The value of exported services in the second quarter of 2024 is estimated at 238.8 billion ISK while the value of imported services is estimated at 171.6 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 67.2 billion ISK compared with a surplus of 88.9 billion ISK for the same period the year before. For the period July 2023 to June 2024, the surplus of balance of trade in services is estimated at 277.3 billion ISK compared with a surplus of 262.6 billion ISK in the 12 months prior.
Value of exports of services increased by 7% in a 12-month comparison
The total value of exports of services in the second quarter of 2024 decreased by 12.4 billion ISK, or 5%, from the same period the year before, at current rates of exchange. The total exported value of travel in the second quarter of 2024 decreased by 3.7 billion ISK compared with the second quarter of 2023, or by 3%. Exported value of transport services increased by 3.9 billion ISK, or 5% compared with the same period the previous year. The exported value of other business services increased by 4%.
For the period July 2023 to June 2024, the total value of exports of services was 934.9 billion ISK and increased by 7% compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 10%, compared with the 12 months prior. There was also an increase in the exported value of transport services by 9%, but the exported value of other business services decreased by 2%.
Value of imports of services increased by 7% in a 12-month comparison
The total value of imports of services in the second quarter of 2024 increased by 9.3 billion ISK or 6%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 1%, compared with the second quarter of 2023. The value of imported transportation services also increased between years, by 2% and the same goes for imports of other business services which increased by 1%.
For the period July 2023 to June 2024, the total value of imports of services was 657.6 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 11% and the increase in the imported value of travel which increased by 4%. There was also an increase in the imported value of transportation by 2%.
Deficit in balance of trade in goods and services 22.3 billion in the second quarter
The value of exported goods in BOP* in the second quarter of 2024 is estimated at 241.4 billion ISK and the value of imported goods 330.9 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 89.5 billion ISK.
The total export of trade in goods and services is therefore estimated at 480.3 billion ISK in the second quarter of 2024 compared with 482.9 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 502.5 billion ISK in the second quarter of 2023 compared with 476.5 billion ISK in the same period in the previous year. The deficit of trade in goods and services is estimated at 22.3 billion ISK in the second quarter of 2024 compared with a surplus of 6.4 billion ISK in the second quarter the year before.
For the period July 2023 to June 2024, the deficit in the balance of trade in goods and services is estimated at 28.8 billion ISK compared with a deficit of 9.2 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 2024. In June 2024, total exports of trade in goods and services is estimated at 171.6 billion ISK and total imports of trade in goods and services is estimated at 175.1 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 3.5 billion ISK in June 2024.
Revision of previously published figures
Credit card data is one of the sources used as a basis for calculating the travel services component of trade in services. Revised figures on credit card turnover are now available going back to January 2023, and this data has led to an increase in both imports and exports of services. The travel services balance in the first quarter was therefore positive by 25 billion ISK instead of 22.4 billion ISK in the previously published figures. Over a 12-month period from the second quarter of 2023 to the first quarter of 2024, the travel services balance was positive by 205.3 billion ISK instead of 201.4 billion ISK.
Additionally, data from the annual survey of enterprises participating in the International Trade in Services Survey is now included. This new information has impacted the previously published figures for the import and export of services for the year 2023 and the first quarter of 2024.
*According to Balance of Payments (BOP) and National Accounts (NA) standards.