Foreign trade in services, quarter 1 2022
Low net trade balance in strong services trade
Statistical news from Statistics Sweden 2022-06-03 8.00
The positive trend in foreign trade in services continued in the first quarter of 2022. Exports of services and particularly imports of services showed wide increases. The large growth in imports resulted in an unusually low net trade balance.
Growing trade in services
The foreign trade in services continued to strengthen during the first quarter of 2022. Exports of services rose by 21 percent and imports of services rose by 31 percent, compared with the same quarter last year.
Sweden’s exports of services were valued at SEK 178 billion in the first quarter of the year. Imports of services amounted to SEK 194 billion. This resulted in a negative net balance of nearly SEK 16 billion. The corresponding figure for the same quarter last year was SEK -912 million.
Largest increase in travels
Travels (consumption abroad) continued to increase sharply. Compared to last year’s low levels, exports rose by 111 percent and imports by 143 percent. However, travels are not reaching pre-pandemic levels unlike many other types of services.
On the export side, charges for use of intellectual property fell by 2 percent. Telecommunication, computer and information services rose by 5 percent. Other business services (including research and development services, administrative services and marketing services) rose by 24 percent. Transports rose by 48 percent.
On the import side, charges for use of intellectual property rose by 27 percent. Telecommunication, computer and information services rose by 14 percent, and other business services rose by 29 percent. Transports rose by 35 percent.
| Exports | Imports | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Service item | Share in % | Change in % | Share in % | Change in % | |||||
| 2022Q1 | 2021Q1 | 2022Q1 | 2022Q1/2021Q1 | 2022Q1 | 2021Q1 | 2022Q1 | 2022Q1/2021Q1 | ||
| Total | 178 481 | 147 754 | 100.0 | 20.8 | 194 422 | 148 666 | 100.0 | 30.8 | |
| Manufacturing services | 3 692 | 2 617 | 2.1 | 41.1 | 3 879 | 4 708 | 2.0 | ‑17.6 | |
| Maintenance and repair services | 483 | 747 | 0.3 | ‑35.3 | 2 994 | 1 980 | 1.5 | 51.2 | |
| Transport | 26 082 | 17 576 | 14.6 | 48.4 | 25 630 | 19 045 | 13.2 | 34.6 | |
| Travel | 14 353 | 6 811 | 8.0 | 110.7 | 21 392 | 8 823 | 11.0 | 142.5 | |
| Construction | 2 004 | 947 | 1.1 | 111.6 | 2 976 | 2 489 | 1.5 | 19.6 | |
| Insurance and pension services | 2 679 | 3 718 | 1.5 | ‑27.9 | 1 933 | 1 477 | 1.0 | 30.9 | |
| Financial services | 9 410 | 9 799 | 5.3 | ‑4.0 | 4 698 | 4 786 | 2.4 | ‑1.8 | |
| Charges for the use of intellectual property | 16 717 | 16 965 | 9.4 | ‑1.5 | 28 237 | 22 178 | 14.5 | 27.3 | |
| Telecommunications, computer, and information services | 34 511 | 33 012 | 19.3 | 4.5 | 29 728 | 26 177 | 15.3 | 13.6 | |
| Other business services | 50 711 | 40 827 | 28.4 | 24.2 | 68 418 | 53 231 | 35.2 | 28.5 | |
| Personal, cultural, and recreational services | 16 791 | 13 612 | 9.4 | 23.4 | 3 954 | 3 234 | 2.0 | 22.3 | |
| Government goods and services | 1 047 | 1 123 | 0.6 | ‑6.8 | 583 | 539 | 0.3 | 8.2 | |
Revisions
Quarter 4 2021 has been revised.
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
2022-09-01, 08:00.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.