Foreign trade in services, quarter 3 2024
Trade in services continues to grow
Statistical news from Statistics Sweden 2024-12-03 8.00
Exports and imports of services are growing at the same rate compared to the same period last year. The trade balance remains negative and has decreased since last year.
Same percentage growth in exports and imports of services
Trade in services continues to develop strongly during the third quarter of 2024. Both exports and imports of services increased by 12 percent compared to the same quarter the year before (based on nominal prices).
Sweden’s exports of services were valued at SEK 315 billion in the third quarter of 2024, while the value of imports was SEK 329 billion. This resulted in a negative net trade of SEK 13 billion. The corresponding figure for the same quarter last year was a negative net trade of SEK 11 billion.
The trade in services is measured in nominal prices using Swedish krona (SEK). Adjustments for inflation or currency effects are therefore not made.
Other business services and charges for the use of intellectual property increase
On both the export and import sides, it is primarily the service categories other business services and charges for the use of intellectual property that contribute to the positive development. Other business services is a large service category and is the largest on both exports and imports. It includes several different services, such as research and development services, professional and management consulting services as well as technical, trade-related and other business services. Due to its size, this service category has a significant impact on total service trade. Other business services increased with 19 percent in exports and with 16 percent in imports. Charges for the use of intellectual property increased with 39 percent in exports and with 31 percent in imports.
The service category travel has its highest export and import values during the third quarters. Both exports and imports remained at approximately the same level as last year. Exports increased by 2 percent and imports decreased by 3 percent compared to the same period last year.
| Exports | Imports | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Service item | Share in % | Change in % | Share in % | Change in % | |||||
| 2024Q3 | 2023Q3 | 2024Q3 | 2024Q3/ 2023Q3 |
2024Q3 | 2023Q3 | 2024Q3 | 2024Q3/ 2023Q3 |
||
| Total | 315 426 | 281 765 | 100.0 | 11.9 | 328 521 | 292 754 | 100.0 | 12.2 | |
| Manufacturing services | 9 637 | 10 277 | 3.1 | ‑6.2 | 8 010 | 8 768 | 2.4 | ‑8.6 | |
| Maintenance and repair services | 1 468 | 1 558 | 0.5 | ‑5.8 | 5 140 | 5 142 | 1.6 | 0.0 | |
| Transport | 38 351 | 35 619 | 12.2 | 7.7 | 40 391 | 37 232 | 12.3 | 8.5 | |
| Travel | 36 971 | 36 145 | 11.7 | 2.3 | 42 965 | 44 229 | 13.1 | ‑2.9 | |
| Construction | 2 303 | 4 131 | 0.7 | ‑44.3 | 5 957 | 4 184 | 1.8 | 42.4 | |
| Insurance and pension services | 2 291 | 2 217 | 0.7 | 3.3 | 1 618 | 1 877 | 0.5 | ‑13.8 | |
| Financial services | 13 873 | 15 193 | 4.4 | ‑8.7 | 6 170 | 6 722 | 1.9 | ‑8.2 | |
| Charges for the use of intellectual property | 30 392 | 21 894 | 9.6 | 38.8 | 49 515 | 37 851 | 15.1 | 30.8 | |
| Telecommunications, computer, and information services | 60 846 | 56 007 | 19.3 | 8.6 | 46 591 | 40 137 | 14.2 | 16.1 | |
| Other business services | 88 014 | 73 846 | 27.9 | 19.2 | 114 874 | 99 215 | 35.0 | 15.8 | |
| Personal, cultural, and recreational services | 28 482 | 22 885 | 9.0 | 24.5 | 6 524 | 6 630 | 2.0 | ‑1.6 | |
| Government goods and services | 2 800 | 1 994 | 0.9 | 40.4 | 767 | 767 | 0.2 | 0.0 | |
Revisions
Quarter 2 2024 have been revised in accordance with the regular revision schedule. Exports of services were revised up by just under SEK 2 billion, while imports were revised up by just over SEK 3 billion. The net was revised down by just under SEK 2 billion (rounded).
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
2025-03-04, 08:00.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.