Surplus of balance of trade in services
Export of services for the second quarter of 2018 was 175,741 million ISK and import of services 120,757 million ISK, according to preliminary figures. Surplus of balance of trade in services in the second quarter of 2018 was therefore 54,984 million ISK compared with 61,437 million ISK in the second quarter of 2017 at current exchange rates.
Surplus of balance of trade in services for the first half of 2018 was 89,797 million ISK compared with 103,559 million ISK in the first half of 2017, at current exchange rates.
Export of services increases between years
The total value of exports of services in the second quarter of 2018 was 11,797 million ISK higher (7.2%) than in the same period the year before at current exchange rates. Exported value of travel was 88,176 million ISK contributing 50.2% of total export of services and increased by 8.1% compared with the same period last year. Exported value of transport services was 59,007 million ISK and increased by 1.5% compared with the same period last year.
For the first six months of this year, the total value of exports of services was 19,637 million higher (6.8%) than in the same period the year before at current exchange rates. The largest item was exports of travel, 150,586 million ISK, 48.8% of total exports of services and increased by 8.2% from the same period the year before.
Import travel increases in the first half of the year
The total value of import of services in the second quarter of 2018 was 18,250 million ISK higher (17.8%) than the year before, at current rates of exchange. The value of imported travel services was 55,450 million ISK and increased by 17.5% in the second quarter of 2018 compared with the same period the year before.
For the first half of this year, the total value of imports of services was 33,400 million ISK higher (18%) than in the same period the year before at current exchange rates. The largest item was the imports of travel, 97,547 million ISK, 44.6% of total imports of services and increased by 20.2% from the same period the year before.
| The value of exports and imports of services 2017 and 2018 | ||||||
| Million ISK at current exchange rate | Change on prev. year | |||||
| 2nd quarter | 1st to 2nd quarter | at current exch. rates, | ||||
| 2017 | 2018 | 2017 | 2018 | % 1st to 2nd quarter | ||
| Export of services | 163,944.0 | 175,740.8 | 289,106.4 | 308,743.4 | 6.8 | |
| Transport | 58,161.4 | 59,006.5 | 100,603.1 | 103,990.1 | 3.4 | |
| Travel | 81,572.4 | 88,176.0 | 139,226.6 | 150,585.6 | 8.2 | |
| Other business services | 6,763.7 | 6,820.9 | 14,467.7 | 12,968.4 | -10.4 | |
| Other service categories | 17,446.4 | 21,737.5 | 34,809.0 | 41,199.4 | 18.4 | |
| Import of services | 102,506.5 | 120,756.9 | 185,547.4 | 218,946.9 | 18.0 | |
| Transport | 15,978.9 | 18,357.7 | 29,853.9 | 33,674.9 | 12.8 | |
| Travel | 47,178.4 | 55,450.4 | 81,160.4 | 97,547.2 | 20.2 | |
| Other business services | 18,729.3 | 23,990.6 | 34,566.4 | 42,194.9 | 22.1 | |
| Other service categories | 20,620.0 | 22,958.2 | 39,966.7 | 45,529.8 | 13.9 | |
| Balance of trade in services | 61,437.4 | 54,983.9 | 103,559.1 | 89,796.5 | ||
Monthly export of services
Monthly data for export and import of services as well as balance of trade in services can be found in the table External trade in services, monthly 2018.
Detailed information of trade in services for the year 2017 will be published 7 September 2018.