The value of exported services in the first quarter of 2024 is estimated at 168.7 billion ISK while the value of imported services is estimated at 155.7 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 13 billion ISK compared with a surplus of 25.7 billion ISK for the same period the year before. For the period April 2023 to March 2024, the surplus of balance of trade in services is estimated at 275.6 billion ISK compared with a surplus of 214.4 billion ISK in the 12 months prior.
Value of exports of services increased by 13% in a 12-month comparison
The total value of exports of services in the first quarter of 2024 increased by 1.1 billion ISK, or 1%, from the same period the year before, at current rates of exchange. The total exported value of travel in the first quarter of 2024 decreased by 1.4 billion ISK compared with the first quarter of 2023, or by 2%. Exported value of transport services increased by 2.8 billion ISK, or 6% compared with the same period the previous year. The exported value of other business services increased by 26%.
For the period April 2023 to March 2024, the total value of exports of services was 912.6 billion ISK and increased by 13% compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 15%, compared with the 12 months prior. There was also an increase in the exported value of transport services by 19% and increase in the exported value of other business services by 3%.
Value of imports of services increased by 7% in a 12-month comparison
The total value of imports of services in the first quarter of 2024 increased by 13.98 billion ISK or 10%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 5%, compared with the first quarter of 2023. However, the value of imported transportation services decreased between years, by 1%. The value of imports of other business services increased by 10% compared with the same period last year.
For the period April 2023 to March 2024, the total value of imports of services was 637 billion ISK and increased by 7%, compared with the 12 months prior at current rates of exchange. The main reason for this increase in the value of imports of services is the increase in imported value of other business services by 18%. There was also an increase in the imported value of transportation by 4% and the imported value of travel which increased a little, by 1%.
Deficit in balance of trade in goods and services 42.7 billion in the first quarter
The value of exported goods in BOP* in the first quarter of 2024 is estimated at 223.9 billion ISK and the value of imported goods 279.6 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 55.7 billion ISK.
The total export of trade in goods and services is therefore estimated at 392.5 billion ISK in the first quarter of 2024 compared with 413.4 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 435.2 billion ISK in the first quarter of 2023 compared with 432.7 billion ISK in the same period in the previous year. The deficit of trade in goods and services is estimated at 42.7 billion ISK in the first quarter of 2024 compared with a deficit of 19.2 billion ISK in the first quarter the year before.
For the period April 2023 to March 2024, the deficit in the balance of trade in goods and services is estimated at 25.7 billion ISK compared with a deficit of 15.7 billion ISK in the 12 months prior.
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 2024. In March 2024, total exports of trade in goods and services is estimated at 126.2 billion ISK and total imports of trade in goods and services is estimated at 146.2 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 20 billion ISK in March 2023.
*According to Balance of Payments (BOP) and National Accounts (NA) standards.
Statistics
Trade in goods and services
Trade in services