The value of exported goods in BOP* was estimated 53.8 billion ISK in May 2020 and value of imported goods was estimated 51.3 billion ISK. Therefore, a surplus in balance of trade in goods in BOP was estimated 2.5 billion ISK. In the same month, export of services was estimated 20.6 billion ISK and import of services was estimated 20.2 billion ISK. Hence, the surplus in balance of trade in services was estimated 0.4 billion ISK.
Total export of trade in goods and services was therefore estimated 74.4 billion ISK in May and total import of trade in goods and services was estimated 71.4 billion ISK. The surplus in balance of trade in goods and services was estimated 2.9 billion ISK in May 2020.
Total export of trade in goods and services was estimated at 407.4 billion ISK in the first five months of 2020 compared with 523.6 billion ISK in the first five months of 2019. For the same period, estimated import of trade in goods and services was 397.9 billion ISK in 2020 compared with 480.1 billion ISK in 2019. Therefore, the surplus in balance of trade in goods and services was estimated 9.4 billion ISK during the first five months of 2020 compared with a surplus of 43.4 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-May 2019 and 2020 | |||||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % | ||||
| May | January-May | ||||
| 2019 | 2020 | 2019 | 2020 | ||
| Trade in goods and services: Total Exports | 118,916.3 | 74,381.9 | 523,565.9 | 407,373.9 | -22.2 |
| Trade in goods: =Exports in BOP | 64,332.8 | 53,762.9 | 292,421.6 | 252,135.0 | -13.8 |
| Trade in services: Exports total | 54,583.5 | 20,619.1 | 231,144.3 | 155,238.9 | -32.8 |
| Trade in goods and services: Total Imports | 103,722.6 | 71,449.1 | 480,121.6 | 397,932.1 | -17.1 |
| Trade in goods: = Imports in BOP | 65,953.9 | 51,254.5 | 305,284.2 | 267,921.0 | -12.2 |
| Trade in services: Imports total | 37,768.7 | 20,194.6 | 174,837.3 | 130,011.1 | -25.6 |
| Balance of trade in goods and services | 15,193.7 | 2,932.8 | 43,444.4 | 9,441.8 | |