Foreign trade in services Q4 2020
Foreign trade in services began to recover in the fourth quarter 2020
Statistical news from Statistics Sweden 2021-03-05 9.30
After two quarters of substantial decreases in many services, exports and imports began to recover in the fourth quarter of 2020. The exception was travel and travel-related services, which remained strongly affected by the COVID-19 pandemic.
Service balance strengthened
In the fourth quarter of 2020, exports of services fell by 7 percent and imports of services fell by 8 percent compared with the same quarter of 2019. By comparison, in the fourth quarter of 2019, exports and imports increased by 7 percent each.
The value of Sweden’s exports of services was SEK 176 billion in the fourth quarter, while imports of services amounted to SEK 168 billion. This resulted in a trade balance of SEK 8 billion. The trade balance was strengthened compared with the same quarter a year ago, when the trade balance was SEK 6 billion.
Travel continued to decline
Many services that were larger in value terms recorded growth in the fourth quarter, and total exports and imports decreased less than in the two previous quarters. However, travel and travel-related services continued to fall sharply due to the COVID-19 pandemic. For travel services, imports decreased more than exports, which led to a strengthened trade balance.
On the export side, fees for use of intellectual property rose by 10 percent, while telecommunications, computer and information services rose by 11 percent. Other business services (including research and development services, administrative services and marketing services) fell by 10 percent.
On the import side, fees for use of intellectual property rose by 15 percent. Telecommunications, computer and information services rose by 17 percent, and other business services rose by 11 percent.
| Exports | Imports | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Share in % | Change in % | Share in % | Change in % | ||||||
| 2020Q4 | 2019Q4 | 2020Q4 | 2020Q4/2019Q4 | 2020Q4 | 2019Q4 | 2020Q4 | 2020Q4/2019Q4 | ||
| Total | 176 192 | 189 397 | 100.0 | ‑7.0 | 168 121 | 183 248 | 100.0 | ‑8.3 | |
| Manufacturing services | 2 813 | 4 083 | 1.6 | ‑31.1 | 4 053 | 3 503 | 2.4 | 15.7 | |
| Maintenance and repair services | 931 | 1 188 | 0.5 | ‑21.6 | 1 062 | 1 228 | 0.6 | ‑13.5 | |
| Transport | 18 454 | 22 208 | 10.5 | ‑16.9 | 20 714 | 26 565 | 12.3 | ‑22.0 | |
| Travel | 8 508 | 19 652 | 4.8 | ‑56.7 | 10 475 | 31 511 | 6.2 | ‑66.8 | |
| Construction | 1 083 | 2 217 | 0.6 | ‑51.2 | 3 532 | 5 610 | 2.1 | ‑37.0 | |
| Insurance and pension services | 1 606 | 1 932 | 0.9 | ‑16.9 | 1 436 | 2 472 | 0.9 | ‑41.9 | |
| Financial services | 10 139 | 8 437 | 5.8 | 20.2 | 4 598 | 4 230 | 2.7 | 8.7 | |
| Charges for the use of intellectual property | 19 865 | 18 053 | 11.3 | 10.0 | 22 731 | 19 853 | 13.5 | 14.5 | |
| Telecommunications, computer, and information services | 47 300 | 42 485 | 26.8 | 11.3 | 28 710 | 24 504 | 17.1 | 17.2 | |
| Other business services | 49 563 | 54 883 | 28.1 | ‑9.7 | 66 484 | 59 868 | 39.5 | 11.1 | |
| Personal, cultural, and recreational services | 14 168 | 12 384 | 8.0 | 14.4 | 3 724 | 3 305 | 2.2 | 12.7 | |
| Government goods and services | 1 761 | 1 874 | 1.0 | ‑6.0 | 601 | 598 | 0.4 | 0.5 | |
Revisions
Quarter 1 2019 to quarter 3 2020 have been revised. New information about two major transactions of a non-recurring nature has led to an upward revision of the exports of computer services and research and development services in the second and third quarters of 2019, respectively.
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 how trade in services in the National Accounts and the Balance of Payments sometimes differ from this statistic.
Next publishing will be
2021-06-04 09:30.
Statistical Database
More information is available in the Statistical Database
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.