The value of exported services in the first quarter of 2023 is estimated at 162.9 billion ISK while the value of imported services is estimated at 141.5 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 21.4 billion ISK compared with a surplus of 5.9 billion ISK for the same period the year before. For the period April 2022 to March 2023, the surplus of balance of trade in services is estimated at 202.1 billion ISK compared with a surplus of 89.9 billion ISK in the 12 months prior.
Value of exports of services increased by 41%
The total value of exports of services in the first quarter of 2023 increased by 47.1 billion ISK, or 41%, from the same period the year before, at current rates of exchange. The total exported value of travel in the first quarter of 2023 increased by 31 billion ISK compared with the first quarter of 2022, or by 74%. Exported value of transport services increased by 13.3 billion ISK, or 41% compared with the same period the previous year. The exported value of other business services however decreased by 5%.
For the period April 2022 to March 2023, the total value of exports of services was 785.3 billion ISK and increased by 283.5 billion ISK, or 56%, compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 159.6 billion ISK, or 80%, compared with the 12 months prior. There was also an increase in the exported value of transport services by 77% and for the exported value of telecommunications, computer and information services which increased by 16%.
Value of imports of services increased by 42% in a 12-month comparison
The total value of imports of services in the first quarter of 2023 increased by 31.5 billion ISK or 29%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 13.6 billion ISK or 40%, compared with the first quarter of 2022. The value of imported transportation services also increased between years, by 6.6 billion ISK or 30%. The value of imports of other business services increased by 41% compared with the same period last year.
For the period April 2022 to March 2022, the total value of imports of services was 583.3 billion ISK and increased by 171.3 billion ISK, or 42%, compared with the 12 months prior at current rates of exchange. The main reason for this increase in the value of imports of services is the increase in imported value of travel which increased by 81% compared with the 12 months prior. There was also an increase in the imported value of transportation by 38% and an increase in the imported value of other business services by 30%.
Deficit in balance of trade in goods and services 24.2 billion
The value of exported goods in BOP* in the first quarter of 2023 is estimated 243.3 billion ISK and the value of imported goods 288.9 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 45.7 billion ISK.
The total export of trade in goods and services is therefore estimated 406.2 billion ISK in the first quarter of 2023 compared with 346.7 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 430.4 billion ISK in the first quarter of 2023 compared with 359.9 billion ISK in the same period in the previous year. The deficit of trade in goods and services is estimated at 24.2 billion ISK in the first quarter of 2023 compared with a deficit of 13.3 billion ISK in the first quarter the year before.
For the period April 2022 to March 2023, the deficit in the balance of trade in goods and services is estimated at 0.5 billion ISK compared with a deficit of 10.8 billion ISK in the 12 months prior.
Monthly trade in goods and services
Parallel to this publication, Statistics Iceland updates data for monthly trade in goods and services for the first quarter of 2023. In March 2023, total exports of trade in goods and services is estimated at 147.5 billion ISK and total imports of trade in goods and services is estimated at 157.6 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 10.1 billion ISK in March 2023.
*According to Balance of Payments (BOP) and National Accounts (NA) standards.
Statistics
Trade in goods and services
Trade in services