New manuals 2014 Effects on trade in goods and services Auður Ólína Svavarsdóttir Nordic meeting, Faroe Islands, September 2014

Trade in goods IMTS 2010 One major change: Bunkers, stores, ballast and dunnage that are acquired by national aircraft and vessels outside the economic territory of the compiling country … are in the scope of IMTS 2010 for imports and should be recorded where economically or environmentally significant. Purchaces of fuels outside IS has been collected in the trade in services questionnaire and previously included in trade in services (!) Other changes have less impact – include in September 2015

Trade in goods (cont.) Effect 2013 ISK Billion ExportsImportsBalance Trade in goods before = fuels29.1 = Trade in goods after = 58% of before

Trade in services MSITS FISIM + Manufacturing services on physical imputs owned by others - Merchanting - Fuels purchased abroad by domestic ships and aircrafts

Trade in services (cont.) Effect 2013 Billion ISKExportsImportBalance Trade in services before FISIM Manufacturing services on physical inputs owned by others Merchanting Fuels purchased aboad by domestic ships and aircrafts 29.1 = Trade in services after = +95.1% more than before

Trade in goods in BOP Trade in goods published by Statistics Iceland + Smuglery -Goods for processing, no change in ownership -Returned goods -Non-monetary gold = General merhcandise on a BOP basis

Trade in goods in BOP (cont.) Goods = General merchandise on a BOP basis + Merchanting + Non monetary gold

Trade in goods in BOP (cont.) Effect 2013ExportsImportsBalance Trade of goods published by Statistics Iceland Smuglery Goods for processing without change in ownership Returned goods Non-monetary gold 0.0 = General merchandise on a BOP basis

Trade in goods in BOP (cont.) Effects 2013 Billion ISKExportsImportsBalance Goods General merchandise on BOP basis Merchanting Non-monetary gold0.0

Trade in goods and services Trade in goods and services before 1, Trade in goods and services after 1, = + 7.6%

Exports of goods and services, before and after (billion ISK).

Balance of trade in goods and services, before and after (billion ISK).

Response from users Economic forecast unit at the CB Quote: „We are devastated!“

Thank you! Questions?