Surplus of balance of trade in services in the fourth quarter
Exports of services for the fourth quarter of 2018 was 158,200 million ISK and imports of services 124,800 million ISK, according to preliminary figures. Surplus of balance of trade in services in the fourth quarter of 2018 was therefore 33,400 million ISK compared with 51,900 million ISK surplus in the fourth quarter of 2017 at current exchange rates.
Surplus of balance of trade in services for 2018 was 245,700 million ISK compared with 271,400 million ISK in 2017, at current exchange rates.
Exports of services increases between years
The total value of exports of services in the fourth quarter of 2018 was 3,200 million ISK lower (2.0%) than in the same period the year before at current exchange rates. Exported value of travel was 68,100 million ISK and increased by 12.2% compared with the same period last year. Exported value of transport services was 49,500 million ISK and increased by 4.0% compared with the same period last year.
For the 2018, the total value of exports of services was 32,900 million higher (4.9%) than in the year before at current exchange rates. The largest item was exports of travel, 337,400 million ISK and increased by 4.9% from the same period the year before.
Travel imports increase in 2018
The total value of imports of services in the fourth quarter of 2018 was 15,300 million ISK higher (14.0%) than the year before, at current rates of exchange. The value of imported travel services was 53,100 million ISK and increased by 12.0% in the fourth quarter of 2018 compared with the same period the year before.
For 2018, the total value of imports of services was 58,600 million ISK higher (14.5%) than in the same period the year before at current exchange rates. The largest item was the imports of travel, 198,700 million ISK and increased by 12.2% from the same period the year before.
Monthly trade in services
Parallel to this publication, Statistics Iceland updates data for monthly trade in services for 2018. Previously, data for January - November of 2018 have been published. In this publication, December has been added.
In December, exports of services are estimated 49,300 million ISK and imports of services are estimated 40,200 million ISK. Hence, the surplus of balance of trade in services is estimated 9,100 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.
| 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 4th quarter | ||||
| 4th quarter | 1st to 4th quarter | ||||
| 2017 | 2018 | 2017 | 2018 | ||
| Export of services | 161,392.9 | 158,181.6 | 675,782.6 | 708,678.7 | 4.9 |
| Transport | 47,600.7 | 49,492.2 | 228,366.3 | 237,396.5 | 4.0 |
| Travel | 60,682.1 | 68,111.3 | 321,726.2 | 337,371.4 | 4.9 |
| Other business services | 10,476.4 | 12,463.6 | 31,138.7 | 35,263.5 | 13.2 |
| Other service categories | 42,633.7 | 28,114.4 | 94,551.4 | 98,647.4 | 4.3 |
| Import of services | 109,456.7 | 124,760.7 | 404,385.3 | 462,962.0 | 14.5 |
| Transport | 17,165.4 | 20,517.8 | 65,780.6 | 75,919.6 | 15.4 |
| Travel | 47,443.0 | 53,144.9 | 177,046.3 | 198,693.7 | 12.2 |
| Other business services | 22,110.0 | 24,162.8 | 77,992.1 | 93,435.4 | 19.8 |
| Other service categories | 22,738.3 | 26,935.2 | 83,566.3 | 94,913.2 | 13.6 |
| Balance of trade in services | 51,936.2 | 33,421.0 | 271,397.2 | 245,716.8 | |