The United States remains a key export partner for the Nordic region, accounting for a significant share of external trade. In 2024, the US absorbed 13.1% of Iceland’s exports, 6.6% of Sweden’s, 6.3% of Norway’s, 4.7% of Denmark’s, and 3.0% of Finland’s—making it one of the top non-European destinations for Nordic goods.
But 2025 brings new challenges. In late 2024, the US introduced a wave of new tariffs affecting a range of European products—particularly industrial goods, vehicles, medical devices, and metals. These measures are part of a broader effort to protect domestic manufacturing ahead of the US presidential election.
The impact has been swift. Sweden’s exports to the US are projected to fall by 10% in 2025. Finland and Denmark are also likely to see a 5–7% dip, particularly in machinery and precision instruments. For Norway, the energy sector has so far remained resilient, but seafood exports—especially salmon—are facing tighter customs controls and costlier logistics.
Despite this, total Nordic exports are still expected to grow modestly in 2025, buoyed by stronger demand from Asian markets and internal EU trade. Companies are adapting quickly—by diversifying market portfolios, shifting production closer to customers, and leveraging bilateral agreements outside of the US.
The message for Nordic exporters is clear: while the US remains strategically important, relying too heavily on it is increasingly risky. Markets in Eastern Europe, Southeast Asia, and the Middle East are becoming more relevant, especially for high-quality industrial and consumer products.
Trade policy is becoming more unpredictable—and Nordic manufacturers will need to stay agile, strategic, and well-informed to stay ahead.