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Swedish international business relations

Brazil and Sandvik


Omvrldsanalys EP1000 2010-10-21

Alexander Heino 9002105675 Jonatan Ntman 9009164394 David Brolin 9006202551 Alexander Jogby 9004054392

Contents
INTRODUCTION..............................................................................................3 1. SWEDENS EXPORT.....................................................................................4 1.1 IMPORTANT 1.2 IMPORTANT
COUNTRIES AND REGIONS FOR

SWEDENS

EXPORT .............................................................4

INDUSTRIES........................................................................................................5

2. THE ESTABLISHMENT OF SWEDISH CORPORATE GROUPS ABROAD................6 3. SWEDENS BUSINESS RELATIONS WITH BRAZIL............................................7 3.1 BRAZIL..........................................................................................................................7 3.2 TRADE..........................................................................................................................8 3.2.1 Export.................................................................................................................8 3.2.2 Import.................................................................................................................8 3.2.3 Trade Balance.....................................................................................................9 3.3 FOREIGN DIRECT INVESTMENTS................................................................................................9 3.4 IMPORTANT SECTORS CONSIDERING TRADE BETWEEN SWEDEN AND BRAZIL............................................10 3.4.1 Vehicles............................................................................................................10 3.4.2 Medicine...........................................................................................................10 3.4.3 Engineering products........................................................................................10 4. SANDVIK..................................................................................................10 4.1 GEOGRAPHIC LOCALISATION.................................................................................................11 4.2 BUSINESS FIELDS.............................................................................................................11 4.2.1 Sandvik Mining and Construction.....................................................................11 4.2.2 Sandvik Tooling................................................................................................11 4.2.3 Sandvik Materials Technology..........................................................................11 4.3 SALES.........................................................................................................................12 4.4 ESTABLISHMENT..............................................................................................................12 4.5 FUTURE POSSIBILITIES........................................................................................................12 SUMMARY....................................................................................................14 SOURCE REFERENCE.....................................................................................15 WEBSITES:.........................................................................................................................15 WRITTEN:..........................................................................................................................16 APPENDIX....................................................................................................17

Appendix

Introduction
Today Swedish trade balance is strong with surplus in export. Swedish major export markets are Germany and Norway. We wanted to focus on the Swedish export with major exporting markets and major foreign establishments. We chose Brazil and Sandvik as a target for our paper. We wanted to investigate trade balances and differentiate important countries in Swedish export. We therefore thought that Brazil would give a good view as an important export base. Further we saw that engineering- and mining industry would be an excellent point of view for our work. We saw that the Brazilian market industry were one of Sandviks major markets. Sandvik is one of the biggest engineering industries in Sweden employing 10000 people in Sweden alone. We also noticed that the trade relationship between Sandvik and Brazil were smaller than we originally expected, however we saw a great potential in this market to grow and be a major Swedish export market.

1. Swedens export1
1.1 Important countries and regions for Swedens export
During the period from January until July 2010 the total value of Swedens export was 642 870 million SEK. This was an increase by 11,3 % compared to the same period in 2009. The major part of Swedens export is to other countries within Europe, which accounts for 72 % of all Swedish export. 57,6 % to EU-27 and 37,8 % to EMU-16 and 14,3 % to the other countries. The most important country in Europe is Germany which 10,1 % of the Swedish export goes to. During the period January to July 2010 Swedens export to Germany reached 65 billon SEK. This was an increase by 11 % from the previous year. In 2010 Germany passed Norway which was the country that received the largest part of Swedens export before. The countries located close to Sweden are also the countries Sweden export most to. Approximately 23 % of Swedens export goes to the Nordic countries. Norway was the second largest export market during this period and received goods to a value of 64 billion SEK, which is 9,9 % of Swedens total export. Denmark and Finland was the fifth and sixth largest markets with 6,5 % and 6,2 %. Great Britain is the third largest export market with 7,6 % of Swedens export. During the same period goods to a value of 49 billion SEK was exported which was an increase by 24 % from 2009. Asia is the second most important region, to which 12 % of Swedens total export goes. This is equivalent to almost 77 billion SEK. China is the largest export market in this region. 3,1 % of Swedens export makes China the tenth largest market. Other Asian countries that belong to 30 largest markets for Swedish export are Japan, 1,2 %, India, 1,0 %, Saudi Arabia, 0,9 %, South Korea, 0,7 %, and Singapore, 0,7 %. North America received 8,3 % of Swedens export out of which USA received 7,3 % and Canada 1,0 %. USA was the third largest export market during the period January until June 2010 reaching a value of 46,6 billions, which was an increase by 24 % compared to the same period in 2009. The export to Africa was 3.4 % where South Africa is the major country representing 1,1 %. The Export to South and Central America was 2,5 %. In this region Brazil was the most important country with 1,0 % of Swedens export, making it the 20th largest country in total. This is equal to 6,3 billion SEK which was an increase by 77 % compared to the previous year. Oceania and other regions representing 1,5 % of which 1,4 % to Australia, which was Swedens 14th largest export market.

1 This section is based on SCBs statistics on Swedens foreign trade.

Figure 1 shows how Swedens export is divided into different regions. Figure 2 shows the value of Sweden's export shown in million SEK and as per cent of total export.

1.2 Important industries


The goods that Sweden exports can be divided into six different categories after the industry they belong to: engineering industry, 44,1 %, chemical industry, 13,4 %, forest industry 11,7 %, mineral goods 10,7 %, energy industry, 8,1 % and other industry, 12,0 %. (see figure 3) The engineering industry is the largest category and represents 44,1 % of all goods exported. The most important industries under this category are machines, 15,0 %, Telecom, 13,4 %, and vehicles, 9,1 %. Of the chemical industry the pharmaceutical industry is the largest and represents 6,3 % of Swedens total export. The largest forest industry is the production of paper and paper pulp.

2. The establishment of Swedish corporate groups abroad2


In 2008 the number of Swedish corporate groups with affiliates abroad was 1439. This was an increase by 10 % from 2007. The Nordic countries are an important establishment region with a total of 1172 affiliates. The leading countries are Norway, Denmark, Finland, Great Britain, USA and Germany (see figure 4). If you look at the number of employees the situation is different. Then the leading countries are USA, Germany, France, Great Britain and China. Swedish corporate groups in these five countries employ 460 000 people, that is 40 % of the total number of employees. The Nordic countries, which are the major region in terms of the number of establishments, have just 30 % of the employees. In 2008 the Swedish corporate groups with affiliates in Norway was 469 which is equivalent to 33 % of the total Swedish groups with affiliates abroad. The number of employees in Norway was 49035. In 2008 USA had the largest number of employees, 181 463. About 60 % were employed in the service industries. The advancing country China had in 2008 146 Swedish affiliates. This was an increase by 21,7 % from 2007. This makes China number nine in number of establishments. In number of employees China is the fifth largest country with 51 822. There are mainly two lines of business abroad: Manufacturing industries

The manufacturing industries have a total of 725 022 employees, of which 73,8 % are abroad. USA dominates the number of employees in absolute numbers. But China is the country with the largest share of the total number of employees in the manufacturing industry. Service industries

The service industries have a total of 735 705 employees, of which 68,7 % are abroad. The Nordic countries Norway, Finland and Denmark have the largest share of employees in the service industries, all above 60 %.

2 This section is based on the report Swedish groups with affiliates abroad 2008 made by the Swedish agency for growth policy analysis.

3. Swedens business relations with Brazil


3.1 Brazil3
Brazil is a rather new opened up economy, which is growing quick. Brazil is today the worlds twelfth largest market in the world, and is said to be one of the biggest growth markets in the future. The country is, both in terms of size and population, the fifth biggest in the world. The Brazilian economy is rather new, in a global perspective. The government opened up the economy for foreign investments in 1990, and since then foreign direct investments as well as the Brazilian economy has shown big growth. Especially before the global crisis in 2008, which struck hard on the Brazilian economy with a GNP growth of approximately -0, 3% in 2009 (GNP growth in 2008 5, 4%), the growth was strong. Brazils GNP stands for 50% of the total South American GNP. This is an indicator of how important the Brazilian market is for the entire South American economy. Foreign direct investments in Brazil can a couple of years later result in a spread to the entire South-American market. This means that a firm, who wants to take a part in the Latin and South American market in the future, naturally begins its journey in Brazil. Sao Paolo, the capital of Brazil, is the engine of the Brazilian economy. The city is in numbers of inhabitants the third biggest city in the world. Since Sao Paolo is central in the economy, this is often the place where foreign firms locate. Most of the 220 Swedish subsidiaries which is integrated in the Brazilian market have their main offices located in Sao Paulo. In close addition to opening up for foreign firms in Brazil, the government also lowered the import charges, which made it possible for many firms to export to Brazil and reach a bigger margin due to lower barriers. Brazils most central trade partners are the European Union, followed by USA. Further, Brazil has a strong trade balance (export exceeds import). One example is the trade between Brazil and EU in the year of 2007, when Brazils export exceeded the import from EU by 11,5 billion euro. The same year 2007, showed an increasing amount of foreign direct investment from EU to Brazil. 7,1 billion euro was invested in the Brazilian market, which was a rise by 32% (Brazils FDI to EU increased by 58% the same year).

3 This section is based on Markovic, Ekonomisk rapport fr Brasilien - den finansiella


krisen, 2009 and http://www.swedishtrade.se/sv/vara-kontor/amerika/brasilien/OmBrasilien/,

Of the 27 EU members, Sweden was the tenth biggest foreign direct investor in Brazil in 2007. The following year resulted in a total amount of Swedish direct investments by 2 933 million Swedish crowns. The trade condition between Brazil and Sweden can be described as follows. Both Swedish exports to Brazil and Swedish import from Brazil decreased during the last year. The following part of the text will describe trade between Brazil and Sweden by divide trade into three parts export, import and foreign direct investments.

3.2 Trade4
3.2.1 Export Swedish export to Brazil reached 6 624 million Swedish crowns in 2009. Compared with 2008, this was a reduction by as much as 29% (9 391 million 2008). However, it is important to mention that total Swedish exports worldwide decreased by 19%. Further, of the total Swedish export, Brazil received 0,7%. This results in Brazil being the twentieth-largest country to receive Swedish exports. Brazil was hit by the global economic crisis quite late, and the entire year of 2009 was bad for the economy and its growth. The start of 2010 has been good, and the recovery is strong. This affects Swedish exports to the country. The half year annual report shows that Swedish export increased by 77%, compared to the same period (jan-juli) in 2009. The Swedish export in 2009 was dominated by the engineering products sector which stood for approximately 65% of the export. Second largest export sector was semi-manufactures with iron and steel in the sectors top. Chemical and medicine sector stood for almost 15 % of total export amount, and was the third largest export sector. This sector is strong and has increased the last five years. Also the vehicle components sector was eminent. Last, the telecom sector has shown an increasing export amount in later years. 3.2.2 Import Let us now discuss the other side of the trade between Sweden and Brazil, Swedish import of Brazilian products. During last year 2009, Brazil imported products for an amount of 3 753 million Swedish crowns. This was a decrease by 35% (5 767 million 2008) compared to the year before. And the decrease continued the first six months of 2010. Imports from Brazil fell by 15% which is showed by the half year annual report. In 2009, The Swedish import amount from Brazil was 3 691 million, which tells us that the import from Brazil stood for 0,42% of the total Swedish import. Of the import, the agro-food business is the largest sector. Of total import from Brazil, agro-food stands for 38% (especially coffee 22%) of total import. Industry products are also big (21% of total). Other important products are metal scrap, paper pulp and vehicle components. Most sectors decreased in import amounts in 2009, but paper pulp and telecom increased.
4 This section is mainly based on http://www.swedishtrade.se/sv/exportfakta/statistik-ochanalys/handelsstatistik/BRAZIL/

3.2.1 Trade balance To sum up the export and import data above, we want to show the trade balance between Sweden and Brazil. Export (jan-juli 2010) Import (jan-juli 2010)= Trade balance 5 264 1 571 = 3 693 million Swedish crowns surplus.

3.5 Foreign direct investments5


There are today 220 Swedish companies represented in Brazil. Approximately three to six new companies from Sweden are established on the Brazilian market, every year. Brazil is the 22th biggest investment country for Sweden. During last year (2009), 2 933 million Swedish crowns were invested in Brazil by companies from Sweden. This was an increase compared to 2008 by 242% (and 120% compared to 2004). If we look at the amount of total direct investments from Sweden to the entire region, South America, Brazil stood for 80% of Swedens investments to the region. Conversely, however no company from Brazil invested in Sweden in 2009. As we already mentioned, 220 Swedish companies are represented in Brazil. These companies employ roughly 50 000 workers today. The new oil find in Brazil during the last years has been (and will be) very important for Brazil. The profits have opened up a venture to build an infrastructure and medical service in the country. This will not only entail a good investment for the economy directly. With improved welfare and more job opportunities a domestic demand for consumption is slowly increasing among the Brazilian people. This opens up opportunities for foreign investments, and new demands in the market. This is one of the Swedish companies motives to invest in Brazil - to meet the expanding demand of the growing welfare of the population. Another motive is to export from Brazil to other markets, due to a good industry climate in Brazil where other competitors and important technologies are represented. Let us now take a look at the main sectors for Swedish companies in Brazil. The spread of different sectors that the Swedish companies are represented in is quite big. Both big and small companies are represented in trucks, IT-technologies, vehicle components, energy, medicine and different service sectors. Some of the many Swedish companies we find in Brazil are: Alfa Laval, Astra Zeneca, Electrolux, Sandvik, SKF and Tetra Pack. Three especially important sectors considering trade between Sweden and Brazil are vehicles, medicine and engineering products. These three sectors will be the focus on the following part of the report.
5 This section is based on J O Dahlstein, Sveriges handels- och investeringsutbyte med Latinamerika, 2010.

3.6 Important sectors considering trade between Sweden and Brazil6


3.6.1 Vehicles An increasing domestic demand for vehicles is found in Brazil. In Sao Palo, as much as one thousand new cars are registered, daily. Volvo automobile has noticed the growing demand and the company is today selling more cars than ever in Brazil. Cars also require components, which Swedish companies export in great quantity of, to Brazil. The truck part of the vehicles sector is important in a Swedish view. Scania is represented in Brazil with factory and sales. Brazil is one of Scanias two biggest markets, and all sales of Scania trucks outside Europe, are manufactured in Brazil. Brazil has functioned as Scanias base for achieving get involvement in the entire South American continent. 3.6.2 Medicine Another important sector is chemical products, especially pharmaceuticals. It stood for 15% of total export, but perhaps more interesting - this export amounts has increased during the last five years. Astra Zeneca has also made investment in Brazil and the Brazilian market may be a growth market for the company, especially when the welfare in the country increases and medical service is expanding in Brazil. 3.6.3 Engineering products By far the largest Swedish export sector to Brazil is engineering products (65%). Many of the export companies have manufacture industries in Brazil to meet the demand on the market, and of course to compete with their competitors. The engineering products sector will be the focus of the next section of this report, with analysis of the Swedish company Sandvik and its condition to the Brazilian market.

4. SANDVIK7
Sandvik is a high-technology engineering group with advanced products and world- leading positions in selected areas. In the second quarter 2010, Sandvik had 45178 employees and were represented in more than 130 countries. Sandvik's aims to be close to their costumers and have a good insight into costumer processes. This on combination with expertise in material technology gives Sandvik a world leading position in three areas: Tools for metal cutting. Equipment and tools for the mining and construction industries.

6 This section is mainly based on http://www.swedishtrade.se/sv/varakontor/amerika/brasilien/Om-Brasilien/ (Filmen om Brasilien) 7 This section is mainly based on Sandvik Annual Report 2009

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Products in advanced stainless materials, titanium, special alloys, metallic and ceramic

4.1 Geographic localisation8


Sandvik is located in four different countries in South America: Argentina, Chile, Brazil and Peru. Brazil has the largest share of total export and the largest number of employees (see figure 5). Sandvik is a large corporation with markets all over the world. They saw at an early stage that South America and Brazil especially, would be an important factor in the future market. Sandvik has chosen to place their largest number of employees in South America in Brazil. Also all the production facilities are located in Brazil. In 2010 Sandvik Mining and Construction started a new facility near Belo Horizonte, Brazil, 17000 square kilometres large. This is another attempt by Sandvik to come closer to their customers, offering shorter lead times and assembly capacity closer to major customers.

4.2 Business fields


4.2.1 Sandvik Mining and Construction Sandvik Mining and Construction focuses on equipment, tools and services. Sandvik is a large supplier of rock drill tools and various other solutions from Sandviks Mining and Construction business. The main costumers are mining and construction industries. In Brazil Sandvik is a dominant figure in supplying rock drill tools. 4.2.2 Sandvik Tooling The second largest worldwide and the largest business area in Brazil is Sandvik Tooling. A segment which produces cemented carbide tools and tool systems such as drills made of cemented carbide and quick steel. This area is primarily used for metal cutting. Customers in this segment are automotive-, manufacturing-, oil- and gas industries. 4.2.3 Sandvik Materials Technology This segment is divided into 5 different product areas: Tube, Strip, Kanthal, Process Systems and MedTech. Sandvik Materials Technology produces stainless steel materials and special alloys. In Brazil the main products are precision wires, pipes, band, and conveyer belts. This segment is mainly located in the thread factory situated in Mogi Gua just outside Sao Paolo. The engineering-, auto-, paper and oil/gas industry are large customers. In 2005 Sandvik bought MGS. MGS focuses on material handling in the mining industry in Brazil. The purchase provides a know-how and substantial knowledge of construction and projecting in the

8 Sandvik AB, Ett vinnande lag i Brasilien, Mt Sandvik, september 2005

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growing Brazil market. One of the affiliated companies is Dormer Tools AB located in Sweden. It currently has one of five product industries in Brazil.

4.3 Sales9
Sandvik Mining and Construction stands for the largest share of the corporations invoiced sales. Sandvik Tooling are second, Sandvik Materials Technology are third and Seco tools are fourth (figure 6). Brazil stands for 51 % of total share in South America and 3 % of Sandviks total invoiced sales world wide, 2345MSEK. In 2009 South Americas total share of invoiced sales stands at 6 %, 4562MSEK. In 2009 the global manufacturing in all regions and the majority of the segments experienced an extreme downturn. The Brazilian productions industry decreased with 8 % during 2009 which lead to a decrease in Sandviks total production in Brazil with 34 % in comparison with 2008. This can be compared to Sandviks worldwide loss in invoiced sales at 30 %. During the last years Sandvik has invested large amounts in the mining industry. This may also explain part of the role in decreased profit during 2008 and 2009. This shows that Sandvik is aiming for a more long-term goal and sees a great potential in the South American market.

4.4 Establishment10
Sandvik started its industry in Brazil in 1962. It was already then stated as the second industry capital of Sweden. Before 1990 there were big trade tariffs shutting out foreign companies to export to Brazil. Another reason for their establishment was that Sandvik has as an overall business plan to come closer to their customers and provide them with better service and meet their demands.

4.5 Future possibilities


Brazil is one of the fastest growing markets today. Sandvik sees a great potential for future revenue. Because Sandvik have been on the Brazilian market for a long time it has a great advantage over other companies trying to establish in the Brazilian market. Due to Chinas rapidly growing industry, China sees great potential in using Brazil and other South American countries to exploit mining and natural resources. If this continues, it might profit Sandvik and the whole mining industry in Brazil. Therefore it is important that Sandvik already has a large market share in the mining and construction business. China's growth in Brazil might mean increasing

9 Sandvik AB, Ett vinnande lag i Brasilien, Mt Sandvik, september 2005 10 Sandvik AB, Sandviks Historia

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sales for Sandvik. Sandvik needs to stay in the frontline in the mining industry and take advantage of the growing mining sector. As mentioned earlier Brazil is the main distributor in the South American market. The production is positioned in Brazil and one factory is situated in Chile, with offices in Argentina, Brazil, Chile and Peru. There is potential to increase their market in South America, by situating new offices in other South American countries. 24 % of Sandviks total workforce is placed in Sweden. If the market in South America increases for Sandvik there may be opportunities for an increase in new jobs in Sweden. If Sandvik is expanding there is a less risk for the Swedish workers to be laid off. In 2014 the FIFA World Cup will be held in Brazil and in 2016 the Summer Olympics11. This will bring future business opportunities because Brazil will invest in new infrastructure. In order to construct new infrastructure Brazil needs natural resources. For Brazil to extract its resources they need to build mines. This is where Sandvik comes in as major player with supplying the mining and construction industry.

11 Olympics Won, Brazil's Work Begins (2009-10-02) by Geri Smith

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Summary
Of Swedens export, 72 % goes to other European countries and 23 % to the Nordic countries. The top three export markets are Germany, 10, 1 %, Norway, 9, 9 %, and Great Britain, 7,6 %. The Swedish export can be divided into 5 major industries: engineering industry, chemical industry, forest industry mineral goods and energy industry. The engineering industry, where the machines, telecom and vehicles industries are the largest parts, represent for 44, 1 % of the Swedish export. In 2008 the number of Swedish corporate groups with affiliates abroad was 1439. The Nordic countries are an important establishment region with a total of 1172 affiliates. Norway is the largest country with 33 % of the total amount of affiliates. The leading countries in numbers of employees are USA, Germany, France, Great Britain and China. The Nordic countries have just 30 % of the employees. China is not a major country with 146 Swedish affiliates. There are mainly two lines of business abroad, the manufacturing and service industries. They have about the same numbers of employees. The Brazilian economy is today the twelfth largest economy in the world. In 2009 the Swedish export to Brazil reached 6 624 million SEK, which was 0, 7 of Swedens total export. The half year annual report for January until July 2010 shows that Swedish export to Brazil increased by 77% compared to the same period in 2009. In 2009 the largest sector for exports to Brazil in was engineering products, approximately 65 %. Other important industries are steel and iron, chemicals and pharmaceutical, vehicle components and Telecom. During 2009 the Swedish import of Brazilian goods 3 753 million SEK and the agro-food business, 38%, was the largest. 220 Swedish companies are represented in Brazil and these companies employees about 50 000 workers today. Sandvik is an engineering group in tooling, materials technology, mining and construction. It has about 44,000 employees in 130 countries, with annual sales of approximately SEK 72 billion. Sandvik has markets all over the world and is located in four different countries in South America. All the production facilities are located in Brazil. Brazil has the largest share of total export and the largest number of employees. Sandvik sees a great potential in future revenue in Brazil.

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Source reference
Websites:
J O Dahlstein, Sveriges handels- och investeringsutbyte med Latinamerika, 2010-04-06 http://www.swedishtrade.se/PageFiles/134907/LATINAMERIKA%20Handels%20och%20Investeringsutbytet%202010.pdf?epslanguage=sv, (2010-10-16) Markovic, Ekonomisk rapport fr Brasilien - den finansiella krisen, 200902-18 http://www.swedishtrade.se/sv/vara-kontor/amerika/brasilien/OmBrasilien/rapporter-fran-ud/ekonomisk-rapport/,(2010-10-15) Olympics Won, Brazil's Work Begins (2009-10-02) by Geri Smith http://www.businessweek.com/globalbiz/content/oct2009/gb2009102_557862.ht m, (2010-10-19)

Sandvik AB, Ett vinnande lag i Brasilien, Mt Sandvik, september 2005, senaste ndring: 2008-12-15
http://www.sandvik.com/sandvik/0010/Internet/se03369.nsf/GenerateTopFramese t?ReadForm&menu=&view=http %3A//www.sandvik.com/sandvik/0010/Internet/se03370.nsf/Alldocs/96BE9BBBA2 4770AAC1257075003B9560&banner=/sandvik/0010/Internet/se03369.nsf/Lookup Adm/BannerForm%3FOpenDocument, (2010-11-12) Sandvik AB, Sandviks Historia, 2010-05-05 http://www.sandvik.com/sandvik/0010/Internet/se03369.nsf/GenerateTopFramese t?ReadForm&menu=&view=http %3A//www.sandvik.com/sandvik/0010/Internet/se03370.nsf/Alldocs/C1256B1400 476D64C1256BD500248E8C&banner=/sandvik/0010/Internet/se03369.nsf/Looku pAdm/BannerForm%3FOpenDocument, (2010-10-12) SCB, Exports and imports by regions, 2010-09-27 http://www.scb.se/Pages/TableAndChart____51329.aspx, (2010-10-05) SCB, Exports and imports of goods by countries http://www.scb.se/Pages/TableAndChart____142266.aspx , (2010-10-05) SCB, Exports by important SITC commodity groups, 2010-09-27 http://www.scb.se/Pages/TableAndChart____26626.aspx, (2010-10-05)

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SCB, Exports to our 30 largest trade partners, 2010-09-27 http://www.scb.se/Pages/TableAndChart____26638.aspx, (2010-10-05) Swedish trade council, Brazil http://www.swedishtrade.se/sv/exportfakta/statistik-ochanalys/handelsstatistik/BRAZIL/, (2010-10-15) Swedish trade council, Om Brasilien http://www.swedishtrade.se/sv/vara-kontor/amerika/brasilien/Om-Brasilien/, (2010-10-16)

Written:
Sandvik AB, Sandvik Annual Report 2009, 2010-04 Swedish agency for growth policy analysis, Statistik 2010:05 Svenska koncerner med dotterbolag i utlandet 2008, 2010-05

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Appendix

Figure 3. Sweden's export divided into segments.

Figure 1. Swedens export divided into regions.

Figure 4. Number of Swedish corporate groups with affiliates abroad 2008

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Figure 2. The value of Sweden's export shown in million SEK and as per cent of total export.

Figure 6. Share of the corporations invoiced sales

Figure 5. Sandviks distribution in the ten largest markets today. Showing the number of billions and the number of employers.

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