The value of exported services in the third quarter of 2024 is estimated at 319.3 billion ISK while the value of imported services is estimated at 178.7 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 140.5 billion ISK compared with a surplus of 155 billion ISK for the same period the year before. For the period October 2023 to September 2024, the surplus of balance of trade in services is estimated at 262.8 billion ISK compared with a surplus of 299.6 billion ISK in the 12 months prior.
Value of exports of services increased by 2% in a 12-month comparison
The total value of exports of services in the third quarter of 2024 increased by 3 billion ISK, or 1%, from the same period the year before, at current rates of exchange. The total exported value of travel in the third quarter of 2024 increased by 7.7 billion ISK compared with the third quarter of 2023, or by 5%. Exported value of transport services decreased by 2.2 billion ISK, or 2% compared with the same period the previous year. The exported value of other business services decreased by 12%.
For the period October 2023 to September 2024, the total value of exports of services was 938.4 billion ISK and increased by 2% compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 5%, compared with the 12 months prior. There was also an increase in the exported value of transport services by 1%, but the exported value of other business services decreased by 3%.
Value of imports of services increased by 8% in a 12-month comparison
The total value of imports of services in the third quarter of 2024 increased by 17,4 billion ISK or 11%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 9%, compared with the third quarter of 2023. The value of imported transportation services also increased between years by 5% while the imports of other business services remained almost the same.
For the period October 2023 to September 2024, the total value of imports of services was 675.6 billion ISK and increased by 8%, 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 6% increase in the imported value of travel and the 19% increase of other services categories, other than transport, travel and other business services. There was also an increase in the imported value of transportation by 2%.
Deficit in balance of trade in goods and services 64.5 billion in the third quarter
The value of exported goods in BOP* in the third quarter of 2024 is estimated at 242.3 billion ISK and the value of imported goods 318.3 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 76 billion ISK.
The total export of trade in goods and services is therefore estimated at 561.5 billion ISK in the third quarter of 2024 compared with 543 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 497.1 billion ISK in the third quarter of 2023 compared with 472.4 billion ISK in the same period in the previous year. The surplus of trade in goods and services is estimated at 64.5 billion ISK in the third quarter of 2024 compared with a surplus of 70.6 billion ISK in the third quarter the year before.
For the period October 2023 to September 2024, the deficit in the balance of trade in goods and services is estimated at 32.4 billion ISK compared with a surplus of 7.5 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 2024. In September 2024, total exports of trade in goods and services is estimated at 92.3 billion ISK and total imports of trade in goods and services is estimated at 57.0 billion ISK. The surplus of balance of trade in goods and services is therefore estimated at 35,4 billion ISK in September 2024.
Statistics
Trade in goods and services
Trade in services