The value of exported goods in BOP* in the fourth quarter of 2019 was estimated 162.5 billion ISK and value of imported goods was estimated 174.3 billion ISK. Hence, a deficit of balance of trade in goods in BOP was estimated 11.8 billion ISK. In the same quarter, export of services was estimated 170.5 billion ISK and import of services was estimated 114.8 billion ISK. Hence, the surplus of balance of trade in services was estimated 55.7 billion ISK. Total export of trade in goods and services was therefore estimated 333 billion ISK in the fourth quarter and total import of trade in goods and services was estimated 289.1 billion ISK. The surplus of balance of trade in goods and services was estimated 43.9 billion ISK.

In the year 2019, total export of trade in goods and services was estimated at 1,344.0 billion ISK compared with 1,324.4 in the year before. For the same period, estimated import of trade in goods and services was 1,203.9 compared with 1,240.4 billion ISK in 2018. In 2019, the surplus of balance of trade in goods and services was therefore an estimated 140.1 billion ISK compared with a surplus of 84.0 billion ISK for the same period the year before.

Export value of transport and travel decreases
The total value of exports of services in the fourth quarter of 2019 decreased by 10.0 billion ISK (6.2%) from the year before, at current rates of exchange. The total exported value of travel in the fourth quarter of 2019 decreased by 6.4 billion ISK (9.4%) compared with the same period the year before at current exchange rates. Exported value of transport services decreased by 8.4 billion ISK (16.8%) compared with the same period last year, mainly due to a decrease in the value of exports of passenger transport by air. The total exported value of charges for the use of intellectual property increased by 18.2 billion (176.2%) and the total exported value of other business services also increased by 4.5 billion (32.8%) compared to the same quarter the year before.

For the year 2019, the total value of exported services was 691.3 billion ISK and decreased by 19.0 billion ISK (2.7%) between years. The total exported value of travel was the largest item or 330.7 billion ISK and decreased by 6.6 billion ISK (2.0%) between years. The exported value of transport services was the second largest item or 197.2 billion ISK and decreased by 41.2 billion ISK (17.3%) between years. The third largest item was other business services or 50.9 billion and increased by 14.1 billion ISK (38.2%) between years.

In 2019, the value of exports of services to Europe was 349.9 billion ISK or 50.6% of total export value. Thereof, export of services to the United Kingdom was 81.7 billion ISK or 11.8% of total export value. Export of services to the United States was 201.6 billion ISK or 29.2% of total export value for the same period.

Value of imports of services decreases between years
The total value of imports of services in the fourth quarter of 2019 decreased by 9.4 billion ISK (7.5%) from the year before, at current rates of exchange. The value of imported travel services decreased by 3.4 billion (6.3%) for the same period.

For the year 2019, the total value of imported services was 452.3 billion and decreased by 11.2 billion ISK (2.4%) between years. The biggest decrease was in other business services (24.5%), however there was an increase in passenger transport by air (85.8%) and telecommunications, computer and information services (21.2%).

In 2019, the value of imports of services from Europe was 348.1 billion ISK or 77.0% of total imports of services. Thereof, services import from the United Kingdom was 68.5 or 15.1% of total imports. Import of services form the United States was 68.2 billion ISK or 15.1% for the same period.

Monthly trade in goods and services
Parallel to this publication, Statistics Iceland updates data for monthly trade in goods and services for the fourth quarter of 2019.

In December 2019, total export of trade in goods and services was estimated 110.0 billion ISK and total import of trade in goods and services was estimated 93.3 billion ISK. The surplus of balance of trade in goods and services was therefore estimated 16.8 billion ISK in December 2019.

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

The value of exports and imports of services 2018 and 2019   
  Million ISK at current exchange rate   Change on
prev. Year
at current
exch. rates,
%1st to 4th
quarter
  4th quarter 1st to 4th quarter  
 2018201920182019 
Export of services 160,475.1 170,503.9 710,355.7 691,344.4  -2.7
Transport 50,191.2 41,751.2 238,343.2 197,153.6  -17.3
Travel 68,121.4 61,723.5 337,266.8 330,677.2  -2.0
Other business services 13,743.7 18,250.8 36,849.1 50,910.3  38.2
Other service categories 28,418.8 48,778.3 97,896.5 112,603.3  15.0
          
Import of services 124,180.4 114,817.2 463,494.9 452,310.8  -2.4
Transport 21,144.8 18,453.8 79,777.7 82,635.1  3.6
Travel 53,139.2 49,767.7 198,183.2 198,556.2  0.2
Other business services 22,776.1 21,142.1 89,379.7 67,496.9  -24.5
Other service categories 27,120.3 25,453.5 96,154.4 103,622.7  7.8
            
Balance of trade in services 36,294.6 55,686.7 246,860.7 239,033.5   

Statistics