Balance of trade in services
Export of services for the fourth quarter of 2017, according to preliminary figures, was 160,589 million ISK and the import of services 107,171 million ISK. Surplus of balance of trade in services in the fourth quarter of 2017 was 53,419 million ISK compared with 41,089 million ISK in the fourth quarter of 2016 at current exchange rates.
According to preliminary figures, the export of services for the year 2017 was 671,814 million ISK and the import of services 399,636 million ISK. The services trade surplus was therefore 272,179 million ISK in 2017 compared with 257,075 million ISK in 2016 at current exchange rates.
Export of services
The total value of export of services in 2017 was 25,361 million ISK higher than 2016 or 3.9% at current exchange rates. Exported value of travel was 323,157 million ISK and increased by 11.7% compared with 2016. Travel contributed 48.1% of total export of services in 2017. Exported value of transport services was 229,554 million ISK and increased by 5.2% since 2016. Value of other business services decreased by 30.6% compared to 2016.
Import of services
The total value of import of services in 2017 was 10,258 million ISK higher than the year before, or 2.6% at current exchange rate. The value of imported travel services was 177,061 million ISK and increased by 16.5% in 2017 compared to the year before. The value of other business services was 75,405 million ISK and decreased by 17.7% between 2016 and 2017.
| The value of exports and imports of services 2016 and 2017 | |||||
| Million ISK at current exchange rate | Change on prev. year | ||||
| 4th quarter | 1st–4th quarter | at current exch. rates, | |||
| 2016 | 2017 | 2016 | 2017 | % 1st –4th quarter | |
| Export of services | 139,230.7 | 160,589.3 | 646,453.2 | 671,814.3 | 3.9 |
| Transport | 45,929.8 | 47,696.8 | 218,140.4 | 229,554.0 | 5.2 |
| Travel | 54,554.7 | 61,715.3 | 289,337.9 | 323,156.6 | 11.7 |
| Other business services | 11,294.8 | 9,778.0 | 40,566.1 | 28,152.7 | -30.6 |
| Other service categories | 27,451.4 | 41,399.2 | 98,408.7 | 90,951.1 | -7.6 |
| Import of services | 98,141.8 | 107,170.5 | 389,378.0 | 399,635.6 | 2.6 |
| Transport | 15,728.3 | 16,097.2 | 64,318.8 | 63,172.7 | -1.8 |
| Travel | 41,191.9 | 47,538.4 | 152,026.2 | 177,060.8 | 16.5 |
| Other business services | 20,119.5 | 20,936.1 | 91,673.8 | 75,405.3 | -17.7 |
| Other service categories | 21,102.0 | 22,598.8 | 81,359.2 | 83,996.7 | 3.2 |
| Balance of trade in services | 41,088.9 | 53,418.9 | 257,075.1 | 272,178.8 | |
Final figures for the year 2017 will be published in September 2018.