Foreign trade in services, quarter 4 2024
Strengthened net in services trade
Statistical news from Statistics Sweden 2025-03-04 8.00
Both exports and imports of services are increasing compared to the same period last year. While still negative, the net trade is strengthened by exports increasing at a higher rate than imports.
Larger increase in export of services
Trade in services continued to grow during the final quarter of 2024. Exports of services increased by 13 percent compared to the same quarter the year before, while imports increased by 7 percent (based on nominal prices).
Sweden’s exports of services were valued at SEK 340 billion in the fourth quarter of 2024, while the value of imports was SEK 354 billion. This resulted in a deficit trade of SEK 14 billion. The corresponding figure for the same quarter last year was a deficit of SEK 29 billion.
The trade in services is measured in nominal prices using Swedish krona (SEK). Adjustments for inflation or currency effects are therefore not made.
Other business services contribute the most to the increase
The aggregate other business services was the largest contributor to the increase in both exports and imports. Other business services include several different services, such as research and development services, professional and management consulting services as well as technical, trade-related and other business services. The export of other business services increased by 14 percent while the import increased by 5 percent. Given that other business services is the largest service category in both exports and imports, even more modest percentage increases can have a substantial impact in terms of value.
Other major contributors to the increase of both exports and imports were telecommunications, computer, and information services and travels.
| Exports | Imports | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Service item | Share in % | Change in % | Share in % | Change in % | |||||
| 2024Q4 | 2023Q4 | 2024Q4 | 2024Q4/2023Q4 | 2024Q4 | 2023Q4 | 2024Q4 | 2024Q4/2023Q4 | ||
| Total | 340 062 | 301 932 | 100.0 | 12.6 | 353 941 | 330 446 | 100.0 | 7.1 | |
| Manufacturing services | 6 765 | 4 295 | 2.0 | 57.5 | 9 231 | 10 344 | 2.6 | ‑10.8 | |
| Maintenance and repair services | 1 418 | 1 456 | 0.4 | ‑2.6 | 5 515 | 5 085 | 1.6 | 8.5 | |
| Transport | 39 370 | 34 851 | 11.6 | 13.0 | 42 928 | 39 968 | 12.1 | 7.4 | |
| Travel | 26 718 | 23 838 | 7.9 | 12.1 | 34 433 | 31 540 | 9.7 | 9.2 | |
| Construction | 4 083 | 3 866 | 1.2 | 5.6 | 6 576 | 4 603 | 1.9 | 42.9 | |
| Insurance and pension services | 2 574 | 2 137 | 0.8 | 20.4 | 1 815 | 2 051 | 0.5 | ‑11.5 | |
| Financial services | 17 038 | 14 111 | 5.0 | 20.7 | 7 836 | 6 055 | 2.2 | 29.4 | |
| Charges for the use of intellectual property | 31 495 | 31 797 | 9.3 | ‑0.9 | 48 022 | 47 267 | 13.6 | 1.6 | |
| Telecommunications, computer, and information services | 76 066 | 71 001 | 22.4 | 7.1 | 52 398 | 46 231 | 14.8 | 13.3 | |
| Other business services | 97 679 | 85 765 | 28.7 | 13.9 | 137 681 | 130 744 | 38.9 | 5.3 | |
| Personal, cultural, and recreational services | 30 257 | 26 013 | 8.9 | 16.3 | 6 781 | 5 837 | 1.9 | 16.2 | |
| Government goods and services | 6 599 | 2 800 | 1.9 | 135.7 | 726 | 719 | 0.2 | 1.0 | |
Revisions
The period from the first quarter of 2023 to the third quarter of 2024 have been revised in accordance with the regular revision schedule.
The foreign trade in services data are revised according to a revision schedule. In connection with the publication of quarter 1 to quarter 3, the previous quarter’s data are revised. In connection with the publication of quarter 4, the seven previous quarters are revised. If necessary, revisions can also be made outside the regular revision schedule. Revisions are primarily a result of late submissions or amended information from respondents but can also be due to changes in statistical models.
The data should be considered preliminary before being revised according to the regular revision schedule.
Definitions and explanations
What is foreign trade in services?
The statistics on foreign trade in services is a presentation of all Swedish transactions related to trade in services with the rest of the world. These statistics are reported quarterly and form the basis for both the National Accounts and the current account in Balance of Payments. The section More information contains an explanation on why trade in services in the National Accounts and the Balance of Payments sometimes differ from this statistic.
Next publishing will be
2025-06-04, 08:00.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.