Risk of fewer jobs

The value of Swedish exports of goods to the UK fell by 19 per cent, or by some SKr 10 billion kronor, between January and July.

Fresh data from the Stockholm Chamber of Commerce shows that exports of medicinal and pharmaceutical products to the UK fell by 38 per cent, chemical products by 23 per cent and paper products by 15 per cent, compared to the corresponding period last year. This is equivalent to a collapse in export value of SKr 2.5 billion.

Andreas Hatzigeorgiou, the Stockholm Chamber’s chief economist, sees cause for concern. “If the effect were to persist, this could lead to fewer jobs and lower growth in Sweden,” he warns.

Olle Grunewald, an analyst at the National Board of Trade, believes it is too early to establish a link between the fall in the value of exports and Brexit. However, the uncertainty that prevailed ahead of the referendum may have affected exports.