China surpasses U.S. as Stockholm region's biggest export market: report

Updated 2018-04-06 22:16:12 Xinhua

Exports to China from the Stockholm region have, for the first time, surpassed exports to the United States, according to a new report published on Friday by the Stockholm Chamber of Commerce.

The study, based on figures from Statistics Sweden, shows that companies based in the Swedish capital are trading more and more with China while U.S. export rates are going down.

Andreas Hatzigeorgiou, chief economist at the Stockholm Chamber of Commerce, attributed the historical shift to China's strong growth and explained that China is now Stockholm's most important export market and could soon be the whole country's primary export market outside of Europe.

"Paradoxically, (U.S. President) Donald Trump's tariffs can lead to the United States weakening even more as these tariffs will make China more interesting," said Hatzigeorgiou, "While it is a good thing that Stockholm is trading with China, we would also benefit from deepening trans-Atlantic relations. Therefore, Trump should cancel his tariffs and Sweden should push for the EU to continue talks about a free-trade agreement with the United States."

In 2007, the total value of Stockholm's exports to China was around 4 billion SEK (0.48 billion U.S. dollars) while the value of U.S. exports was 26 billion SEK. A decade later, those figures are around 16 billion SEK and 15 billion SEK respectively.

In a press release, Hatzigeorgiou referred to the shift as "exceptional" and said it could be an indication for the future since Stockholm is usually a trendsetter when it comes to trade patterns.

If President Trump's tariffs lead to an escalating trade war, Hatzigeorgiou said, China might surpass the United States as Sweden's most important export market outside of Europe.

"Trump has exempted Swedish and European companies from his tariffs. That means our competitive status in the United States can marginally improve," he said.

"Moreover, it means that China's counter-measures against the United States will hit at U.S. companies, which in turn can benefit Swedish companies' efforts to secure contracts in China. The world needs more free trade but if the global superpowers want to introduce tariffs, then Sweden must use the situation to its advantage," said Hatzigeorgiou.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58April 25 2019 00:23:32

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16April 25 2019 00:23:32

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18April 25 2019 00:23:32

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords