The current account is measured at current prices without seasonal corrections and figures are compared with the same quarter last year.

The trade balance resulted in a surplus of SEK 22 billion, and increased by 3 billion compared with the corresponding quarter last year. Merchanting resulted in a surplus of SEK 18 billion and is at the same level as the corresponding quarter last year.

Weaker balance on trade in services

Trade in services generated a surplus of SEK 9 billion and decreased by just over SEK 14 billion compared with the same quarter last year. The deficits in other business services and travel services increased, are the main contributors to the decreased surplus in the balance on trade in services.

Import of services amounted to SEK 146 billion and increased by nearly SEK 16 billion, while export of services amounted to SEK 155 billion, which is at the same level as the corresponding quarter last year.

Imports of travel, i.e. Swedish consumption when traveling abroad, and data services increased the most among services compared with the corresponding quarter last year.

Exports of travel, i.e. foreigners’ consumption when traveling in Sweden, and transport services increased the most among services, while exports of research and development services, reported under other business services decreased the most compared with the corresponding quarter last year.

Increased surplus in primary income

Primary income showed a surplus of SEK 36 billion in the quarter, an increase of just over SEK 3 billion compared with the corresponding quarter last year. Compensation of employees resulted in a surplus of SEK 3 billion, while investment income resulted in a surplus of SEK 33 billion.

Income from direct investments contributed a surplus of SEK 18 billion and is at the same level as in the corresponding quarter last year.

Income from portfolio investments increased during the quarter and contributed a surplus of SEK 15 billion, which can be compared to a surplus of SEK 12 billion in the corresponding quarter last year. Interest payments abroad decreased by net SEK 3 billion which contributed to a decreased deficit in income on debt securities. Dividends on equities and funds were at the same level as in the corresponding quarter last year.

Secondary income resulted in a deficit of SEK 16 billion, which is a decrease of the deficit with SEK 1 billion compared with the corresponding quarter last year.

Capital inflow in the financial account

The financial account resulted in a net capital inflow of SEK 59 billion in the third quarter of 2017. Portfolio investments and financial derivatives resulted in a capital inflow while direct investments, other investments and reserve assets resulted in a capital outflow.

Portfolio investment transactions resulted in a net capital inflow of SEK 44 billion. Foreign investors increased their portfolio investments in Sweden by SEK 63 billion, while Swedish investors increased their portfolio investments abroad by SEK 19 billion.

Swedish investors decreased their holdings in foreign debt securities by SEK 8 billion, of which is explained by a decrease in holdings in short-term debt securities. Holdings in foreign shares and investment funds increased by SEK 27 billion, of which investment funds accounted for an increase of SEK 16 billion and shares for an increase of SEK 11 billion.

Foreign investors’ holdings in Swedish debt securities increased by SEK 59 billion. Foreign holdings in long-term debt securities increased by SEK 28 billion and holdings in short-term debt securities increased by SEK 31 billion. Housing bonds emitted in SEK accounted for the largest increase, representing SEK 36 billion. The increase in short-term debt securities is mainly due to foreign purchases of short-term bank securities.

Direct investments resulted in a capital outflow of SEK 3 billion. Swedish direct investment abroad increased by SEK 56 billion, while foreign direct investment in Sweden increased by SEK 53 billion.

Other investments resulted in a net capital outflow of SEK 4 billion. Other investments abroad increased by SEK 54 billion, while foreign other investments in Sweden increased by SEK 50 billion.

Reserve assets resulted in a capital outflow of SEK 7 billion while financial derivatives resulted in a capital inflow of SEK 29 billion.

Decreased net asset in the international investment position

At the end of the third quarter 2017, Sweden’s international investment position showed net external assets of SEK 373 billion. This represents a decrease compared to the previous quarter when net assets amounted to SEK 444 billion.

Assets decreased with SEK 32 billion during the quarter while liabilities increased with SEK 39 billion. Direct investments contributed most to the decrease in net assets. Sweden's largest net external assets are in direct investments, other investments and reserve assets. Sweden's largest net liabilities are in debt securities in portfolio investments.

Balance of payments for the fourth quarter 2017 will be published 2018-03-04 at 09:30.