Saturday, 15 March 2025
Sweden’s trade in services showed strong growth in the fourth quarter of 2024, with both exports and imports increasing compared to the same period the previous year. While the country still recorded a trade deficit, the gap narrowed as exports rose at a faster rate than imports, strengthening the overall net trade position.
The total value of Sweden’s service exports reached SEK 340 billion in the final quarter of 2024, representing a 13% increase year-on-year. In comparison, service imports were valued at SEK 354 billion, up 7% from the previous year. As a result, the trade deficit in services stood at SEK 14 billion, a significant improvement from the SEK 29 billion deficit recorded in the fourth quarter of 2023. These figures reflect nominal prices and do not account for inflation or currency fluctuations.
The primary driver behind the growth in trade was the “other business services” category, which includes research and development services, professional and management consulting, and trade-related technical services. Exports in this segment grew by 14%, while imports increased by 5%. Given that other business services constitute the largest share of Sweden’s service trade, even modest percentage increases in this category have a significant impact on the overall trade balance.
Additionally, telecommunications, computer, and information services, along with travel services, also contributed to the expansion of both exports and imports. These sectors reflect Sweden’s strong digital economy and growing demand for technology-related services, as well as a rebound in travel activity.
The data from Statistics Sweden indicates that Sweden’s trade in services continues to grow at a steady pace, with exports leading the way in reducing the overall trade deficit. The improved balance suggests a more competitive position for Swedish service providers in the global market, driven by strong demand for business, technology, and professional services.
