Sweden experienced substantial growth in service trade during the third quarter of 2023 compared to the same period last year, with a particularly strong performance in service exports across various sectors, leading to an improvement in the service trade balance.
In Q3 2023, service exports saw a remarkable 19% increase, outpacing the 5% growth in service imports. Sweden’s service exports amounted to 278 billion SEK, while service imports totaled 287 billion SEK. Despite a negative service trade balance of 8 billion SEK, this marked a significant improvement from the 38 billion SEK deficit recorded in the same quarter the previous year.
Key Highlights:
- Travel Consumption Rises: The third quarter, known for being a peak travel period, witnessed significant increases in travel-related services. Foreign consumption on travel in Sweden (export of travel) rose by 13%, while Swedish consumption on travel abroad (import of travel) increased by 7%.
- Export Growth: Various business services, including research, development, marketing, and consulting, collectively increased by 21%. Telecommunication, data, and information services saw a 15% growth, and transportation services rose by 11%.
- Import Patterns: On the import side, business services grew by 10%, while telecommunication, data, and information services increased by 7%. Transportation services remained stable.
These positive trends indicate a thriving service trade sector in Sweden, contributing to the country’s economic resilience amid global uncertainties. The data, presented in current prices without adjustments for currency effects or inflation, reflects the country’s competitive position in the international service market.