The total value of exports of services in July 2021 was estimated 56.4 billion ISK and increased by 58% from July 2020, at current rates of exchange. The total exported value of travel in July was estimated 29 billion ISK and has been increasing at a considerable rate compared with the same month last year. Exported value of transport services was estimated 10.6 billion ISK in July and increased by 66% compared with July 2020. The value of exports of other services was estimated 16.8 billion ISK in July and increased by 2% compared with July last year.

The total value of imports of services in July was estimated 33.6 billion ISK and increased by 41% from July 2020, at current rates of exchange. The total imported value of travel in July was estimated 10.4 billion ISK and increased by 81% compared with the same month last year. Imported value of transport services was estimated 6.9 billion ISK in July and increased by 46% compared with July 2020 while the value of imports of other services was estimated 16.3 billion ISK in July, increasing by 23% compared with July last year.

For the period August 2020 to July 2021, the total value of exports of services was estimated 383.1 billion ISK and decreased by 28% compared with the 12 months prior at current rates of exchange. The value for imports of services for the same period was estimated 308.6 billion ISK and decreased by 16% compared with the same period the year before.

The value of exports and imports of services (billion ISK)
  July 2020 July 2021 % August 2019-July 2020 August 2020-July 2021 %
             
Exports of services 35.7 56.4 58 532.3 383.1 -28
Transport 6.4 10.6 66 142.9 86.2 -40
Travel 12.8 29.0 127 201.0 83.8 -58
Other service categories 16.5 16.8 2 188.4 213.1 13
           
Imports of services 23.7 33.6 41 366.8 308.6 -16
Transport 4.7 6.9 46 70.4 63.0 -11
Travel 5.8 10.4 81 127.0 58.7 -54
Other service categories 13.3 16.3 23 169.4 186.9 10
             
Balance of trade in services 12.0 22.8   165.5 74.5  

The value of exported goods in BOP* was estimated 68.4 billion ISK in July 2021 and the value of imported goods was estimated 78.7 billion ISK. Therefore, a deficit in balance of trade in goods in BOP was estimated 10.3 billion ISK. Total export of trade in goods and services was estimated 124.8 billion ISK in July 2021 and increased by 51% compared with the same month last year. Total import of trade in goods and services was estimated 112.3 billion ISK in the same period and increased by 32% compared with the same month last year.

The value of exports of trade in good and services was estimated 1,081.4 billion ISK in the latest 12-month period and decreased by 5% compared with the previous 12 months. For the same period, estimated import of trade in goods and services was 1,127.7 billion ISK and increased by 5% compared with the previous 12 months. Therefore, the deficit in balance of trade in goods and services was estimated 46.4 billion ISK in the latest 12-month period compared with a surplus of 62.4 billion ISK for the previous 12 months.

The value of exports and imports of goods and services (billion ISK)
  July 2020 July 2021 % August 2019-July 2020 August 2020-July 2021 %
Exports of goods and services 82.8 124.8 51 1,141.2 1,081.4 -5
Exports of goods 47.2 68.4 45 608.9 698.3 15
Exports of services 35.7 56.4 58 532.3 383.1 -28
Imports of goods and services 84.8 112.3 32 1,078.8 1,127.7 5
Imports of goods 61.1 78.7 29 712.0 819.2 15
Imports of services 23.7 33.6 41 366.8 308.6 -16
Balance of trade in goods and services -2.0 12.5   62.4 -46.4  

*According to Balance of Payments (BOP) and National Accounts (NA) standards.

Statistics