The value of exported goods in BOP* was estimated 47.1 billion ISK in July 2020 and value of imported goods was estimated 58.2 billion ISK. Therefore, a deficit in balance of trade in goods in BOP was estimated 11.0 billion ISK. In the same month, export of services was estimated 40.8 billion ISK and import of services was estimated 26.1 billion ISK. Hence, the surplus in balance of trade in services was estimated 14.7 billion ISK.
Total export of trade in goods and services was therefore estimated 87.9 billion ISK in July and total import of trade in goods and services was estimated 84.2 billion ISK. The surplus in balance of trade in goods and services was estimated 3.6 billion ISK in July 2020.
Total export of trade in goods and services was estimated at 567.2 billion ISK in the first seven months of 2020 compared with 770.1 billion ISK in the first seven months of 2019. For the same period, estimated import of trade in goods and services was 564.7 billion ISK in 2020 compared with 706.3 billion ISK in 2019. Therefore, the surplus in balance of trade in goods and services was estimated 2.6 billion ISK in the first seven months of 2020 compared with a surplus of 63.8 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-July 2019 and 2020 | |||||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % | ||||
| July | January-July | ||||
| 2019 | 2020 | 2019 | 2020 | ||
| Trade in goods and services: Total Exports | 132,688.7 | 87,883.2 | 770,083.9 | 567,227.3 | -26.3 |
| Trade in goods: =Exports in BOP | 52,368.6 | 47,116.4 | 391,788.9 | 346,821.0 | -11.5 |
| Trade in services: Exports total | 80,320.1 | 40,766.8 | 378,295.0 | 220,406.3 | -41.7 |
| Trade in goods and services: Total Imports | 112,387.2 | 84,243.6 | 706,306.3 | 564,651.1 | -20.1 |
| Trade in goods: = Imports in BOP | 71,152.7 | 58,159.4 | 451,877.5 | 385,396.7 | -14.7 |
| Trade in services: Imports total | 41,234.5 | 26,084.2 | 254,428.9 | 179,254.5 | -29.5 |
| Balance of trade in goods and services | 20,301.6 | 3,639.6 | 63,777.6 | 2,576.1 | |