exports down 20 percent

Spanish crisis drains Swedish export revenue

Financial woes in Spain are increasingly damaging to the Swedish exports economy, reports Swedish Radio. Exports to Spain have dropped by 20 percent, shows an overview of several Swedish companies financial reports published after the second fiscal quarter.

In the first five months of this year, exports to Spain dropped by 20 percent from last year.

Furniture giant Ikea is one affected company, as well as companies Volvo, Ericson and AstraZeneca.

Severe cuts to the public sector in Spain has hit pharmaceutical company AstraZeneca especially hard in drugs export to the many Spanish hospitals they have deals with.

Alf Göransson from the security services company Securitas says the export slum has meant the company has terminated deals with Spanish clients.

"Spain is a very difficult market and we had to terminate deals to escape losses. We lost 18 percent in the second quarter, which is a lot for our enterprise," Göransson tells Swedish Radio.

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