Trade between Sweden and India

Trade

According to the latest statistics, Swedish exports of goods to India amounted to around SEK 17.3 billion in 2022. Swedish trade with India has fluctuated over time and fell in 2020 due to the corona pandemic. However, in 2021 the trade started to recover and in 2022 Swedish exports to India increased by 50% compared to the previous year, Swedish import from India increased with 43% during the same period. The main products that Sweden exports to India are machinery, paper and steel. Swedish exports of services to India were approximately SEK 8 billion in 2022. India is Sweden’s 19th largest export market.

Sweden's imports of goods from India totalled SEK 12.15 billion in 2022, compared with SEK 8.5 billion the year before. The largest share of Swedish imports from India consists of chemicals, clothing and manufactured goods. The Swedish imports of services from India was approximately SEK 22,3 billion in 2021.

Direct investment

Sweden has a long history of investment in India, with both Ericsson and SKF setting up operations in India in the early 20th century. Today, there are over 260 Swedish companies in the country, including many Swedish multinationals such as ABB, Volvo Group, Astra Zeneca, Atlas Copco and Sandvik. Many of these companies have invested in marketing and sales offices, research and development, manufacturing, distribution and service centres in India. Swedish companies in India employ an estimated 220,000 people. The Swedish business community is diverse and includes sectors such as automotive, healthcare and pharmaceuticals, retail, IT and energy.

Trade and investment treaties

Sweden and India concluded a treaty on the avoidance of double taxation and the prevention of tax evasion in 1997, which was amended on 1 October 2013. India has been a member of the World Trade Organisation (WTO) since 1995 and is therefore party to WTO agreements. The EU and India have been negotiating a free trade agreement since 2007.

Link to tax treaty:

http://data.riksdagen.se/dokumentstatus/sfs-1997-918/html

Business Climate Survey 2023/24:

Global Business Climate Survey - Business Sweden (business-sweden.com)