Foreign trade in services, quarter 1 2024
Strong first quarter for service exports
Statistical news from Statistics Sweden 2024-06-03 8.00
The foreign trade in services continued to grow during the first quarter of 2024 compared to the same period the year before. Above all, it is exports that show a strong development which strengthened the net trade.
Strong exports contribute to a strengthened net trade
Trade in services continued to increase during the first quarter of 2024. Exports of services increased by 10 percent and imports of services by almost 5 percent compared to the same quarter the year before (based on nominal prices).
Sweden’s exports of services were valued at SEK 283 billion in the first quarter of 2024, while the value of imports was SEK 294 billion. This resulted in a negative net trade of SEK 11 billion. The corresponding figure for the same quarter last year was a negative net trade of SEK 24 billion.
The trade in services is measured in nominal prices using Swedish krona (SEK). Adjustments for inflation or currency effects are therefore not made.
The more extensive revision conducted this quarter, as detailed in the section on revisions, has overall and on an annual basis increased imports more than exports, resulting in a lower net for the years 2013-2022. However, the net for 2023 has increased.
Several significant increases in exports
Most service items show an increase in exports compared to the same quarter last year. The primary contributor to this growth is other business services[1], which have risen by 17 percent. Given its substantial share of total service exports, this increase has a notably large impact. Other significant contributions to export growth include personal, cultural, and recreational services which have risen by 28 percent, manufacturing services, up by 25 percent, and charges for the use of intellectual property up by 13 percent.
On the import side, most service items have also increased, albeit not as significantly. The service items that mainly contribute to the increased imports are charges for the use of intellectual property, which have risen by 15 percent, and other business services, which have risen by 6 percent. These increases have a considerable impact due to their significant share of total service imports.
[1] An aggregatet hat includes, among other things, research and development services, marketing services, and professional and management consulting services
| Exports | Imports | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Service item | Share in % | Change in % | Share in % | Change in % | |||||
| 2024Q1 | 2023Q1 | 2024Q1 | 2024Q1/2023Q1 | 2024Q1 | 2023Q1 | 2024Q1 | 2024Q1/2023Q1 | ||
| Total | 282 895 | 256 747 | 100.0 | 10.2 | 293 657 | 281 105 | 100.0 | 4.5 | |
| Manufacturing services | 16 918 | 13 542 | 6.0 | 24.9 | 7 782 | 7 318 | 2.7 | 6.3 | |
| Maintenance and repair services | 1 102 | 858 | 0.4 | 28.4 | 5 111 | 4 594 | 1.7 | 11.3 | |
| Transport | 33 512 | 31 444 | 11.8 | 6.6 | 37 435 | 36 789 | 12.7 | 1.8 | |
| Travel | 20 607 | 18 525 | 7.3 | 11.2 | 30 099 | 32 266 | 10.2 | ‑6.7 | |
| Construction | 2 131 | 2 267 | 0.8 | ‑6.0 | 3 657 | 3 578 | 1.2 | 2.2 | |
| Insurance and pension services | 3 389 | 2 671 | 1.2 | 26.9 | 1 889 | 2 156 | 0.6 | ‑12.4 | |
| Financial services | 12 673 | 13 837 | 4.5 | ‑8.4 | 6 844 | 6 240 | 2.3 | 9.7 | |
| Charges for the use of intellectual property | 23 551 | 20 889 | 8.3 | 12.7 | 45 109 | 39 321 | 15.4 | 14.7 | |
| Telecommunications, computer, and information services | 51 670 | 54 525 | 18.3 | ‑5.2 | 44 079 | 43 072 | 15.0 | 2.3 | |
| Other business services | 87 175 | 74 533 | 30.8 | 17.0 | 104 708 | 98 466 | 35.7 | 6.3 | |
| Personal, cultural, and recreational services | 27 884 | 21 743 | 9.9 | 28.2 | 6 301 | 6 672 | 2.1 | ‑5.6 | |
| Government goods and services | 2 282 | 1 915 | 0.8 | 19.2 | 644 | 633 | 0.2 | 1.7 | |
Revisions
The National Accounts conduct a major revision every five years of annual input sources, methods, and calculation models across several areas. Due to this, a more extensive revision than the regular schedule has been carried out this quarter. The revision has been done in consultation with the National Accounts and the Balance of Payments. The period that has been revised is quarter 1 2013-quarter 4 2023.
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.
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
2024-09-03, 08:00.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.