Foreign trade in services, quarter 2 2024
Exports of services still strong in the second quarter of the year
Statistical news from Statistics Sweden 2024-09-03 8.00
Both exports and imports of services continued to grow during the second quarter of the year compared to the same period last year. The trade balance remains negative but has strengthened as exports grew more than imports.
Trade in services is increasing but the trade balance stays negative
Trade in services continued to increase during the second quarter of 2024. Exports of services increased by 12 percent and imports of services by 7 percent compared to the same quarter the year before (based on nominal prices).
Sweden’s exports of services were valued at SEK 307 billion in the second quarter of 2024, while the value of imports was SEK 319 billion. This resulted in a negative net trade of almost SEK 13 billion. The corresponding figure for the same quarter last year was a negative net trade of SEK 23 billion.
The trade in services is measured in nominal prices using Swedish krona (SEK). Adjustments for inflation or currency effects are therefore not made.
A broad rise in service exports
Nearly all service items show an increase in exports compared to the same quarter last year. The biggest contributor to the growth is the service item other business services[1], with an increase of 13 percent. Given its substantial share of total service exports, this increase has a notably large impact. Other noteworthy contributions to the growth in exports include transport and charges for the use of intellectual property, which both have risen by 18 percent compared to the same quarter last year.
On the import side it is mostly the service item charges for the use of intellectual property that contributed to the strengthened import of services, with an increase of 29 percent. Other service items with a significant impact on the increased service imports are transport, up by 12 percent and telecommunications, computer, and information services, which has risen by 11 percent compared to the same quarter last year. Other business services, which is the biggest service item in terms of value, shows a slight decrease of 1 percent.
[1] An aggregate that includes for instance research and development services, marketing services, and professional and management consulting services.
| Exports | Imports | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Service item | Share in % | Change in % | Share in % | Change in % | |||||
| 2024Q2 | 2023Q2 | 2024Q2 | 2024Q2/2023Q2 | 2024Q2 | 2023Q2 | 2024Q2 | 2024Q2/2023Q2 | ||
| Total | 307 091 | 275 160 | 100.0 | 11.6 | 319 715 | 298 036 | 100.0 | 7.3 | |
| Manufacturing services | 13 268 | 12 502 | 4.3 | 6.1 | 9 202 | 7 078 | 2.9 | 30.0 | |
| Maintenance and repair services | 1 519 | 1 034 | 0.5 | 46.9 | 5 276 | 4 646 | 1.7 | 13.6 | |
| Transport | 39 093 | 33 063 | 12.7 | 18.2 | 43 336 | 38 636 | 13.6 | 12.2 | |
| Travel | 28 032 | 26 233 | 9.1 | 6.9 | 37 513 | 36 849 | 11.7 | 1.8 | |
| Construction | 3 114 | 2 892 | 1.0 | 7.7 | 5 132 | 5 090 | 1.6 | 0.8 | |
| Insurance and pension services | 3 410 | 3 123 | 1.1 | 9.2 | 2 049 | 2 336 | 0.6 | ‑12.3 | |
| Financial services | 15 469 | 14 580 | 5.0 | 6.1 | 7 899 | 6 673 | 2.5 | 18.4 | |
| Charges for the use of intellectual property | 29 927 | 25 302 | 9.7 | 18.3 | 45 614 | 35 372 | 14.3 | 29.0 | |
| Telecommunications, computer, and information services | 58 034 | 54 143 | 18.9 | 7.2 | 44 431 | 40 132 | 13.9 | 10.7 | |
| Other business services | 87 902 | 78 030 | 28.6 | 12.7 | 113 135 | 114 501 | 35.4 | ‑1.2 | |
| Personal, cultural, and recreational services | 25 932 | 22 444 | 8.4 | 15.5 | 5 373 | 5 977 | 1.7 | ‑10.1 | |
| Government goods and services | 1 391 | 1 815 | 0.5 | ‑23.4 | 756 | 746 | 0.2 | 1.3 | |
Revisions
Quarter 1 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.
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
2024-12-03, 08:00.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.