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Pair · Q2 2026 · Aug 2025–Jul 2026

Goods, bank claims, portfolio holdings and direct investment between Sweden and Norway, each channel at its own period. Left, Sweden to Norway; right, Norway to Sweden.

Finance to trade

positions ÷ goods, both directions
Finance to trade5.6×positions ÷ goods, both directions
Financial positions, both directions178USD bn
Goods, both directions32.1USD bn

Bank, and positions in both directions over goods trade in both directions; financial centres show very high ratios because they hold securities for others.

Positions at the periods above, goods in the 12-month window. Calculations: datasteg.

The pair through time

2006–Jul 2026

Each channel at its own period on one time axis: goods every month (12-month windows), bank claims every quarter, portfolio holdings every half year, direct investment every year, and below them the finance-to-trade ratio by quarter. Solid lines are reported flows, dashed stretches estimated; the band between a goods line and its other report is the mirror gap where both reports exist. A month with no goods line is one where the pair fell below trade-flow’s 1,500 largest flows.

SinceSweden → NorwayNorway → Swedenother report (mirror gap)estimated
Goods · 12-month windows, monthly · USD bnJul 2026 · 11.8 / 20.301325Bank claims · quarterly · USD bnQ2 2026 · 70.0 / –050100Portfolio holdings · half-yearly · USD bnDec 2025 · 40.9 / 80.1050100Direct investment · annual · USD bn2024 · 34.3 / 33.002550Finance to trade · quarterly, positions both ways ÷ goods both waysQ2 2026 · 8.2×0.0×5.0×10×20062008201020122014201620182020202220242026
Sources

The ratio starts in 2009, when the direct-investment survey begins: bank claims at the quarter, portfolio and direct investment at their latest period at or before it, goods in the 12 months to the quarter end. Calculations: datasteg global-network.

Goods Sweden → Norway

Aug 2025–Jul 2026

exports of Sweden to Norway, 12 months

Exports, 12 months11.8USD bnreported
0.54importer’s report ÷ exporter’s
Sources

Window Aug 2025–Jul 2026. Importer-reported where filed, partner-reported or estimated otherwise (tagged). Mirror ratio: the importer’s report over the exporter’s.

Goods Norway → Sweden

Aug 2025–Jul 2026

exports of Norway to Sweden, 12 months

Exports, 12 months20.3USD bnreported
1.58importer’s report ÷ exporter’s
Sources

Window Aug 2025–Jul 2026. Importer-reported where filed, partner-reported or estimated otherwise (tagged). Mirror ratio: the importer’s report over the exporter’s.

Sweden → Norway

Q2 2026

loans and deposits of banks in Sweden on residents of Norway

Position70.0USD bn
Flow in the quarter+1.8USD bnas published by the BIS
Sources

Loans and deposits, all sectors and currencies, residence basis, Q2 2026. Flow as published by the BIS.

Norway → Sweden

Q2 2026

loans and deposits of banks in Norway on residents of Sweden

Position–Not reported
Flow in the quarter–
Sources

Loans and deposits, all sectors and currencies, residence basis, Q2 2026. Flow as published by the BIS.

Sweden → Norway

Q4 2025

securities issued in Norway held by investors in Sweden

Total40.9USD bn
Equity16.0USD bn
Debt securities25.0USD bn
Sources

Holder to issuer, Q4 2025.

Norway → Sweden

Q4 2025

securities issued in Sweden held by investors in Norway

Total–Not reported
Equity–
Debt securities–
Sources

Holder to issuer, Q4 2025.

Sweden → Norway

2024

position of investors in Sweden in Norway

Position34.3USD bn
Reportthe host’s
Sources

Investor to host, 2024; one report per pair, the host’s first.

Norway → Sweden

2024

position of investors in Norway in Sweden

Position33.0USD bn
Reportthe host’s
Sources

Investor to host, 2024; one report per pair, the host’s first.