The exported value of services in the first quarter of 2022 is estimated at 112.9 billion ISK while the imported value of services is estimated at 118.3 billion ISK. Therefore, the deficit in the balance of trade in services is estimated at 5.4 billion ISK compared with a deficit of 8.3 billion ISK for the same period the year before. For the period April 2021 to March 2022, the surplus of balance of trade in services is estimated at 97.7 billion ISK compared with a surplus of 40.2 in the 12 months prior.

Value of exports of services increased by 61% in a 12-month comparison
The total value of exports of services in the first quarter of 2022 increased by 53.5 billion ISK, or 90%, from the same period the year before, at current rates of exchange. The total exported value of travel in the first quarter of 2022 increased considerably compared with the same period the year before, or by 35.5 billion ISK. Exported value of transport services increased by 13.1 billion ISK, or 68%, compared with the same period the previous year. The exported value of telecommunications, computer and information services also increased, by 3.1 billion ISK or 28%.

For the period April 2021 to March 2022, the total value of exports of services was 522.2 billion ISK and increased by 196.9 billion ISK, or 61%, compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 153.5 billion ISK and more than quadrupled. There was also an increase in the exported value of transport services by 68% and the same goes for the exported value of telecommunications, computer and information services which increased by 14%. However, there was an 11% decrease in the value of exports of other business services.

Value of imports of services increased by 49% in a 12-month comparison
The total value of imports of services in the first quarter of 2022 increased by 50.6 billion ISK, or 75%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 23.3 billion and more than tripled compared with the first quarter of 2021. The value of imported transportation services also increased considerably between years, by 8.8 billion ISK or 63%. The value of imports of other business services increased by 54% in the first quarter of 2022 compared with the first quarter of 2021.

For the period April 2021 to March 2022, the total value of imports of services was 424.5 billion ISK and increased by 139.4 billion ISK, or 49%, compared with the 12 months prior at current rates of exchange. The main reason for this increase in the value of imports of services is the increase in imported value of travel, which more than doubled, and in the increase in the imported value of transportation by 45%.

Deficit in balance of trade in goods and services 61.5 billion in the last 12 months
The value of exported goods in BOP* in the first quarter of 2022 is estimated 242.7 billion ISK and the value of imported goods 262.7 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 20 billion ISK.

The total export of trade in goods and services is therefore estimated 355.6 billion ISK in the first quarter of 2022 compared with 226.7 billion in the same period the year before. Import of trade in goods and services is estimated at 381 billion ISK in the first quarter of 2022 compared with 254.6 billion ISK in the same period in the previous year. The deficit of trade in goods and services is estimated at 25.4 billion ISK in the first quarter of 2022 compared with a deficit of 27.9 billion ISK in the first quarter the year before.

For the period April 2021 to March 2022, the deficit in the balance of trade in goods and services is estimated at 61.5 billion ISK compared with a deficit of 41.6 billion ISK in the 12 months prior.

Monthly trade in goods and services
Parallel to this publication, Statistics Iceland updates data for monthly trade in goods and services for the first quarter of 2022. In March 2022, total exports of trade in goods and services is estimated at 142.4 billion ISK and total imports of trade in goods and services is estimated at 147.8 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 5.3 billion ISK in March 2022.

*According to Balance of Payments (BOP) and National Accounts (NA) standards.

Statistics
Trade in goods and services
Trade in goods