Home > Statistics > International trade in goods and services > 2017 > 3rd quarter > Growth in exports of services continued in the third quarter of the year

Published: 21 December 2017

Growth in exports of services continued in the third quarter of the year

Service exports grew by eight per cent in the third quarter of 2017 compared to the corresponding quarter last year. Exports of services increased particularly due to telecommunications, computer and information services, transport, and manufacturing services. Service imports, in turn, remained on level with 2016. 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

The combined exports of goods and services grew by 10 per cent and imports by four per cent in the third quarter of 2017 compared with the corresponding quarter in 2016. In balance of payments terms, goods exports grew by 10 per cent and goods imports by seven per cent.

The growth in goods trade in balance of payments terms is around 4.5 percentage points lower than goods trade in customs terms in both exports and imports. This is caused by that the data according to Finnish Customs include goods flows where the ownership does not change, while goods trade in balance of payments terms is based on change of ownership. In addition to the changes made to the customs data, goods trade in balance of payments terms includes sales and purchases from aboard to abroad.

International trade in services by service item

In the third quarter of 2017, exports of services increased most due to telecommunications, computer and information services (ICT services), transport, and manufacturing services. The biggest service item of exports, telecommunications, computer and information services, grew by 13 per cent. Measured in euros, the growth amounted to EUR 188 million. Transport exports grew by 20 per cent and exports of manufacturing services by 30 per cent. Transport grew in euros by EUR 177 million, while exports of manufacturing services increased by EUR 86 million.

Exports of services by service item

The level of service imports remained unchanged, but changes occurred in individual service items, however. Professional and management consulting services, which belong to the biggest service item of imports, other business services, went down by around 160 million. The 27 per cent change in this item explains the fall of six per cent in other business services.

Imports of financial and insurance services also fell by 22 per cent. Tourism expenditure abroad from Finland grew by slightly over EUR 100 million, representing a growth of eight per cent.

International trade by area

Of total exports of goods and services, 68 per cent was directed at Europe in the third quarter of 2017. Nearly one-half of this was exported to the euro area whose share of European exports thus grew by three percentage points. Europe’s share in total imports of goods and services was 85 per cent in the third quarter of 2017. The euro area accounted for 51 per cent of total imports in Europe.

Service exports to Germany grew by 32 per cent, to Russia by 31 per cent and to the United States by 13 per cent. Service imports from China, in turn, went down by 38 per cent and from the United States by 18 per cent.

Exports of goods and services in balance of payment 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. (21.12.2017)
• Appendix table 2. Import in balance of payments terms, EUR mil. (21.12.2017)
• Appendix table 3. International trade in balance of payments terms by region, EUR mil. (21.12.2017)

Revisions in these statistics

• Revisions in these statistics (21.12.2017)

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Updated 21.12.2017