The index is falling from 54.2 in April to 53.6 in May, according to the monthly measurements from Swedbank and the purchasing managers' organization Silf.
This is the tenth consecutive month with an index of 50 and thus in the growth zone.
"The customs duty and a stronger krona have not hindered the recovery in Swedish industry, although the fall in order intake may be a warning signal", writes Jörgen Kennemar, economist at Swedbank.
At the same time, a sub-index shows that prices of input goods are falling.
"Falling global commodity prices and a stronger krona contribute to lower price pressure in industry, which should be positive news ahead of the Swedish Central Bank's interest rate decision in June", says Jörgen Kennemar.
