The value of exported goods in BOP* in the first quarter of 2021 was estimated 165.0 billion ISK and the value of imported goods 186.8 billion ISK. Hence, a deficit in the balance of trade in goods in BOP was estimated 21.9 billion ISK. In the same quarter, export of services was estimated 58.7 billion ISK and import of services was estimated 69.6 billion ISK. Hence, the deficit of balance of trade in services was estimated 10.9 billion ISK.

The total export of trade in goods and services was therefore estimated 223.6 billion ISK in the first quarter of 2021 compared with 264.2 billion in the same period the year before. Import of trade in goods and services was estimated 256.4 billion ISK in the first quarter of 2021 compared with 265.1 billion ISK in the same period in the previous year. The deficit of trade in goods and services was estimated 32.8 billion ISK in the first quarter of 2021 compared with a deficit of 0.9 billion ISK in the first quarter the year before.

In the latest 12-month period, the deficit in the balance of trade in goods and services was estimated 49.4 billion ISK compared with a surplus of 117.0 billion ISK for the previous 12 months.

The value of exports and imports of goods and services (billion ISK)
 1st quarter 20201st quarter 2021 %2nd quarter 2019 -
1 st quarter 2020
2nd quarter 2020 -
1st quarter 2021
%
Exports of goods and services 264.2 223.6 -15 1,304.3 962.2 -26
Exports of goods 151.1 165.0 9 627.7 642.4 2
Exports of services 113.1 58.7 -48 676.6 319.8 -53
Imports of goods and services 265.1 256.4 -3 1,187.3 1,011.6 -15
Imports of goods 174.4 186.8 7 759.2 731.3 -4
Imports of services 90.7 69.6 -23 428.1 280.3 -35
Balance of trade in goods and services -0.9 -32.8   117.0 -49.4  

Exports of travel decreased by 85% in a 12-month comparison
The total value of exports of services in the first quarter of 2020 decreased by 54.5 billion ISK (48%) from the same period the year before, at current rates of exchange. The total exported value of travel in the first quarter of 2021 decreased by 38.8 billion ISK (87%) compared with the same period the year before. Exported value of transport services also decreased considerably in the first quarter of 2021 or by 13.9 billion ISK (42%). The decrease in the value of exports of passenger transport by air is the main reason behind the decrease in the value of transport services as it decreased by 91%. However, there was an increase in the value of exports of other business services by 1.3 billion ISK (12%) compared with the first quarter of 2020.

For the period April 2020 to March 2021, the total value of exports of services was 319.8 billion ISK and decreased by 356.8 billion ISK (53%) compared with the 12 months prior at current rates of exchange. The main reason behind this decrease in the value of exports of services was the decrease in exported value of travel by 85% and the decrease in exported value of transport services by 60%. However, there was an increase in the value of exports of charges for the use of intellectual property by 37% in the latest 12-month period compared with the previous 12 months, which can be explained by increased revenues in the pharmaceutical industry. There was also an increase in the exports in the value of other business services by 24% in the same period, which can be explained by increase both in the exports of research and development services and in exports of technical, trade-related and other business services.

Value of imports of services decreased by 35% in 12-month comparison
The total value of imports of services in the first quarter of 2021 decreased by 21.2 billion ISK (23%) from the same period the year before, at current rates of exchange. The value of imported travel decreased by 22.9 billion (69%) compared with the first quarter of 2020. The value of imported transportation services also decreased considerably between years, by 2.9 billion ISK (17%). However, there was an increase in the value of imports of other business services of 1.9 billion ISK (12%).

For the period April 2020 to March 2021, the total value of imports of services was 280.3 billion ISK and decreased by 147.8 billion ISK (35%) compared with the 12 months prior at current rates of exchange. The main reason behind this decrease in the value of imports of services is the decrease in imported value of travel by 74%. The imported value of transportation decreased by 29%, while the imported value of other business services increased by 10%.

The value of exports and imports of services (billion ISK)
 1st quarter 20201st quarter 2021 %2nd quarter 2019 -
1 st quarter 2020
2nd quarter 2020 -
1st quarter 2021
%
Exports of services 113.1 58.7 -48 676.6 319.8 -53
Transport 33.3 19.4 -42 191.5 77.4 -60
Travel 44.8 6.0 -87 308.6 47.7 -85
Charges for the use of intellectual property 3.3 1.9 -41 36.3 49.6 37
Other business services 11.1 12.4 12 50.9 63.1 24
Other service categories 20.7 19.0 -9 89.2 82.0 -8
           
Imports of services 90.7 69.6 -23 428.1 280.3 -35
Transport 16.8 14.0 -17 81.8 58.1 -29
Travel 33.1 10.2 -69 178.2 46.1 -74
Other business services 16.4 18.4 12 67.7 74.7 10
Other service categories 24.4 27.1 11 100.4 101.3 1
             
Balance of trade in services 22.4 -10.9   248.5 39.5  

Monthly trade in goods and services
Parallel to this publication, Statistics Iceland updates data for monthly trade in goods and services for the first quarter of 2021. In March 2021, total export of trade in goods and services was estimated 82.4 billion ISK and total import of trade in goods and services was estimated 100.7 billion ISK. The surplus of balance of trade in goods and services was therefore estimated 18.3 billion ISK in March 2021.

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

Statistics