Export value of services for the third quarter of 2019 was 222,600 million ISK and import of services 121,300 million ISK, according to preliminary figures. Surplus of balance of trade in services in the third quarter of 2019 was therefore 101,300 million ISK compared with 123,400 million ISK surplus in the third quarter of 2018 at current exchange rates.
Export value of transport and travel decreases
The total value of exports of services in the third quarter of 2019 decreased by 26,000 million ISK (10.4%) from the year before, at current rates of exchange. The total exported value of travel in the third quarter of 2019 decreased by 4,600 million ISK (3.7%) compared with the same period the year before at current exchange rates. Exported value of transport services decreased by 18,300 million ISK (21.7%) compared with the same period last year, mainly due to a decrease in the value of exports of passenger transport by air.
The value of exports of services to Europe was 112,100 million ISK or 50.3% of total export value in the third quarter of 2019. Thereof, export of services to the United Kingdom was 23,600 million ISK or 10.6% of total export value. Export of services to the United States was 67,800 million ISK or 30.5% of total export 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 third quarter of 2019 decreased by 3,900 million ISK (3.1%) from the year before, at current rates of exchange. The value of imported travel services was almost unchanged compared with the same period the year before.
The value of imports of services from Europe was 96,600 million ISK or 79.7% of total imports of services. Thereof, services import from the United Kingdom was 17,000 or 14.0% of total imports. Import of services form the United States was 16,400 million ISK or 13.6% for the same period.
Monthly trade in services
Parallel to this publication, Statistics Iceland updates data for monthly trade in services for the third quarter of 2019.
In September, export of services was estimated 63,100 million ISK and import of services was estimated 39,700 million ISK. Hence, the surplus of balance of trade in services was estimated 6,800 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 to 3rd quarter | |||||
| 3rd quarter | 1st to 3rd quarter | |||||
| 2018 | 2019 | 2018 | 2019 | |||
| Export of services | 248,519.4 | 222,567.4 | 549,880.6 | 520,358.2 | -5.4 | |
| Transport | 84,174.8 | 65,872.8 | 188,152.1 | 155,335.6 | -17.4 | |
| Travel | 124,985.3 | 120,380.6 | 269,145.5 | 269,350.6 | 0.1 | |
| Other business services | 10,266.6 | 13,783.0 | 23,105.3 | 32,440.1 | 40.4 | |
| Other service categories | 29,092.7 | 22,531.0 | 69,477.7 | 63,231.9 | -9.0 | |
| Import of services | 125,117.0 | 121,250.3 | 339,314.5 | 338,068.8 | -0.4 | |
| Transport | 21,509.7 | 23,958.9 | 58,632.8 | 63,979.8 | 9.1 | |
| Travel | 54,478.2 | 54,016.1 | 145,044.0 | 148,797.1 | 2.6 | |
| Other business services | 25,511.1 | 16,802.0 | 66,603.6 | 46,792.8 | -29.7 | |
| Other service categories | 23,618.0 | 26,473.2 | 69,034.0 | 78,499.2 | 13.7 | |
| Balance of trade in services | 123,402.4 | 101,317.1 | 210,566.1 | 182,289.4 | ||