Surplus of balance of trade in services in the third quarter
Exports of services for the third quarter of 2018 was 248,451 million ISK and imports of services 124,748 million ISK, according to preliminary figures. Surplus of balance of trade in services in the third quarter of 2018 was therefore 123,702 million ISK compared with 115,902 million ISK surplus in the third quarter of 2017 at current exchange rates.
Surplus of balance of trade in services for the first nine months of 2018 was 209,883 million ISK compared with 219,461 million ISK in the first nine months in 2017, at current exchange rates.
Exports of services increases between years
The total value of exports of services in the third quarter of 2018 was 23,167 million ISK higher (10.3%) than in the same period the year before at current exchange rates. Exported value of travel was 124,479 million ISK contributing 50.1% of total exports of services and increased by 2.2% compared with the same period last year. Exported value of transport services was 84,031 million ISK and increased by 4.8% compared with the same period last year.
For the first nine months of this year, the total value of exports of services was 36,606 million higher (7.1%) than in the same period the year before at current exchange rates. The largest item was exports of travel, 269,194 million ISK, 48.9% of total exports of services and increased by 3.1% from the same period the year before.
Travel imports increase in the first nine months of the year
The total value of imports of services in the third quarter of 2018 was 15,367 million ISK higher (14%) than the year before, at current rates of exchange. The value of imported travel services was 54,724 million ISK and increased by 13% in the third quarter of 2018 compared with the same period the year before.
For the first nine months of this year, the total value of imports of services was 46,185 million ISK higher (15.7%) than in the same period the year before at current exchange rates. The largest item was the imports of travel, 147,715 million ISK, 43.3% of total imports of services and increased by 14% from the same period the year before.
| The value of exports and imports of services 2017 and 2018 | |||||
| Million ISK at current exchange rate | Change on prev. year at current exch. rates, %1st to 3rd quarter | ||||
| 3rd quarter | 1st to 3rd quarter | ||||
| 2017 | 2018 | 2017 | 2018 | ||
| Export of services | 225,283.3 | 248,450.6 | 514,389.7 | 550,996.0 | 7.1 |
| Transport | 80,162.5 | 84,030.6 | 180,765.6 | 187,740.4 | 3.9 |
| Travel | 121,817.4 | 124,478.6 | 261,044.0 | 269,194.2 | 3.1 |
| Other business services | 6,194.7 | 9,776.9 | 20,662.3 | 22,725.1 | 10.0 |
| Other service categories | 17,108.7 | 30,164.5 | 51,917.7 | 71,336.3 | 37.4 |
| Import of services | 109,381.3 | 124,748.3 | 294,928.6 | 341,113.2 | 15.7 |
| Transport | 18,761.3 | 20,856.7 | 48,615.2 | 55,425.0 | 14.0 |
| Travel | 48,442.9 | 54,724.2 | 129,603.3 | 147,714.6 | 14.0 |
| Other business services | 21,315.8 | 26,355.7 | 55,882.2 | 68,864.7 | 23.2 |
| Other service categories | 20,861.2 | 22,811.8 | 60,828.0 | 69,109.0 | 13.6 |
| Balance of trade in services | 115,902.0 | 123,702.2 | 219,461.1 | 209,882.7 | |
Monthly trade in services
Parallel to this publication, Statistics Iceland updates data for monthly trade in services for the first nine months of 2018. Previously, data for the first eight months of 2018 have been published. In this publication, September has also been added.
In September, exports of services are estimated 77,476 million ISK and imports of services are estimated 41,549 million ISK. Hence, the surplus of balance of trade in services is estimated 35,927 million ISK. Monthly data for exports and imports of services as well as balance of trade in services can be found in the table External trade in services, monthly 2018.