Sweden’s trade surplus narrowed to SEK 1.2 billion in July 2026 from a revised SEK 2.6 billion in June and SEK 3.5 billion a year earlier, as imports grew faster than exports. Imports rose 5.7% year on year to SEK 158.7 billion, while exports increased 4.1% to SEK 159.9 billion. The result extended Sweden’s monthly surplus streak to three months, but the first seven months of 2026 produced a SEK 8.5 billion surplus, down sharply from SEK 51.4 billion a year earlier. Separately, seasonally adjusted retail sales fell 0.2% in July 2024 after a revised 1.0% increase in June, although sales remained 2.1% above July 2023. The contrasting reports point to weaker external-balance momentum and a fragile household-consumption recovery. The trade data may influence expectations for the Swedish krona, inflation and the Riksbank’s policy outlook, while retail activity remains sensitive to borrowing costs, household confidence and further rate cuts.