Information about trade in goods have been updated in this news release due to new information from preliminary customs reports. Figures for trade in goods were updated for the years 2020-2023.
The value of exported services in the fourth quarter of 2023 is estimated at 188.3 billion ISK while the value of imported services is estimated at 159.8 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 28.5 billion ISK compared with a surplus of 28.3 billion ISK for the same period the year before. For the period January 2023 to December 2023, the surplus of balance of trade in services is estimated at 288.3 billion ISK compared with a surplus of 196.5 billion ISK in the 12 months prior.
Value of exports of services increased by 20% in a 12-month comparison
The total value of exports of services in the fourth quarter of 2023 increased by 2.7 billion ISK, or 1%, from the same period the year before, at current rates of exchange. The total exported value of travel in the fourth quarter of 2023 increased by 6.6 billion ISK compared with the fourth quarter of 2022, or by 9%. Exported value of transport services increased by 4.6 billion ISK, or 9% compared with the same period the previous year. The exported value of other business services however decreased by 18%.
For the period January 2023 to December 2023, the total value of exports of services was 911.5 billion ISK and increased by 20% compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 26%, compared with the 12 months prior. There was also an increase in the exported value of transport services by 24% and increase in the exported value of other business services by 9%.
Value of imports of services increased by 11% in a 12-month comparison
The total value of imports of services in the fourth quarter of 2023 increased by 2.5 billion ISK or 2%, from the same period the year before, at current rates of exchange. The value of imported travel decreased by 3%, compared with the fourth quarter of 2022. However, the value of imported transportation services increased between years, by 1%. The value of imports of other business services increased by 2% compared with the same period last year.
For the period January 2023 to December 2023, the total value of imports of services was 623.2 billion ISK and increased by 11%, 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 other business services by 23%. There was also an increase in the imported value of transportation by 11% and the same goes for imported value of travel which increased by 7%.
Deficit in balance of trade in goods and services 2.2 billion in the fourth quarter
The value of exported goods in BOP* in the fourth quarter of 2023 is estimated at 241.1 billion ISK and the value of imported goods 318.6 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 77.5 billion ISK.
The total export of trade in goods and services is therefore estimated at 429.4 billion ISK in the fourth quarter of 2023 compared with 448.5 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 478.5 billion ISK in the fourth quarter of 2023 compared with 502.1 billion ISK in the same period in the previous year. The deficit of trade in goods and services is estimated at 49 billion ISK in the fourth quarter of 2023 compared with a deficit of 53.7 billion ISK in the fourth quarter the year before.
For the period January 2023 to December 2023, the deficit in the balance of trade in goods and services is estimated at 2.2 billion ISK compared with a deficit of 6.3 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 fourth quarter of 2023. In December 2023, total exports of trade in goods and services is estimated at 128.3 billion ISK and total imports of trade in goods and services is estimated at 147.5 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 19.3 billion ISK in December 2023.
*According to Balance of Payments (BOP) and National Accounts (NA) standards.
Statistics
Trade in goods and services
Trade in services