The trade balance resulted in a surplus of SEK 29 billion, which is unchanged compared with the corresponding quarter last year. Both exports and imports increased by SEK 37 million compared with the first quarter last year. Merchanting, which is included in the trade balance, contributed a surplus of SEK 22 billion, which is SEK 4 billion more than in the corresponding quarter last year.

Reduced surplus in services account

The services account resulted in a surplus of SEK 9 billion. This can be compared with a surplus of SEK 17 billion in the corresponding quarter last year. The surplus in financial services and use of intellectual property rights decreased, which contributed to the decreased surplus in the trade account.

Export of services amounted to SEK 143 billion and increased by SEK 3 billion, while import of services amounted to SEK 134 billion, and increased by SEK 11 billion compared with the corresponding quarter last year.

Export of transport services, other business services, and telecommunications, data and information services increased most among the different types of service, while export of use of intellectual property rights decreased most compared with the corresponding quarter last year.

Import of financial services, telecommunications, data and information services, as well as other business services increased the most among the different types of service compared with the corresponding quarter last year.

Increased surplus in primary income

Primary income showed a surplus of SEK 33 billion in the quarter, which also resulted in an increase of barely SEK 5 billion compared with the corresponding quarter last year. Compensation of employees resulted in a surplus of SEK 3 billion, while return on capital resulted in a surplus of SEK 29 billion.

Income on direct investment contributed with a surplus of SEK 18 billion, which is a marginal increase compared with the corresponding quarter last year.

Income on portfolio investments resulted in a surplus of SEK 11 billion, which is an increase of SEK 7 billion compared with the first quarter last year. Dividends from abroad increased by barely SEK 4 billion, while interest payments abroad decreased by just over SEK 3 billion compared with the corresponding quarter last year.

Secondary income resulted in a deficit of SEK 23 billion, which can be compared with a deficit of SEK 21 billion in the corresponding quarter of the previous year.

Capital inflow in the financial account

The financial account resulted in a capital inflow of SEK 110 billion. Portfolio investments, direct investments, financial derivatives and reserve assets gave capital inflow, while other investments gave capital outflow in the first quarter 2017.

Direct investments resulted in a capital inflow of SEK 0.3 billion. Swedish direct investments abroad increased by SEK 38 billion, while foreign direct investments in Sweden increased with the corresponding amount, which led to low net capital inflow.

Portfolio investment transactions resulted in a capital inflow of SEK 111 billion. Foreign investors increased their portfolio investments in Sweden by SEK 156 billion, while Swedish investors increased their portfolio investments abroad by SEK 46 billion.

Swedish investors decreased their holdings in foreign debt securities by SEK 12 billion, of which holdings in long-term debt securities accounted for the largest decrease. Holdings in foreign shares and funds increased by SEK 58 billion in the quarter, of which shares accounted for most of this increase by SEK 52 billion.

Foreign investors’ holdings in Swedish debt securities increased by SEK 162 billion. Holdings in long-term and short-term debt securities increased by SEK 95 billion and SEK 67 billion respectively. Housing securities accounted for the largest increase of long-term debt securities, by SEK 61 billion. The increase in short-term debt securities is mainly due to foreign purchases of short-term housing securities.

Other investments resulted in a capital outflow of SEK 28 billion. Swedish other investments abroad increased by SEK 478 billion, while foreign other investments in Sweden increased by SEK 450 billion.

Reserve assets and financial derivatives gave capital inflow in the first quarter 2017, by SEK 8 billion and SEK 19 billion respectively.

Decreased net assets in the international investment position

Sweden’s international investment position showed net external assets of SEK 500 billion at the end of the first quarter 2017. This is a decrease compared with the previous quarter, when net assets amounted to SEK 693 billion.

Direct investments contributed most, through a decrease of foreign assets, to the decreased net assets in the quarter. Net assets also decreased in portfolio investments, financial derivatives and reserve assets, while they increased in other investments.

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.

Revisions

The compilation of the balance of payments and the international investment position makes use of certain preliminary information. The statistics will be revised in line with more definitive figures in the updated statistics.

In connection with publication of the first quarter 2017, the time series for balance of payments and the international investment position was revised from the first quarter 2016.

The table Revisions in balance of payments, 2016Q1-2016Q4, contains the scope and description of revisions in balance of payments by account item.

Revisions in balance of payments

The table Revisions in the international investment position, 2016Q1-2016Q4, contains the scope and description of revisions in the international investment position by assets/liabilities and account item.

Revisions in the international investment position

Balance of Payment 2016

Balance of payments for the 2nd quarter 2017 will be published on 2017-09-01.