The exported value of services was estimated 164.1 billion ISK in the third quarter of 2021 while the imported value of services was estimated 103.8 billion ISK. Therefore, the surplus in the balance of trade in services was estimated 60.3 billion ISK compared with a surplus of 19.9 billion ISK for the same period the year before. For the period October 2020 to September 2021, the surplus of balance of trade in services was estimated 100.6 billion ISK compared with a surplus of 105.1 in the 12 months prior.

The value of exports and imports of services (billion ISK)
 3rd quarter 20203rd quarter 2021 %4th quarter 2019 -
3rd quarter 2020
4th quarter 2020 -
3rd quarter 2021
%
Exports of services 93.6 164.1 75 446.9 430.4 -4
Transport 18.5 41.3 123 112.7 104.8 -7
Travel 28.5 87.9 209 141.8 127.0 -10
Charges for the use of intellectual prope 1.6 2.1 36 43.0 55.6 29
Other business services 12.5 11.1 -11 64.0 58.5 -9
Other service categories 32.6 21.6 -34 85.4 84.5 -1
           
Imports of services 73.7 103.8 41 341.8 329.8 -4
Transport 14.5 19.8 37 64.6 66.2 2
Travel 16.6 31.0 87 106.1 68.5 -35
Other business services 18.1 26.3 45 71.3 86.7 22
Other service categories 24.5 26.6 8 99.9 108.4 9
             
Balance of trade in services 19.9 60.3   105.1 100.6  

Value of exports of travel tripled between years
The total value of exports of services in the third quarter of 2021 increased by 70.5 billion ISK, or 75%, from the same period the year before, at current rates of exchange. The total exported value of travel in the third quarter of 2021 more than tripled compared with the same period the year before, increasing by 59.4 billion ISK. Exported value of transport services more than doubled in the third quarter of 2021, increasing by 22.8 billion ISK. However, the value of exports of other business services decreased by 11% compared with the third quarter of 2020. Decreased revenues from the exports of research and development services explain this decrease in exports of other business services.

For the period October 2020 to September 2021, the total value of exports of services was 430.4 billion ISK and decreased by 16.6 billion ISK, or 37%, compared with the 12 months prior at current rates of exchange. Decrease in exported value of travel in the same period was 14.7 billion ISK, or 10%. There was also a decrease in the exported value of transport services by 7% and exports of other business services by 9%. However, there was an increase in the value of exports of charges for the use of intellectual property by 29%, which can be explained by increased revenues in the pharmaceutical industry.

Value of imports of services decreased by 4% in 12-month comparison
The total value of imports of services in the third quarter of 2021 increased by 30.1 billion ISK, or 41% from the same period the year before, at current rates of exchange. The value of imported travel increased by 14.4 billion, or 87%, compared with the third quarter of 2020. The value of imported transportation services also increased considerably between years, by 5.4 billion ISK, or 37%. The value of imports of other business services increased by 8.2 billion ISK, or 45%. Increased imports of research and development services explain this increase in imports of other business services.

For the period October 2020 to September 2021, the total value of imports of services was 329.8 billion ISK and decreased by 12.1 billion ISK, or 4%, compared with the 12 months prior at current rates of exchange. The main reason behind this decrease in the value of imports of services is the decrease in imported value of travel by 35%. However, the imported value of transportation increased by 2%, while the imported value of other business services increased by 22%.

Deficit in balance of trade in goods and services 39,7 billion in the latest 12-month period
The value of exported goods in BOP* in the third quarter of 2021 was estimated 192.1 billion ISK and the value of imported goods 239.5 billion ISK. Hence, a deficit in the balance of trade in goods in BOP was estimated 47.4 billion ISK.

The total export of trade in goods and services was therefore estimated 356.2 billion ISK in the third quarter of 2021 compared with 246.9 billion in the same period the year before. Import of trade in goods and services was estimated 343.3 billion ISK in the third quarter of 2021 compared with 260 billion ISK in the same period in the previous year. The surplus of trade in goods and services was estimated 12.9 billion ISK in the third quarter of 2021 compared with a deficit of 13 billion ISK in the third quarter the year before.

In the latest 12-month period, the deficit in the balance of trade in goods and services was estimated 39.7 billion ISK compared with a surplus of 12.1 billion ISK for the previous 12 months.

The value of exports and imports of goods and services (billion ISK)
 3rd quarter 20203rd quarter 2021 %4th quarter 2019 -
3rd quarter 2020
4th quarter 2020 -
3rd quarter 2021
%
Exports of goods and services 246.9 356.2 44 1,063.6 1,145.7 8
Exports of goods 153.3 192.1 25 616.7 715.3 16
Exports of services 93.6 164.1 75 446.9 430.4 -4
Imports of goods and services 260.0 343.3 32 1,051.6 1,185.3 13
Imports of goods 186.2 239.5 29 709.7 855.6 21
Imports of services 73.7 103.8 41 341.8 329.8 -4
Balance of trade in goods and servi -13.0 12.9   12.1 -39.7  

Monthly trade in goods and services
Parallel to this publication, Statistics Iceland updates data for monthly trade in goods and services for the third quarter of 2021. In September 2021, total exports of trade in goods and services was estimated 118.2 billion ISK and total imports of trade in goods and services was estimated 114.7 billion ISK. The surplus of balance of trade in goods and services was therefore estimated 3.4 billion ISK in September 2021.

*According to Balance of Payments (BOP) and National Accounts (NA) standards.

Statistics
Trade in services
Trade in goods and services