 · U.S. Census Bureau · Goods, January–December 2025, United States reporter. Not services or affiliate production.
- Goods: Sweden to United States
- 2025 · U.S. Census Bureau · Goods, January–December 2025, United States reporter. Not services or affiliate production.
- Export share: United States to Sweden
- 2025 · U.S. Census Bureau · U.S. Census Bureau (other direction) · US goods exports to the partner / US goods exports to the world; same year and reporter.
- Investment stock: United States in Sweden
- 2025 · BEA · Direct investment position at historical cost; immediate counterparty. Not portfolio investment or announced commitments. Published negative values are retained.
- Investment stock: Sweden in United States
- 2025 · BEA · Direct investment position at historical cost; immediate counterparty. Not portfolio investment or announced commitments. Published negative values are retained.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | United States | Sweden |
|---|---|---|
| Nominal GDP | 30.77 trillion USD2025 · WB | 669 billion USD2025 · WB |
| GDP per capita | 90,026.52 USD2025 · WB | 63,133.21 USD2025 · WB |
| GDP growth | 2.16 %2025 · WB | 1.54 %2025 · WB |
| Policy interest rate | 3.75–4 %2026-09-16 · Fed | |
| Inflation · annual average | 2.7 %IMF est.Annual average · 2025 · IMF | 0.68 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 3.4 %Year-on-year · Aug. 2026 · BLS | |
| Unemployment | 4.2 %ILO est.2025 · WB | 8.69 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -6.8 %IMF est.2025 · IMF | -1.4 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 123.9 %IMF est.2025 · IMF | 34.9 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -3.63 %2025 · WB | 6.06 %2025 · WB |
| Population | 341,784,8572025 · WB | 10,596,6202025 · WB |
| Area | 9,831,510 km²2023 · BM / FAO | 528,660 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDUnited States: 2025 · World BankSweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personUnited States: 2025 · World BankSweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)United States: 2025 · World BankSweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)United States: 2026-09-16 · Federal funds target range · Federal Reserve
- Inflation · annual average
- Average annual change in headline CPI (%)United States: 2025 · Average annual change in headline CPI (%) · IMF — World Economic Outlook · IMF est. · WEO estimate; not the year-on-year change for December or August 2026. · Alternative official source; verified 2026-10-07Sweden: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedUnited States: 2026-08 · Headline CPI change relative to the same month of the previous year (%) · U.S. Bureau of Labor Statistics · Published: 2026-09-11 · Headline year-on-year CPI-U, not seasonally adjusted; not monthly or core inflation.
- Unemployment
- % of the labour force; definition used by the stated institutionUnited States: 2025 · World Bank · ILO est.Sweden: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Sweden: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)United States: 2025 · IMF — World Economic Outlook · IMF est.Sweden: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPUnited States: 2025 · World BankSweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleUnited States: 2025 · World BankSweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Area
- Total area in km²; territorial coverage of the sourceUnited States: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAOSweden: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
United States to Sweden
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 2,037.2 M USD2025 · Source |
| Machinery and mechanical appliances | 1,162.3 M USD2025 · Source |
| Pharmaceutical products | 1,096.7 M USD2025 · Source |
| Electrical and electronic equipment | 827.3 M USD2025 · Source |
| Land vehicles and components | 469.8 M USD2025 · Source |
Sweden to United States
| Product or sector | Value / share |
|---|---|
| Land vehicles and components | 3,298.9 M USD2025 · Source |
| Machinery and mechanical appliances | 3,237 M USD2025 · Source |
| Pharmaceutical products | 1,489.3 M USD2025 · Source |
| Electrical and electronic equipment | 1,403.7 M USD2025 · Source |
| Mineral fuels and oils | 223.2 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | United States to Sweden | Sweden to United States |
|---|---|---|---|
| 2021 | 20,098.2 | 5,273 | 14,825.2 |
| 2022 | 24,860.7 | 7,780.8 | 17,079.9 |
| 2023 | 27,017.6 | 8,655.2 | 18,362.4 |
| 2024 | 26,183.6 | 8,177.1 | 18,006.5 |
| 2025 | 25,301 | 9,253.4 | 16,047.6 |
Connections between people
Study and travel maintain their own civilian connections. Military presence and academic mobility do not represent equivalent populations. [2]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from United States living in Sweden | ||
| Residents from Sweden living in United States | ||
| Study and training: United States in Sweden | ||
| Study and training: Sweden in United StatesStudy and OPT training in the United States | 2,665 | 2024/25 · IIE / Open Doors |
| Academic stays: United States in SwedenU.S. study-abroad stays carrying academic credit | 1,773 | 2023/24 · IIE / Open Doors |
| Academic stays: Sweden in United States | ||
| Travel: United States to Sweden | ||
| Travel: Sweden to United StatesCountry of residence; international arrivals in the United States | 283,367arrivals | 2025 · NTTO |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
- Study and training: Sweden in United States
- Open Doors: students by place of origin, including OPT practical training. Not visas or residents. 2024/25 · IIE / Open Doors
- Academic stays: United States in Sweden
- Mobility for academic credit reported by US institutions. Not the total number of residents or enrolment on a particular date. 2023/24 · IIE / Open Doors
- Travel: Sweden to United States
- Arrivals by country of residence; not nationality, unique travellers or permanent residence. NTTO series coverage. 2025 · NTTO
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Sweden's accession to NATO
Sweden became a NATO member on 7 March 2024. Accession changed its collective defence framework after a history of military non-alignment. The United States participates as an ally in that multilateral framework. Alliance membership must be distinguished from bilateral agreements on access, facilities and conditions governing the presence of forces. [1]
DCA entry into force
The Defence Cooperation Agreement between Sweden and the United States entered into force on 15 August 2024. The government explanation sets out conditions for US forces' activities and communications with Swedish authorities. The instrument organises practical and logistical cooperation. It does not remove national administrations or turn every exercise or storage activity into a decision outside all Swedish procedures. [2]
Equipment and coordination with authorities
The Swedish Government explains that the United States must give advance notice of the type and quantity of equipment it intends to transport or store, as well as when and how it will be delivered. This detail helps explain the operational link between military cooperation and administrative coordination. The agreement does not provide a count of all equipment actually present on a given date or a personnel census. [2]
The scale of the two economies
The United States recorded nominal GDP of 30,769.7 billion USD in 2025, compared with 669 in 2025 for Sweden. The reference populations were 341.78 million (2025) and 10.6 million (2025), respectively. In the same year, US nominal GDP was 45.99 times Sweden's. These figures provide context on market size; they do not, on their own, describe well-being, individual wealth or political influence. IMF estimates and demographic extrapolations retain their labels in the table. No ratio is calculated when the periods differ. [6] [7] [8] [9]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
The alliance and bilateral agreement complement each other
The two 2024 milestones complement each other without being the same instrument. NATO defines a multilateral security framework; the DCA facilitates specific cooperation activities. The economy and civilian connections are observed through other sources. This page's goods, investment and education tables show that second dimension without using national military expenditure as a substitute for bilateral cooperation. [1] [2]
Observed economic exchange
In 2025, recorded goods trade between the United States and Sweden totalled 25,301 million USD. Shipments from the United States to Sweden were 9,253.4 million USD; those in the reverse direction were 16,047.6 million USD. US shipments to the partner represented 0.42% of its goods exports to the world, using the same year and reporter. A single customs reporting source is used for both directions. This annual flow does not include all services activity or affiliates' local sales and is not added to accumulated investment capital. [3]
Recorded direct investment capital, not announced investment
The US direct investment position in Sweden was 72,460 million USD in 2025. Sweden's direct investment position in the United States was 115,911 million USD in 2025. BEA uses historical cost and the immediate counterpart. The figure is capital recorded at the end of the period, not a purchase or promise made during the year. It may reflect affiliate structures and financing; published negative values are not replaced with zero. It does not include all portfolio investment or allow each project to be valued individually. [4] [5]
Human connections with their own figures
In 2025, the source recorded 283,367 arrivals from Sweden to the United States, with the coverage indicated in the table. [10]
In 2024/25, the source recorded 2,665 students and OPT practical training participants from Sweden in the United States. [11]
In 2023/24, 1,773 stays carrying academic credit were recorded from the United States to Sweden. [11]
The counts describe different populations and periods: they are not added as a total of unique people. Open Doors includes OPT practical training; US study stays require academic credit. Arrivals by country of residence do not equate to nationality or permanent residence. The academic year retains its coverage and is not relabelled as a calendar year. [10] [11]
Milestones and consequences
Sources and data
Periods and scope of the figures
Each figure retains its period, unit, definition and source. Announcements, contracts and results are not interchangeable. Empty cells do not mean zero. Customs data for 2025 are not presented as activity observed during later crises.
- Sweden's accession to NATO
Government of Sweden · Institutional source · Document: 2024-03-07 · Accessed: 2026-10-07
- Defence cooperation agreement with the United States
Government of Sweden · Institutional source · Accessed: 2026-10-07
- TOTAL rows 2021–2025; US reporter; goods; million USD
U.S. Census Bureau · Institutional source · Accessed: 2026-10-07
- Position; country row; G=2025; million USD; historical cost; immediate counterparty
BEA · Institutional source · Accessed: 2026-10-07
- Position; country row; G=2025; million USD; historical cost; immediate counterparty
BEA · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Annual; country-of-residence row; AC=2025; arrivals, not unique people
NTTO · Institutional source · Accessed: 2026-10-07
- International Student Totals: 2024/25 incl OPT; US study abroad 2023/24. Not visa issuance.
IIE / Open Doors · Institutional source · Accessed: 2026-10-07
- HS2 27; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 30; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 84; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 85; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
- HS2 87; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods
UN Comtrade / USA · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 27; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 84; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 30; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 85; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.
- UN Comtrade / USA
2026-10-07 · Accessed: 2026-10-07 · HS2 87; 2025; reporter 842; partners 804,616,380,528,752,579,208,792,818,784,634,400,586,360,704,608,764,702,554,710,566,404,170,152,32; X/M; annual goods.