The exported value of services in the second quarter of 2022 is estimated at 183.7 billion ISK while the imported value of services is estimated at 150.4 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 33.3 billion ISK compared with a surplus of 23.5 billion ISK for the same period the year before. For the period July 2021 to June 2022, the surplus of balance of trade in services is estimated at 118.7 billion ISK compared with a surplus of 61.6 in the 12 months prior.
Value of exports of services increased by 69% in a 12-month comparison
The total value of exports of services in the second quarter of 2022 increased by 81.1 billion ISK, or 79%, from the same period the year before, at current rates of exchange. The total exported value of travel in the second quarter of 2022 increased considerably compared with the same period the year before, or by 59.8 billion ISK. Exported value of transport services increased by 32.9 billion ISK and more than doubled compared with the same period the previous year. However, the exported value of other business services decreased by 2.5 billion ISK, or by 15%.
For the period July 2021 to June 2022, the total value of exports of services was 611.8 billion ISK and increased by 250.8 billion ISK, or 69%, compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 193.1 billion ISK and almost quadrupled. There was also an increase in the exported value of transport services, which more than doubled and the same goes for the exported value of telecommunications, computer and information services which increased by 22%. However, there was an 16% decrease in the value of exports of other business services.
Value of imports of services increased by 65% in a 12-month comparison
The total value of imports of services in the second quarter of 2022 increased by 71.3 billion ISK, or 90%, from the same period the year before, at current rates of exchange. The value of imported travel increased considerably, or by 40.9, compared with the second quarter of 2021. The value of imported transportation services also increased considerably between years, by 7.7 billion ISK or 43%. The same goes for the value of imports of other business services increased which more than doubled compared with the same period last year.
For the period July 2021 to June 2022, the total value of imports of services was 493.1 billion ISK and increased by 193.7 billion ISK, or 65%, 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 travel, which almost tripled, and in the increase in the imported value of transportation by 49%.
Deficit in balance of trade in goods and services 36.6 billion in the last 12 months
The value of exported goods in BOP* in the second quarter of 2022 is estimated 254.6 billion ISK and the value of imported goods 294.9 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 40.2 billion ISK.
The total export of trade in goods and services is therefore estimated 438.3 billion ISK in the second quarter of 2022 compared with 287 billion in the same period the year before. Import of trade in goods and services is estimated at 445.2 billion ISK in the second quarter of 2022 compared with 319.3 billion ISK in the same period in the previous year. The deficit of trade in goods and services is estimated at 7 billion ISK in the second quarter of 2022 compared with a deficit of 32.3 billion ISK in the second quarter the year before.
For the period July 2021 to June 2022, the deficit in the balance of trade in goods and services is estimated at 36.6 billion ISK compared with a deficit of 56.6 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 second quarter of 2022. In June 2022, total exports of trade in goods and services is estimated at 163.2 billion ISK and total imports of trade in goods and services is estimated at 150.7 billion ISK. The surplus of balance of trade in goods and services is therefore estimated at 12.5 billion ISK in June 2022.
The treatment of lease agreements in external trade is under review and the revision will affect both the balance of trade in goods and trade in services in the next quarterly publication.
*According to Balance of Payments (BOP) and National Accounts (NA) standards.
Statistics
Trade in goods and services
Trade in services