Balance of trade
In 2017, export of services was nearly 675,783 million ISK and the import of services 404,385 million ISK. Therefore, the services trade surplus for the year was 271,397 million ISK compared with 257,004 million ISK in 2016.
Service Exports
Travel was the largest category of exports, accounting for 47.6% of total exports of services, showing an 11.2% increase from the year before at the current exchange rates. Transportation was the second largest category of exports accounting for 33.8% of total exports of services and increased by 4.7% from 2016 at current exchange rates. Together, travel and transportation was 81.4% of total export of services. EU was the largest trading partner with 46.5% of total export of services. The largest countries were the United States (28.7% of total) and the United Kingdom (11.6% of total)
Service Imports
Travel was also the largest category of service imports or 43.8% of total imports of services with an increase of 16.5% from 2016 at current exchange rates. The second largest was other business services, accounting for 19.3% of total imports of service and decreased by 14.9% from the previous year at current exchange rates. Thereof, operation leasing was the largest subcategory of other business services or 8.8% of total service imports. Transportation was the third largest or 16.3% of total imports of services and increased by 2.3% between years at current exchange rates. EU was the largest trading partner in 2017 with 68.9% of total import of services. The largest countries were the United States (16.9% of total) and the United Kingdom (16.0% of total)
More detailed categorization of trade in services by EBOPS classification and by country is available on the Statistics Iceland website.
| Trade in services 2016-2017 by EBOPS classification | ||||||
| 2016 | 2017 | Change between years % | ||||
| Export | Import | Export | Import | Export | Import | |
| Value in million ISK | ||||||
| Total | 646,382.5 | 389,378.0 | 675,782.6 | 404,385.3 | 4.5 | 3.9 |
| 1. Manufacturing services on physical inputs owned by others | 6,820.0 | 0.0 | 0.0 | 0.0 | -100.0 | |
| 2. Maintenance and repair services n.i.e. | 7,548.5 | 19,276.0 | 6,475.5 | 17,902.0 | -14.2 | -7.1 |
| 3. Transport | 218,140.4 | 64,318.8 | 228,366.3 | 65,780.6 | 4.7 | 2.3 |
| 4. Travel | 289,337.9 | 152,026.2 | 321,726.2 | 177,046.3 | 11.2 | 16.5 |
| 5. Construction | 1,992.5 | 3,354.3 | 2,763.0 | 3,515.9 | 38.7 | 4.8 |
| 6. Insurance and pension services | 1,876.8 | 4,287.4 | 1,722.1 | 4,320.7 | -8.2 | 0.8 |
| 7. Financial services | 14,643.6 | 8,238.7 | 17,526.4 | 7,403.6 | 19.7 | -10.1 |
| 8. Charges for the use of intellectual property n.i.e. | 22,609.3 | 12,664.6 | 26,995.1 | 12,369.7 | 19.4 | -2.3 |
| 9. Telecommunications, computer and information services | 33,502.6 | 23,485.2 | 32,391.7 | 27,974.2 | -3.3 | 19.1 |
| 10. Other business services | 40,566.1 | 91,673.8 | 31,138.7 | 77,992.1 | -23.2 | -14.9 |
| 11. Personal, cultural and recreational services | 6,809.8 | 7,957.5 | 4,303.5 | 8,094.4 | -36.8 | 1.7 |
| 12. Government goods and services n.i.e. | 2,534.9 | 1,870.7 | 2,374.2 | 1,985.7 | -6.3 | 6.1 |
| Trade in services 2016-2017 by market areas | ||||||
| 2016 | 2017 | Change between years % | ||||
| Export | Import | Export | Import | Export | Import | |
| Value in million ISK | ||||||
| Total | 646,382.5 | 389,378.0 | 675,782.6 | 404,385.3 | 4.5 | 3.9 |
| EU | 301,001.3 | 250,641.7 | 314,366.2 | 278,678.5 | 4.4 | 11.2 |
| United Kingdom | 75,944.4 | 59,739.1 | 78,683.8 | 64,582.8 | 3.6 | 8.1 |
| Germany | 44,756.1 | 17,698.0 | 45,757.9 | 18,101.8 | 2.2 | 2.3 |
| Denmark | 33,543.9 | 32,615.8 | 33,812.1 | 35,640.9 | 0.8 | 9.3 |
| Other EU Countries | 146,756.9 | 140,588.8 | 156,112.4 | 160,353.0 | 6.4 | 14.1 |
| EFTA | 44,061.3 | 24,364.3 | 34,509.2 | 19,879.7 | -21.7 | -18.4 |
| Other European Countries | 7,226.3 | 7,907.0 | 9,255.0 | 8,350.0 | 28.1 | 5.6 |
| United States | 175,411.9 | 75,915.1 | 194,192.6 | 68,501.0 | 10.7 | -9.8 |
| Asia | 58,119.3 | 14,431.8 | 57,583.0 | 13,669.4 | -0.9 | -5.3 |
| Other Countries | 60,562.4 | 16,118.1 | 65,876.6 | 15,306.7 | 8.8 | -5.0 |