Swedish Prime Minister Fredrik Reinfeldt said economic cooperation between Scandinavia and the Baltic states of Latvia, Lithuania and Estonia will intensify in the years to come, writes Bloomberg, the Baltic Business News portal reported.

Reinfeldt made the comments at a press conference in Reykjavik today, in connection with a meeting of Nordic heads of government in the Icelandic capital.

BBN reported that Estonia’s exports to Sweden in August increased by 67% year- on-year and imports from Sweden increased twofold. Estonia exported mainly electrical equipment, wood and furniture to Sweden and imported electrical equipment, vehicles and parts of vehicles from Sweden, according to Statistics Estonia. Sweden was Estonia’s second-largest export market with 16% of the total, just 1% behind Finland. Compared to August of the previous year, exports to Sweden increased the most (67%). Exports to Sweden amounted to 1.8 billion kroons (112 million euros). Among importers, Sweden is second with 12%, mainly exporting electrical equipment, vehicles and parts thereof to Estonia.

Lithuanian exports to Sweden have increased by 35% in the first seven months of 2010 compared with the same period 2009. According to Swedish Central Statistics Bureau, Lithuanian exports to Sweden have already exceeded pre-crises levels. In the list of Sweden’s largest import markets, Lithuania has risen from 30th to 26th. Furniture accounted for nearly one-fourth of all Lithuania’s exports to Sweden in 2010.  Food, textile, wood and chemical industry products are other major export commodities to Sweden. Exports to Scandinavia now account for one-tenth of Lithuania’s overall exports.

Latvia’s exports in the first seven months of 2010 increased by 26% from the same period last year, which is the second biggest increase in the European Union. Latvia’s imports increased 13% in the first seven months, compared to the same period in 2009, which was the fifth smallest increase among the EU member states.

Sweden recorded a 30% hike in imports and 24% increase in exports.