, Sweden's exports to the US are 3.1 percent of its own GNP, and 0.1 percent of the American GNP (Paxton, 1989). Conversely, American exports to Sweden, as a proportion of GNP, are 0.04 percent of the American GNP, and 1.2 percent of the Swedish GNP (Paxton, 1989). Overall, Swedish American trade accounts for 4.3 percent of the Swedish GNP, and just 0.14 percent of the American GNP.
Although the trade between the two countries is exception ally small, the trade balance is in Sweden's favor. In a typi cal year, Swedish exports to the US are approximately 2.5 times the level of US exports to Sweden (Paxton, 1989). In absolute terms, the Swedish American trade imbalance approximates US$2.9 billion, which, in turn, is approximately two percent of the US international trade deficit.
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