Foreign trade in services, quarter 2 2023
Low trade balance amidst strong services trade remains
Statistical news from Statistics Sweden 2023-09-01 8.00
Foreign trade in services increased at a steady pace during the second quarter of the year compared to the same period last year. However, the low trade balance persisted, which was mainly due to a large negative balance in the aggregate other business services.
Trade in services increases, negative trade balance remains
Trade in services continued to increase at a steady pace during the second quarter of 2023. Exports of services increased by 14 percent and imports of services by 13 percent compared to the same quarter last year.
Sweden’s exports of services were valued at SEK 268 billion in the second quarter of the year, while the value of imports was SEK 293 billion. This resulted in a negative trade balance of SEK 25 billion. The corresponding figure for the same quarter last year was a negative trade balance of SEK 23 billion.
The trade in services is measured at nominal prices using Swedish krona, SEK. Adjustments for inflation or currency effects are therefore not made.
Large imports in other business services
The main contributor to the negative trade balance was large imports within the aggregate other business services. The aggregate includes research and development services, marketing services and consulting services among others. Most notable was the growth in research and development services, which increased by 41 percent compared to the same quarter last year.
On the export side, other business services in total rose by 11 percent. Telecommunication, computer and information services rose by 6 percent. Transports rose by 7 percent. Travels (consumption abroad) rose by 15 percent.
On the import side, other business services rose by 26 percent. Telecommunication, computer and information services rose by 18 percent. Transports rose by 16 percent and travels rose by 12 percent.
| Exports | Imports | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Service item | Share in % | Change in % | Share in % | Change in % | |||||
| 2023Q2 | 2022Q2 | 2023Q2 | 2023Q2/2022Q2 | 2023Q2 | 2022Q2 | 2023Q2 | 2023Q2/2022Q2 | ||
| Total | 268 193 | 235 298 | 100.0 | 14.0 | 292 817 | 258 159 | 100.0 | 13.4 | |
| Manufacturing services | 12 156 | 9 437 | 4.5 | 28.8 | 6 571 | 4 980 | 2.2 | 31.9 | |
| Maintenance and repair services | 755 | 656 | 0.3 | 15.1 | 4 973 | 2 968 | 1.7 | 67.6 | |
| Transport | 31 390 | 29 358 | 11.7 | 6.9 | 39 019 | 33 525 | 13.3 | 16.4 | |
| Travel | 26 000 | 22 614 | 9.7 | 15.0 | 36 844 | 32 853 | 12.6 | 12.1 | |
| Construction | 2 575 | 2 172 | 1.0 | 18.6 | 3 861 | 5 980 | 1.3 | ‑35.4 | |
| Insurance and pension services | 3 053 | 2 650 | 1.1 | 15.2 | 2 294 | 2 281 | 0.8 | 0.6 | |
| Financial services | 14 995 | 9 841 | 5.6 | 52.4 | 6 707 | 5 289 | 2.3 | 26.8 | |
| Charges for the use of intellectual property | 23 957 | 19 778 | 8.9 | 21.1 | 32 650 | 38 697 | 11.2 | ‑15.6 | |
| Telecommunications, computer, and information services | 52 889 | 50 106 | 19.7 | 5.6 | 39 750 | 33 793 | 13.6 | 17.6 | |
| Other business services | 76 211 | 68 952 | 28.4 | 10.5 | 113 395 | 89 745 | 38.7 | 26.4 | |
| Personal, cultural, and recreational services | 22 397 | 18 352 | 8.4 | 22.0 | 6 006 | 7 405 | 2.1 | ‑18.9 | |
| Government goods and services | 1 815 | 1 384 | 0.7 | 31.1 | 746 | 642 | 0.3 | 16.2 | |
Revisions
Quarter 1 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 how trade in services in the National Accounts and the Balance of Payments sometimes differ from this statistic.
Next publishing will be
2023-12-01, 08:00.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.