Exports of services for the second quarter of 2019 was 166,100 million ISK and imports of services 114,000 million ISK, according to preliminary figures. Surplus of balance of trade in services in the second quarter of 2019 was therefore 52,100 million ISK compared with 51,400 million ISK surplus in the second quarter of 2018 at current exchange rates.
Export value of travel services stable between years
The total value of export of services in the second quarter of 2019 was 3,600 million ISK lower (2.1%) than the year before, at current rates of exchange.
The total exported value of travel in the second quarter of 2019 remains almost unchanged if compared with the same period the year before at current exchange rates. Exported value of transport services was 51,000 million ISK and decreased by 13.6% compared with the same period last year, mainly due to decrease in the value of exports of passenger transport by air.
The value of exports of services to Europe was 77,900 million ISK or 46.9% of total exports value in the second quarter of 2019. Thereof exports of services to the United Kingdom was 16,200 million ISK or 9.7% of total exports value. Exports of services to the United States was 54,900 million ISK or 33.1% 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, Quarterly external trade in services by partner country 2019.
Value of imports of services decreases between years
The total value of imports of services in the second quarter of 2019 was 4,300 million ISK lower (3.6%) than the year before, at current rates of exchange. The value of imported travel services was 53,400 million ISK and increased by 2.8 % in the second quarter of 2019 compared with the same period the year before.
The value of imports of services from Europe was 89,200 million ISK or 78.2% of total imports of services. Thereof imported services from the United Kingdom was 16,800 or 14.8% of total imports. Imports of services form the United States was 15,800 million ISK or 13.8% for the same period.
Monthly trade in services
Parallel to this publication, Statistics Iceland updates data for monthly trade in services for the second quarter of 2019.
In June, exports of services are estimated 66,600 million ISK and imports of services are estimated 41,700 million ISK. Hence, the surplus of balance of trade in services is estimated 24,900 million ISK.
| The value of exports and imports of services 2018 and 2019 | ||||
| Million ISK at current exchange rate | Change from previous year % | |||
| 2nd quarter | ||||
| 2018 | 2019 | |||
| Export of services | 169.680,1 | 166.085,7 | -2,1 | |
| Transport | 59.041,5 | 51.016,2 | -13,6 | |
| Travel | 82.589,0 | 82.710,5 | 0,1 | |
| Other business services | 6.726,0 | 9.261,8 | 37,7 | |
| Other service categories | 21.323,6 | 23.097,2 | 8,3 | |
| Import of services | 118.267,0 | 113.976,8 | -3,6 | |
| Transport | 19.909,7 | 21.537,9 | 8,2 | |
| Travel | 51.893,8 | 53.362,4 | 2,8 | |
| Other business services | 23.397,2 | 14.088,2 | -39,8 | |
| Other service categories | 23.066,3 | 24.988,3 | 8,3 | |
| Balance of trade in services | 51.413,1 | 52.108,9 | ||