The total value of exports of services in May 2021 was estimated 35.7 billion ISK and increased by 75% from May 2020, at current rates of exchange. The total exported value of travel in May was estimated 7.2 billion ISK and has been increasing at a considerable rate compared with the same month last year when the effects of Covid-19 were in full force. Exported value of transport services was estimated 8.4 billion ISK in May and increased by 40% compared with May 2020. The value of exports of other services was estimated 20.1 billion ISK in May and increased by 60% compared with May 2020.
The total value of imports of services in May was estimated 27.7 billion ISK and increased by 37% from May 2020, at current rates of exchange. The total imported value of travel in May was estimated 4.8 billion ISK and increased by 61% compared with the same month last year. Imported value of transport services was estimated 5.7 billion ISK in May and increased by 25% compared with May 2020 while the value of imports of other services was estimated 17.2 billion ISK in May, increasing by 35% compared with May last year.
For the period June 2020 to May 2021, the total value of exports of services was estimated 351.7 billion ISK and decreased by 43% compared with the 12 months prior at current rates of exchange. The value for imports of services for the same period was estimated 294.2 billion ISK and decreased by 26% compared with the same period the year before.
| The value of exports and imports of services (billion ISK) | ||||||
| May 2020 | May 2021 | % | June 2019-May 2020 | June 2020-May 2021 | % | |
| Exports of services | 20.4 | 35.7 | 75 | 616.3 | 351.7 | -43 |
| Transport | 6.0 | 8.4 | 40 | 172.3 | 82.6 | -52 |
| Travel | 1.8 | 7.2 | 298 | 263.8 | 55.9 | -79 |
| Other service categories | 12.6 | 20.1 | 60 | 180.1 | 213.3 | 18 |
| Imports of services | 20.3 | 27.7 | 37 | 397.2 | 294.2 | -26 |
| Transport | 4.6 | 5.7 | 25 | 76.2 | 60.5 | -21 |
| Travel | 3.0 | 4.8 | 61 | 152.5 | 49.5 | -68 |
| Other service categories | 12.7 | 17.2 | 35 | 168.6 | 184.2 | 9 |
| Balance of trade in services | 0.1 | 8.0 | 219.0 | 57.5 | ||
The value of exported goods in BOP* was estimated 61.7 billion ISK in May 2021 and the value of imported goods was estimated 71.5 billion ISK. Therefore, a deficit in balance of trade in goods in BOP was estimated 9.7 billion ISK. Total export of trade in goods and services was estimated 97.2 billion ISK in May 2021 and increased by 31% compared with the same month last year. Total import of trade in goods and services was estimated 96.6 billion ISK in the same period and increased by 31% compared with the same month last year.
The value of exports of trade in good and services was estimated 1,015.6 billion ISK in the latest 12-month period and decreased by 17% compared with the previous 12 months. For the same period, estimated import of trade in goods and services was 1,060.5 billion ISK and decreased by 6% compared with the previous 12 months. Therefore, the deficit in balance of trade in goods and services was estimated 44.9 billion ISK in the latest 12-month period compared with a surplus of 101.4 billion ISK for the previous 12 months.
| The value of exports and imports of goods and services (billion ISK) | ||||||
| May 2020 | May 2021 | % | June 2019-May 2020 | June 2020-May 2021 | % | |
| Exports of goods and services | 74.4 | 97.4 | 31 | 1,230.0 | 1,015.6 | -17 |
| Exports of goods | 54.0 | 61.7 | 14 | 613.7 | 663.9 | 8 |
| Exports of services | 20.4 | 35.7 | 75 | 616.3 | 351.7 | -43 |
| Imports of goods and services | 73.9 | 99.2 | 34 | 1,128.6 | 1,060.5 | -6 |
| Imports of goods | 53.6 | 71.5 | 33 | 731.4 | 766.4 | 5 |
| Imports of services | 20.3 | 27.7 | 37 | 397.2 | 294.2 | -26 |
| Balance of trade in goods and services | 0.5 | -1.8 | 101.4 | -44.9 | ||
*According to Balance of Payments (BOP) and National Accounts (NA) standards.