The value of exported services in the first quarter of 2026 is estimated at 207.4 billion ISK while the value of imported services is estimated at 178.1 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 29.3 billion ISK compared with a surplus of 17.8 billion ISK for the same period the year before. For the period April 2025 to March 2026, the surplus of balance of trade in services is estimated at 284.5 billion ISK compared with a surplus of 267.3 billion ISK in the 12 months prior.
Value of exports of services increased by 7% in the first quarter
The total value of exports of services in the first quarter of 2026 increased by 14.2 billion ISK, or 7%, from the same period the year before, at current rates of exchange. The total exported value of travel in the first quarter of 2026 decreased by 1.5 billion ISK compared with the first quarter of 2025, or by 2%. Exported value of transport services also decreased by 2% or by just under one billion, compared with the first quarter of 2025. Value of exported telecommunications, computer, and information services, however, continues to grow rapidly, with exports of these services increasing by 13.5 billion ISK, or 66%, compared with the first quarter of 2025. This growth can still largely be attributed to increased activity by companies connected to data centre operations.
For the period April 2025 to March 2026, the total value of exports of services was 1,051.6 billion ISK and increased by 6% compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 2%, compared with the 12 months prior. There was a slight decrease in the exported value of transport services by 2%. The largest share of the growth in exported value of services during the period in question can, however, be attributed to the strong growth in the aforementioned telecommunications, computer, and information services, which exported value increased by just under 47 billion ISK compared with the 12 months prior.
Value of imports of services increased by 2% in the first quarter
The total value of imports of services in the first quarter of 2025 increased by 2,8 billion ISK or 2%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 11%, compared with the first quarter of 2025. The imports of other business services, however, decreased considerably, by 21%, while the imported value of transportation services decreased slightly, by 4%.
For the period April 2025 to March 2025, the total value of imports of services was 767.1 billion ISK and increased by 5%, compared with the 12 months prior at current rates of exchange. The imported value of travel increased by 11% for the period in question. The imported value of other business services decreased slightly, or by 1% and the same goes for the imported value of transportation which also decreased by 1%.
Surplus in balance of trade in goods and services 5.9 billion in the first quarter
The value of exported goods in BOP in the first quarter of 2026 is estimated at 250.5 billion ISK and the value of imported goods 273.9 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 23.4 billion ISK.
The total export of trade in goods and services is therefore estimated at 457.9 billion ISK in the first quarter of 2026 compared with 447 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 452 billion ISK in the first quarter of 2026 compared with 513.5 billion ISK in the same period in the previous year. The surplus of trade in goods and services is therefore estimated at 5.9 billion ISK in the first quarter of 2026 compared with a deficit of 66.5 billion ISK in the first quarter the year before.
For the period April 2025 to March 2026, the deficit in the balance of trade in goods and services is estimated at 39.6 billion ISK compared with a deficit of 82.5 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 2026. In March 2025, total exports of trade in goods and services are estimated at 170.2 billion ISK and total imports of trade in goods and services is estimated at 185.3 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 15.1 billion ISK in March 2026.
Statistics
Trade in goods and services
Trade in services