The value of exported goods in BOP* was estimated 44.7 billion ISK in August 2020 and value of imported goods was estimated 55.5 billion ISK. Therefore, a deficit in balance of trade in goods in BOP was estimated 10.8 billion ISK. In the same month, export of services was estimated 31.7 billion ISK and import of services was estimated 23.7 billion ISK. Hence, the surplus in balance of trade in services was estimated 7.9 billion ISK.
Total export of trade in goods and services was therefore estimated 76.3 billion ISK in August and total import of trade in goods and services was estimated 79.2 billion ISK. The deficit in balance of trade in goods and services was estimated 2.9 billion ISK in August 2020.
Total export of trade in goods and services was estimated at 638.4 billion ISK in the first eight months of 2020 compared with 895.2 billion ISK in the first eight months of 2019. For the same period, estimated import of trade in goods and services was 640.7 billion ISK in 2020 compared with 802.6 billion ISK in 2019. Therefore, the deficit in balance of trade in goods and services was estimated 2.3 billion ISK in the first eight months of 2020 compared with a surplus of 92.6 billion ISK for the same period the year before.
*According to Balance of Payments (BOP) and National Accounts (NA) standards.
| The value of exports and imports in January-August 2019 and 2020 | |||||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % | ||||
| August | January-August | ||||
| 2019 | 2020 | 2019 | 2020 | ||
| Trade in goods and services: Total Exports | 125,113.4 | 76,323.2 | 895,197.3 | 638,445.2 | -28.7 |
| Trade in goods: =Exports in BOP | 46,835.3 | 44,672.8 | 438,624.2 | 391,493.3 | -10.7 |
| Trade in services: Exports total | 78,278.1 | 31,650.5 | 456,573.1 | 246,951.9 | -45.9 |
| Trade in goods and services: Total Imports | 96,247.6 | 79,238.2 | 802,554.0 | 640,748.5 | -20.2 |
| Trade in goods: = Imports in BOP | 57,894.4 | 55,494.4 | 509,771.9 | 441,122.8 | -13.5 |
| Trade in services: Imports total | 38,353.3 | 23,743.8 | 292,782.1 | 199,625.7 | -31.8 |
| Balance of trade in goods and services | 28,865.8 | -2,915.0 | 92,643.4 | -2,303.3 | |