Exports of services for the first quarter of 2019 was 131,700 million ISK and imports of services 102,000 million ISK, according to preliminary figures. Surplus of balance of trade in services in the first quarter of 2019 was therefore 29,700 million ISK compared with 36,600 million ISK surplus in the first quarter of 2018 at current exchange rates.
Exports of transport services decreases between years
The total value of exports of services in the first quarter of 2019 remains almost unchanged if compared with the same period the year before at current exchange rates. Exported value of travel was 66,400 million ISK and increased by 7.6% compared with the same period last year. Exported value of transport services was 38,500 million ISK and decreased by 14.4% compared with the same period last year, mainly due to decrease in the value of exports of passenger transport by air.
Statistics Iceland publishes for the first time quarterly breakdown of trade in services by trading partners. The value of exports of services to Europe was 63,900 million ISK or 48.5% of total exports value in the first quarter of 2019. Thereof exports of services to the United Kingdom was 20,100 million ISK or 15.3% of total exports value. Exports of services to the United States was 40,500 million ISK or 30.7% of total exports value for the same period. Information on the value of trade in services between Iceland and its main trading partners can be found in the table, External trade in services by partner country, quarterly 2019.
Value of imports of services increases between years
The total value of imports of services in the first quarter of 2019 was 6,700 million ISK higher (7.1%) than the year before, at current rates of exchange. The value of imported travel services was 41,400 million ISK and increased by 6.9% in the first quarter of 2019 compared with the same period the year before.
The value of imports of services from Europe was 76,100 million ISK or 74.6% of total imports of services. Thereof imported services from the United Kingdom was 15,900 or 15.6% of total imports. Imports of services form the United States was 17,100 million ISK or 16.8% for the same period.
Monthly trade in services
Parallel to this publication, Statistics Iceland updates data for monthly trade in services for the first quarter of 2019. In March, exports of services are estimated 46,500 million ISK and imports of services are estimated 35,900 million ISK. Hence, the surplus of balance of trade in services is estimated 10,600 million ISK.
| The value of exports and imports of services 2018 and 2019 | ||||
| Million ISK at current exchange rate | Change on prev. year at current exch. rates, %1st quarter | |||
| 1st quarter | ||||
| 2018 | 2019 | |||
| Export of services | 131,814.2 | 131,701.5 | -0.1 | |
| Transport | 44,978.3 | 38,483.8 | -14.4 | |
| Travel | 61,692.2 | 66,359.8 | 7.6 | |
| Other business services | 6,057.8 | 10,405.0 | 71.8 | |
| Other service categories | 19,085.9 | 16,452.9 | -13.8 | |
| Import of services | 95,264.0 | 101,987.5 | 7.1 | |
| Transport | 15,898.3 | 17,776.9 | 11.8 | |
| Travel | 38,685.9 | 41,355.4 | 6.9 | |
| Other business services | 18,497.0 | 16,228.7 | -12.3 | |
| Other service categories | 22,182.7 | 26,626.5 | 20.0 | |
| Balance of trade in services | 36,550.2 | 29,714.0 | ||