The value of exported services in the second quarter of 2023 is estimated at 246.5 billion ISK while the value of imported services is estimated at 158.7 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 87.7 billion ISK compared with a surplus of 42.5 billion ISK for the same period the year before. For the period July 2022 to June 2023, the surplus of balance of trade in services is estimated at 259.4 billion ISK compared with a surplus of 123.7 billion ISK in the 12 months prior.
Value of exports of services increased by 44% in a 12-month comparison
The total value of exports of services in the second quarter of 2023 increased by 61.4 billion ISK, or 33%, from the same period the year before, at current rates of exchange. The total exported value of travel in the second quarter of 2023 increased by 27.2 billion ISK compared with the second quarter of 2022, or by 32%. Exported value of transport services increased by 20 billion ISK, or 35% compared with the same period the previous year. The exported value of other business services also increased, by 38% and the same goes for the exported value of telecommunications, computer and information services that increased by 32%.
For the period July 2022 to June 2023, the total value of exports of services was 868.5 billion ISK and increased by 266.9 billion ISK, or 44%, compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 135.6 billion ISK, or 52%, compared with the 12 months prior. There was also an increase in the exported value of transport services by 54% and for the exported value of other business services which increased by 30%.
Value of imports of services increased by 27% in a 12-month comparison
The total value of imports of services in the second quarter of 2023 increased by 16.1 billion ISK or 11%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 3.6 billion ISK or 6%, compared with the second quarter of 2022. The value of imported transportation services also increased between years, by 3.1 billion ISK or 12%. The value of imports of other business services increased by 22% compared with the same period last year.
For the period July 2022 to June 2023, the total value of imports of services was 609 billion ISK and increased by 131.1 billion ISK, or 27%, 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 increased by 37% compared with the 12 months prior. There was also an increase in the imported value of transportation by 29% and an increase in the imported value of other business services by 27%.
Surplus in balance of trade in goods and services 3.6 billion
The value of exported goods in BOP* in the second quarter of 2023 is estimated 230.2 billion ISK and the value of imported goods 314.3 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 84.1 billion ISK.
The total export of trade in goods and services is therefore estimated 476.6 billion ISK in the second quarter of 2023 compared with 439.5 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 473 billion ISK in the second quarter of 2023 compared with 436.5 billion ISK in the same period in the previous year. The surplus of trade in goods and services is estimated at 3.6 billion ISK in the second quarter of 2023 compared with a surplus of 3.1 billion ISK in the second quarter the year before.
For the period July 2022 to June 2023, the deficit in the balance of trade in goods and services is estimated at 25.5 billion ISK compared with a deficit of 17.6 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 second quarter of 2023. In June 2023, total exports of trade in goods and services is estimated at 176 billion ISK and total imports of trade in goods and services is estimated at 173.2 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 2.9 billion ISK in June 2023.
*According to Balance of Payments (BOP) and National Accounts (NA) standards.
Statistics
Trade in goods and services
Trade in services