The value of exported services in the second quarter of 2025 is estimated at 254.8 billion ISK while the value of imported services is estimated at 193 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 61.8 billion ISK compared with a surplus of 65.7 billion ISK for the same period the year before. For the period July 2024 to June 2025, the surplus of balance of trade in services is estimated at 270.3 billion ISK compared with a surplus of 297.7 billion ISK in the 12 months prior.
Value of exports of services increased by 5% in the second quarter
The total value of exports of services in the second quarter of 2025 increased by 12.3 billion ISK, or 5%, from the same period the year before, at current rates of exchange. The total exported value of travel in the second quarter of 2025 increased by 10.2 billion ISK compared with the second quarter of 2024, or by 9%. Exported value of transport services increased by 2 billion ISK, or 3%. However, the exported value of other business services decreased by 27%.
For the period July 2024 to June 2025, the total value of exports of services was 1,015.3 billion ISK and Increased by 3% compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 7%, compared with the 12 months prior. There was also an increase in the exported value of transport services by 2%, while the exported value of other business services increased by 3%.
Value of imports of services increased by 9% in the second quarter
The total value of imports of services in the second quarter of 2025 increased by 16,3 billion ISK or 9%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 14%, compared with the second quarter of 2024. The imports of other business services also increased, by 19%, while the imported value of transportation services decreased by 3%.
For the period June 2024 to July 2025, the total value of imports of services was 745 billion ISK and increased by 9%, compared with the 12 months prior at current rates of exchange. The imported value of travel increased by 11% for the above-mentioned period. The imported value of other business services increased by 9% and the imported value of transportation by 3%.
Deficit in balance of trade in goods and services 73.4 billion in the second quarter
The value of exported goods in BOP* in the second quarter of 2025 is estimated at 231.9 billion ISK and the value of imported goods 367.1 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 135.2 billion ISK.
The total export of trade in goods and services is therefore estimated at 486.7 billion ISK in the second quarter of 2025 compared with 483.1 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 560.1 billion ISK in the second quarter of 2025 compared with 506 billion ISK in the same period in the previous year. The deficit of trade in goods and services is estimated at 73.4 billion ISK in the second quarter of 2025 compared with a deficit of 22.9 billion ISK in the second quarter the year before.
For the period July 2024 to June 2025, the deficit in the balance of trade in goods and services is estimated at 128.5 billion ISK compared with a deficit of 5.1 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 second quarter of 2025. In June 2025, total exports of trade in goods and services is estimated at 166.7 billion ISK and total imports of trade in goods and services is estimated at 166.3 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 0.5 billion ISK in June 2025.
Statistics
Trade in goods and services
Trade in services