Export of services for the second quarter of 2014, according to preliminary figures, was 122,563 million ISK and the import of services 88,408 million ISK. Therefore, the services trade surplus in the second quarter of 2014 was 34,155 million ISK but the surplus in the second quarter of 2013 was 39,455 million ISK at current exchange rates.

Transport was the largest category within export of services and the surplus of transport was 33,249 million ISK. Travel was the largest category within imports of services and the surplus of travel was 11,073 million ISK. The largest deficit of services was because of other business services, with a deficit of 17,140 million ISK.

New standards for trade in services (MSITS 2010) have been implemented for 2014 and preliminary figures now include twelve categories instead of three. Comparable figures have been published for 2013 including country division and subcategories for trade in services.

Changes due to the new standards for trade in services:

  • Financial intermediation services indirectly measured (FISIM) are added to trade in services. Exports increases by 2,590 million ISK and imports increases by 1,331 million ISK in the second quarter of 2014.
  • Manufacturing services are added to trade in services. Exports increases by 5,436 million ISK in the second quarter of 2014.
  • Merchanting services are no longer included in trade in services but have been added to trade in goods in the balance of payments. Exports decreases by 4,396 million ISK in the second quarter of 2014.
  • Purchases of fuel abroad by national vessels and aircraft are no longer included in trade in services but have been added to trade in goods. Imports decreases by 7,201 million ISK in the second quarter of 2014.


Simultaneously to this publication a transition table is published on Statistics Iceland website explaining the changes for both trade in goods and trade in services back to 1995. The transition table will hereafter be updated at the same time as the results of trade in services are published.

External Trade in Services 2014
  Total 1st quarter 2014 2nd quarter 2014
Value in million ISK      
Export of services 213,221.8 90,658.8 122,563.0
1. Manufacturing services on physical inputs owned by others 10,847.7 5,412.0 5,435.8
2. Maintenance and repair services n.i.e. 2,294.5 971.6 1,322.8
3. Transport 85,104.7 38,108.6 46,996.1
4. Travel 63,432.5 22,785.6 40,647.0
5. Construction 2,686.8 1,303.5 1,383.3
6. Insurance and pension services 1,243.7 631.1 612.6
7. Financial services 8,080.4 3,995.1 4,085.3
8. Charges for the use of intellectual property n.ie. 4,027.9 1,362.1 2,665.8
9. Telecommunications, computer and information services 11,789.8 5,607.1 6,182.7
10. Other business services 19,015.8 8,825.9 10,189.9
11. Personal, cultural and recreational services 3,508.1 1,111.1 2,396.9
12. Government goods and services n.i.e. 1,189.9 545.3 644.6
       
Import of services 164,694.3 76,286.5 88,407.7
1. Manufacturing services on physical inputs owned by others 0.0 0.0 0.0
2. Maintenance and repair services n.i.e. 8,373.8 4,305.0 4,068.8
3. Transport 26,506.9 12,759.8 13,747.1
4. Travel 51,679.7 22,105.9 29,573.9
5. Construction 615.7 351.4 264.3
6. Insurance and pension services 2,635.6 1,538.0 1,097.6
7. Financial services 4,785.0 2,446.8 2,338.1
8. Charges for the use of intellectual property n.ie. 5,581.5 2,506.6 3,074.9
9. Telecommunications, computer and information services 9,873.9 5,116.2 4,757.7
10. Other business services 50,605.4 23,275.6 27,329.9
11. Personal, cultural and recreational services 2,619.7 1,138.6 1,481.1
12. Government goods and services n.i.e. 1,417.0 742.6 674.4
       
Balance of trade in services 48,527.5 14,372.3 34,155.2
1. Manufacturing services on physical inputs owned by others 10,847.7 5,412.0 5,435.8
2. Maintenance and repair services n.i.e. -6,079.4 -3,333.4 -2,746.0
3. Transport 58,597.8 25,348.7 33,249.1
4. Travel 11,752.8 679.7 11,073.1
5. Construction 2,071.1 952.1 1,119.0
6. Insurance and pension services -1,391.9 -906.9 -485.0
7. Financial services 3,295.4 1,548.2 1,747.2
8. Charges for the use of intellectual property n.ie. -1,553.6 -1,144.5 -409.1
9. Telecommunications, computer and information services 1,915.9 490.9 1,425.0
10. Other business services -31,589.6 -14,449.6 -17,140.0
11. Personal, cultural and recreational services 888.4 -27.5 915.8
12. Government goods and services n.i.e. -227.1 -197.4 -29.7

New international standards for economic statistics
Statistics