Inflation exceeds the forecast in the U.S., says one of five members of the Swedish American Chamber of Commerce
[Washington D.C., USA, June 21, 2021.] Inflation will rise above the annual forecast of 2.6 percent and the low interest rate will not exceed 0.25 percent in 2021. At the same time, most members of the Chamber of Commerce believe that Swedish companies in the U.S. sell on quality rather than price as the main argument. It shows a survey conducted by the Swedish-American Chamber of Commerce in mid-June.
The United States is facing higher prices, low interest rates and a dollar around SEK 8 in the coming year. In any case, this is the opinion of the members of the Swedish-American Chamber of Commerce (SACC USA), which participated in the SACC USA Business Survey this early June.
Just over half (44.7%) of those surveyed believe that inflation will land above the forecast level of 2.6 percent in 2021. However, generally higher prices do not have to be to the detriment of Swedish export companies in the U.S., as most Swedish companies sell on quality and not on price, according to six out of ten who responded to the survey. Now that many companies are resuming plans to establish themselves after the pandemic, half of (51.2%) SACC’s members believe that a dollar that stabilizes at around SEK 8 can give Swedish companies a push in deciding on a foreign establishment.
“We at SACC also notice an increased activity, with several inquiries from various companies about U.S. establishments. A dollar exchange rate of around SEK 8 naturally provides a little extra traction”, says Johan Marcus, CEO of SACC USA.
Half of those surveyed (49.7%) also believe that the dollar exchange rate in one years will remain at around SEK 8, just as it is today. Just over half (44.7%) also believe that the Fed’s low interest rate will not climb above 0.25 percent until 2022. As for the stock market, almost half of (41.7%) SACC USA’s surveyed members believe that Dow Jones Industrial’s rise of 7.3 percent in 2020 will be higher by the end of 2021.
“Our members express a rather positive image for the future. I also think it is important to point out that there is room to grow here in the United States. It is a bigger market than the EU’s, even though Sweden’s exports here are half of that to Europe. So, there is an opportunity to grow here, and now is a good time for that”, says Johan Marcus.
About the SACC USA Business Survey
The SACC USA Business Survey was conducted between June 5-15, 2021. 201 SACC members across the U.S. participated in the web survey which consisted of nine questions. SACC members bring together a dynamic and diverse mix of entrepreneurs, business leaders, investors and professional experts, as well as representatives of various organizations and academia. SACC USA is represented in 19 locations in 37 states.
See the full survey here, https://sacctx.com/sacc-usa-business-survey-no-2-2021/
See picture of Johan Marcus here, https://www.sacc-usa.org/about-us/team/
For more information, please contact:
Johan Marcus, VD, SACC USA
André Persson, CCO, SACC Texas
+1-972-765 54 52
About Swedish American Chamber of Commerce
The Swedish American Chamber of Commerce (SACC-USA) is a key player in the development of trade relations, investment opportunities, and talent mobility between Sweden and the United States. Our network consists of 19 Regional Chambers across the U.S. and together we serve more than 2,000 members in the U.S. and arrange more than 300 business events a year. We provide you with contacts and potential business partners through events, tailored corporate programs, trade missions, business matchmaking and business intelligence. Additionally, SACC-USA facilitates talent mobility in both direction between Sweden and the U.S. We are designated by the U.S. Department of State as a J-1 visa sponsor for Swedish exchange visitors in the intern and trainee categories. We are approved by the Swedish Migration Board as an international exchange organization that can assist Americans with the application for a Swedish work permit for training. SACC-USA looks forward to welcoming you as a member of our extensive network. Read more here, www.sacc-usa.org