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Trade
According to the latest statistics, Swedish exports of goods to India amounted to around SEK 22 billion in 2024. Sweden’s export to India have grown steadily after the pandemic; in 2024 Swedish exports increased by about 17% compared to 2023, continuing the recovery trend.
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 2024 Swedish exports to India increased compared to the previous year, Swedish import from India also increased during the same period. Latest official figures show Swedish imports from India totalled approximately SEK 13 billion in 2024, up roughly 16% on 2023.
The main products that Sweden exports to India are machinery, paper and steel. According to recent custom data, key Swedish export categories to India in 2024 also included machinery and mechanical appliances, vehicles and electrical machinery – reflecting diversified industrial exports.
Swedish exports of services to India were approximately SEK 12.3 billion in 2024
India is Sweden’s 19th largest export market and 03rd largest trade partner in Asia.
Sweden’s import of goods from India totalled SEK 13 billion in 2024, compared with SEK 11.6 billion the year before. The largest share of Swedish imports from India consists of manufactured goods, chemicals and textiles – consistent with recent trade patterns.
The Swedish imports of services from India were approximately SEK 25.7 billion in 2024.
The European Union and India have concluded negotiations on a comprehensive Free Trade Agreement (FTA) after nearly two decades of talks. The pact will undergo legal scrubbing and later ratification before entering into force. Readers may also consult the European Commission’s official website for further information on the EU-India FTA, available at: EU-India
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 280 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: