Foreign trade in services, quarter 3 2023
Strong export marks third quarter of foreign trade in services
Statistical news from Statistics Sweden 2023-12-01 8.00
Foreign trade in services continued to grow during the third quarter of the year compared to the same period last year. Mainly exports expanded widely, which resulted in strengthening of the trade balance.
Trade in services increases, negative trade balance remains
Trade in services continued to increase at a steady pace during the third quarter of 2023. Exports of services increased by 19 percent and imports of services by 5 percent compared to the same quarter last year.
Sweden’s exports of services were valued at SEK 278 billion in the second quarter of the year, while the value of imports was SEK 287 billion. This resulted in a negative trade balance of SEK 8 billion. The corresponding figure for the same quarter last year was a negative trade balance of SEK 38 billion.
The trade in services is measured at nominal prices using Swedish krona (SEK). Adjustments for inflation or currency effects are therefore not made.
Consumption abroad increases
The third quarter is generally the main travel quarter since it coincides with two of the summer vacation months. The third quarter of this year is no exception – the values measured for the service category travel are the highest to date. However, these figures are affected by both inflation and the weakening of the Swedish krona against many other currencies. Compared to the same quarter last year, foreign consumption while travelling in Sweden (travel export) increased by 13 percent. Swedish consumption while travelling abroad (travel import) increased by 7 percent.
On the export side, other business services in total rose by 21 percent. Telecommunication, computer and information services rose by 15 percent. Transports rose by 11 percent.
On the import side, other business services rose by 10 percent. Telecommunication, computer and information services rose by 7 percent. Transports remained at the same level.
| Exports | Imports | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Service item | Share in % | Change in % | Share in % | Change in % | |||||
| 2023Q3 | 2022Q3 | 2023Q3 | 2023Q3/2022Q3 | 2023Q3 | 2022Q3 | 2023Q3 | 2023Q3/2022Q3 | ||
| Total | 278 316 | 233 813 | 100.0 | 19.0 | 286 755 | 272 276 | 100.0 | 5.3 | |
| Manufacturing services | 10 199 | 9 017 | 3.7 | 13.1 | 8 579 | 4 855 | 3.0 | 76.7 | |
| Maintenance and repair services | 1 210 | 646 | 0.4 | 87.3 | 4 973 | 3 401 | 1.7 | 46.2 | |
| Transport | 35 307 | 31 774 | 12.7 | 11.1 | 36 382 | 36 506 | 12.7 | ‑0.3 | |
| Travel | 36 192 | 31 929 | 13.0 | 13.4 | 44 244 | 41 296 | 15.4 | 7.1 | |
| Construction | 3 961 | 2 608 | 1.4 | 51.9 | 3 944 | 3 983 | 1.4 | ‑1.0 | |
| Insurance and pension services | 2 094 | 2 139 | 0.8 | ‑2.1 | 1 862 | 1 849 | 0.6 | 0.7 | |
| Financial services | 14 259 | 10 545 | 5.1 | 35.2 | 6 208 | 5 911 | 2.2 | 5.0 | |
| Charges for the use of intellectual property | 20 934 | 16 127 | 7.5 | 29.8 | 35 062 | 39 972 | 12.2 | ‑12.3 | |
| Telecommunications, computer, and information services | 53 832 | 46 705 | 19.3 | 15.3 | 37 699 | 35 206 | 13.1 | 7.1 | |
| Other business services | 75 379 | 62 176 | 27.1 | 21.2 | 100 232 | 90 799 | 35.0 | 10.4 | |
| Personal, cultural, and recreational services | 22 955 | 18 865 | 8.2 | 21.7 | 6 805 | 7 861 | 2.4 | ‑13.4 | |
| Government goods and services | 1 994 | 1 282 | 0.7 | 55.5 | 767 | 638 | 0.3 | 20.2 | |
Revisions
Quarter 2 2023 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 why trade in services in the National Accounts and the Balance of Payments sometimes differ from this statistic.
Next publishing will be
2024-03-04, 08:00.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.