Balance of payments, 1st quarter 2011:

Continued strong exports led to larger surplus in current account

The balance of payments for the first quarter of 2011 showed a stronger current account. Trade in goods improved and investment income also contributed to the stronger current account.

The surplus in the current account amounted to SEK 71.1 billion in the first quarter. This is an improvement of SEK 16.5 billion compared to the same period in 2010. An increased surplus for trade in goods has been the main contribution to this improvement. Even though the Swedish krona gained strength, exports of goods continued to increase. Earnings on capital also contributed to the improvement, mostly due to direct investments which resulted in higher earnings.

Trade in government securities generated an outflow

The financial account resulted in a net outflow of SEK 127.3 billion for the first quarter of 2011. It was mainly portfolio investments that contributed to the outflow with a net capital outflow of SEK 92.9 billion. The outflow is mainly due to trade with Swedish government securities and increased holdings of foreign debt securities owned by Swedish investors. Loans to other countries within other investments also resulted in a net outflow of capital.