The value of exported services in the third quarter of 2023 is estimated at 311 billion ISK while the value of imported services is estimated at 160.7 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 150.3 billion ISK compared with a surplus of 117.9 billion ISK for the same period the year before. For the period October 2022 to September 2023, the surplus of balance of trade in services is estimated at 290.3 billion ISK compared with a surplus of 174.4 billion ISK in the 12 months prior.

Value of exports of services increased by 29% in a 12-month comparison
The total value of exports of services in the third quarter of 2023 increased by 42.1 billion ISK, or 16%, from the same period the year before, at current rates of exchange. The total exported value of travel in the third quarter of 2023 increased by 23.7 billion ISK compared with the third quarter of 2022, or by 17%. Exported value of transport services increased by 17.6 billion ISK, or 22% compared with the same period the previous year. The exported value of other business services however decreased by 11%.

For the period October 2022 to September 2023, the total value of exports of services was 910.8 billion ISK and increased by 29% compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 35%, compared with the 12 months prior. There was also an increase in the exported value of transport services by 33% and increase in the exported value of other business services by 12%.

Value of imports of services increased by 17% in a 12-month comparison
The total value of imports of services in the third quarter of 2023 increased by 9.7 billion ISK or 6%, from the same period the year before, at current rates of exchange. The value of imported travel decreased by 1%, compared with the third quarter of 2022. However, the value of imported transportation services increased between years, by 1.5 billion ISK or 5%. The value of imports of other business services increased by 32% compared with the same period last year.

For the period October 2022 to September 2023, the total value of imports of services was 620.5 billion ISK and increased by 17%, 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 by 17% compared with the 12 months prior and an increase in the imported value of other business services by 31%. There was also an increase in the imported value of transportation by 17%.

Surplus in balance of trade in goods and services 56.1 billion in the third quarter
The value of exported goods in BOP* in the third quarter of 2023 is estimated 217.3 billion ISK and the value of imported goods 311.5 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 94.2 billion ISK.

The total export of trade in goods and services is therefore estimated 528.3 billion ISK in the third quarter of 2023 compared with 531.1 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 472.2 billion ISK in the third quarter of 2023 compared with 482.7 billion ISK in the same period in the previous year. The surplus of trade in goods and services is estimated at 56.1 billion ISK in the third quarter of 2023 compared with a surplus of 48.4 billion ISK in the third quarter the year before.

For the period October 2022 to September 2023, the deficit in the balance of trade in goods and services is estimated at 19.1 billion ISK compared with a surplus of 9 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 2023. In September 2023, total exports of trade in goods and services is estimated at 174.2 billion ISK and total imports of trade in goods and services is estimated at 149.1 billion ISK. The surplus of balance of trade in goods and services is therefore estimated at 25.2 billion ISK in September 2023.

*According to Balance of Payments (BOP) and National Accounts (NA) standards.

Statistics
Trade in goods and services
Trade in services