With both sides of the war depending heavily on iron ore to make steel for tanks and planes, did Sweden profit well from not being an official part of the war?
Any gains Sweden may have made during the War from trading with Germany were offset by the massive damage done to it's economy from having it's overseas trade essentially capped by the Royal Navy.
In fact you could argue that the UK drove Sweden into a corner by it's over zealous policing of the blockade on Germany.
As for what having NAZI Germany as your main trading was like, I don't know the specifics of how they treated Sweden, but a Finnish man I know once told me that the Germans routinely resorted to what was essentially extortion when trading with Finland, and Finland was a German Ally.
First of all, yes, Sweden did profit quite a bit during the war. However, the picture is a bit more complex than that.
Sweden had 160 tons of gold in its gold reserve 1935, which had climbed to about 275 tons in 1940, and peaked at 429 tons 1945.
Sweden exported iron ore, high-quality ball bearings, led, copper, wood pulp, sawed lumber and paper and ships (production peaked at 200 000 dead weight tons 1939), mostly for the Norwegian shipping magnates. About half of that war tankers.
Sweden started a mad dash, buying anything resembling arms from 1939 onwards and bought;
5 000 Rifles (Mauser Kar 98k from Germany).
1 500 Pistols (Walther P38 from Germany).
500 SMGs (Thompson from USA).
1 800 SMGs (MP 34 from Germany).
5 000 LMGs (ZB vz.26/MG 26(t), Czech war booty from Germany).
643 Flamethrowers (from Italy).
450 20mm AT rifles (Solothurn S18-1000 from Switzerland).
340 37mm AT guns (Pak 35/36 from Germany).
219 120mm mortars (Tampella 120mm from Finland).
60 20mm AA guns (Flak30 from Germany).
300 20mm AA guns (Hispano-Suiza HS404 from Switzerland).
68 40mm AA guns (Bofors/MAVAG from Hungary).
136 40mm AA guns (Bofors from Germany, war booty mostly from Poland).
142 105mm howitzers (10,5 leFH18 from Germany).
25 150mm howitzers (Bofors, from Germany, booty from Austria).
132 fighters (CR.42 and RE.2000, from Italy).
84 bombers (CA.313, from Italy).
12 recon planes (Fi 156 Storch, from Germany).
39 sea recon planes (He 114A, from Germany).
4 destroyers (from Italy).
4 MTBs (from Italy).
Sweden also imported coal and coke which from 1940 Germany was the only possible source. 8,7 million tons yearly 1939, which sankt to 4,9 million tons 1943.
On top of this, Sweden imported nitrates, fertilizer, specialised steel, rare materials for armour plate, synthethic fuel from Germany. From Britain Sweden imported radar stations (decimetric ones, in 1944 in return for a crashed V1 rocket) and from Brazil and Venezuela grain, cocoa, meat, coffee, oil and lubricants.