The exported value of services in the third quarter of 2022 is estimated at 263.2 billion ISK while the imported value of services is estimated at 153.1 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 110.1 billion ISK compared with a surplus of 63.7 billion ISK for the same period the year before. For the period October 2021 to September 2022, the surplus of balance of trade in services is estimated at 162 billion ISK compared with a surplus of 105.2 in the 12 months prior.
Value of exports of services increased by 63% in a 12-month comparison
The total value of exports of services in the third quarter of 2022 increased by 96.5 billion ISK, or 58%, from the same period the year before, at current rates of exchange. The total exported value of travel in the third quarter of 2022 increased considerably compared with the same period the year before, or by 48.3 billion ISK or 55%. Exported value of transport services increased by 40.6 billion ISK and almost doubled compared with the same period the previous year. The exported value of other business services increased by 7.2 billion ISK, or by 58%.
For the period October 2021 to September 2022, the total value of exports of services was 705.7 billion ISK and increased by 271.6 billion ISK, or 63%, compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 179.9 billion ISK. There was also an increase in the exported value of transport services, which almost doubled, and the same goes for the exported value of telecommunications, computer and information services which increased by 22%.
Value of imports of services increased by 65% in a 12-month comparison
The total value of imports of services in the third quarter of 2022 increased by 50.1 billion ISK or 49%, from the same period the year before, at current rates of exchange. The value of imported travel increased considerably, or by 26.3 billion ISK, compared with the third quarter of 2021. The value of imported transportation services also increased considerably between years, by 10.8 billion ISK or 55%. The same goes for the value of imports of other business services which increased by 15% compared with the same period last year.
For the period October 2021 to September 2022, the total value of imports of services was 543.7 billion ISK and increased by 214.8 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 increased considerably as for the past few quarters. There was also an increase in the imported value of transportation by 55% and an increase in the imported value of other business services by 38%.
Deficit in balance of trade in goods and services 17.3 billion in the last 12 months
The value of exported goods in BOP* in the third quarter of 2022 is estimated 262.2 billion ISK and the value of imported goods 332.9 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 70.7 billion ISK.
The total export of trade in goods and services is therefore estimated 525.4 billion ISK in the third quarter of 2022 compared with 360.4 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 486 billion ISK in the third quarter of 2022 compared with 342.3 billion ISK in the same period in the previous year. The surplus of trade in goods and services is estimated at 39.4 billion ISK in the third quarter of 2022 compared with a surplus of 18 billion ISK in the third quarter the year before.
For the period October 2021 to September 2022, the deficit in the balance of trade in goods and services is estimated at 17.3 billion ISK compared with a deficit of 29.5 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 third quarter of 2022. In September 2022, total exports of trade in goods and services is estimated at 168.6 billion ISK and total imports of trade in goods and services is estimated at 178.5 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 9.9 billion ISK in September 2022.
The revision of the treatment of lease agreements in external trade is still under consideration.
*According to Balance of Payments (BOP) and National Accounts (NA) standards.
Statistics
Trade in goods and services
Trade in services