Stockholm, Jun. 27, (dpa-AFX/GNA) – Sweden’s foreign trade deficit decreased notably in May from a year ago amid a rise in exports, figures from Statistics Sweden showed on Tuesday.
Separate official data showed that producer prices fell for the first time in nearly two-and-a-half years amid cheaper energy costs.
The trade deficit was SEK 0.3 billion ($28 million) in May, down from SEK 5.3 billion in the corresponding month last year.
The shortfall also declined from SEK 3.6 billion in April.
On an annual basis, exports climbed 3.0%, while imports showed no variation.
The non-EU trade balance showed a surplus of SEK 24.2 billion in May, while the trade balance with the EU revealed a deficit of SEK 24.5 billion.
On a seasonally adjusted basis, the trade surplus was SEK 0.2 billion in May, compared to SEK 0.9 billion in the previous month.
The producer price index dropped 2.1% year-on-year in May, reversing a 1.3% increase in the previous month. Further, this was the first decline since January 2021.
Economists were looking for a decline of 2.9%.
Lower prices on refined petroleum products contributed to downward pressure on all markets, the agency said.
Prices for energy-related goods alone plunged by 29.3% annually in May, while those for capital goods rose by 10.4%.
Excluding energy-related products, producer price inflation in May was 5.0%.
On a monthly basis, producer prices slid 1.7% versus an expected fall of 1.0%.
GNA