Service exports grew by 13 per cent in the last quarter of 2017

Service exports grew by 13 per cent in the last quarter of 2017 compared with the corresponding quarter of the previous year. Service imports grew by two per cent. The growth in exports is particularly explained by an item included in other business services, research and development services, and charges for the use of intellectual property n.i.e. The latter item includes such as licences related to the distribution of computer software and licensing fees for trademarks. The growth in imports was curbed by the fall in imports of financial and insurance services. The data appear from Statistics Finland's statistics on international trade in goods and services, which are part of balance of payments.

Imports and exports of services

According to preliminary data for 2017, service exports grew by 8 per cent

When examining the full year 2017, service exports grew by eight per cent and imports by three per cent compared with the previous year. In 2017, services were exported to the value of EUR 26.3 billion and imported to the value of EUR 27.4 billion. The growth in exports was mostly attributable to an increase of EUR 0.7 billion in other business services. Transport and charges for the use of intellectual property n.i.e. also grew compared with the previous year.

Combined exports of goods and services grew by 11 per cent in 2017

The combined exports of goods and services in balance of payments terms grew in each quarter of 2017 compared with the corresponding quarters of the previous year. Exports went up by 11 per cent in 2017 both in the last quarter and on the annual level.

In turn, combined imports grew by five per cent in the last quarter of the year and by seven per cent in 2017. The figures concerning 2017 are preliminary.

Other business services were growth engines for service exports

The growth of 13 per cent in service exports is mainly due to other business services, charges for the use of intellectual property n.i.e. and manufacturing services. One of the biggest items in exports, other business services, grew by 40 per cent in the last quarter and by 17 per cent in 2017.

Exports of this item grew particularly on account of research and development services included in it. This item includes such as production of research and development services, selling of patents and property rights generated as a result of research and development work and selling of property rights based on research and development work.

The biggest individual item in exports, telecommunication, computer and information services (ICT services), remained in the last quarter of 2017 on level with the corresponding quarter of the previous year, but rose by one per cent when comparing 2017 with 2016.

Exports of services by service item

Imports of financial and insurance services fell drastically

Imports of financial and insurance services fell heavily in all quarters of 2017. In the last quarter, imports went down by 32 per cent and in the whole year by 28 per cent compared with the corresponding periods of 2016. The change was EUR 0.4 billion on the annual level. Measured in euros, the biggest risers for imports in the last quarter of 2017 were transport services and charges for the use of intellectual property n.i.e.

Travel abroad from Finland, which is included in the statistics as travel imports, remained in the fourth quarter on level with the fourth quarter of the previous year, but grew by five per cent on the annual level. Travel grew most strongly in the second and third quarters of the year.

Services were exported particularly to Sweden and the United States in 2017

In 2017, the most important service trade partners for Finland were Sweden, the United States, Germany and the United Kingdom. Services were exported most to Sweden and the United States. Services were imported most from Sweden and Germany.

According to preliminary data, service exports to both Sweden and the United States grew by four per cent in 2017 from the previous year. The level of service exports to the United Kingdom did not change from 2016 to 2017.

International trade to Germany growing

Exports of services to Germany increased by 17 per cent from 2016 to 2017. Measured in euros, the growth amounted to EUR 0.3 billion. Goods exports to Germany in balance of payments terms grew by 11 per cent or EUR 0.5 billion from 2016 to 2017. In 2017, goods exports to Germany in balance of payments terms amounted to EUR 5.4 billion and goods imports from Germany to EUR 7.8 billion. Measured in euros, more services are also imported from Germany than exported there.

Service exports to Russia rose to the level of 2015

Exports to Russia grew both with respect to goods and services in each quarter of 2017 compared with the corresponding quarters of the previous year. Correspondingly, imports from Russia grew in the first three quarters of the year. In all, 17 per cent more services were exported to Russia and 18 per cent more were imported from Russia than in 2016. Service exports rose at the same time to the level of 2015. However, Russia's share of service exports has not grown after 2015.

Goods exports to Russia in balance of payments terms grew by 19 per cent in 2017 from the previous year, although goods exports appeared to be in decline in the previous year. In the first three quarters of 2016, goods exports fell compared with 2015.

Service imports from China went down by 16 per cent and exports to China fell by four per cent from 2016.

Exports of goods and services in balance of payments terms by area

Statistics on international trade

The statistics on international trade in goods and services are part of balance of payments . The statistics comprise breakdowns of goods and services on a more detailed level. The guidelines and recommendations of the Balance of Payments Manual (BPM6) applied to balance of payments are consistent with the European System of Accounts (ESA 2010). National Accounts are published on quarterly and annual levels . Finnish Customs publishes data on goods trade across borders. Goods trade published by Finnish Customs is used as source data for the statistics on international trade in goods and services. Removals and additions caused by definitions are made to them to achieve goods trade in balance of payments terms.

Finnish Customs’ statistical service, tilastot@tulli.fi, +358 29 552 335.

Source: International trade in goods and services 2017, Statistics Finland

Inquiries: Risto Sippola 029 551 3383, Terhi Tulonen 029 551 3604, globalisaatio.tilastot@stat.fi

Director in charge: Ville Vertanen

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Appendix tables

Appendix table 1. Export in balance of payments terms, EUR mil. (15.3.2018)
Appendix table 2. Import in balance of payments terms, EUR mil. (15.3.2018)
Appendix table 3. International trade in balance of payments terms by region, EUR mil. (15.3.2018)

Revisions in these statistics

Revisions in these statistics (15.3.2018)

Updated 15.3.2018

Referencing instructions:

Official Statistics of Finland (OSF): International trade in goods and services [e-publication].
ISSN=2343-4244. 4th quarter 2017. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/tpulk/2017/04/tpulk_2017_04_2018-03-15_tie_001_en.html