In 2022, the value of exports of services was 759.7 billion ISK and the imports of services 563.2 billion ISK. Therefore, the services trade surplus for the year was 196.5 billion ISK compared with a surplus of 76 billion ISK in 2021 at current exchange rates.
Exports of travel services more than doubled between years
The total value of exports for 2022 was 314.5 billion ISK higher than in 2021 at current rates of exchange, or 71%. The increase in exports of services is mainly due to an increase in exports of travel and transportation. The value of exported travel was estimated to be 336.2 billion ISK in 2022 and more than doubled compared with 2021. The value of exported transportation was estimated to be 223.9 billion ISK in 2022 and increased by 86% compared with 2021.
The same goes for the value of exports of telecommunications, computer and information services and other business services. The exported value of telecommunications, computer and information services was 65.7 billion ISK in 2022 and increased by 24% between years. The exported value of other business services was 70 billion ISK in 2022 and increased by 18% between years.
The export of services to the United States was 245.6 billion ISK in 2022. The export to the United States increased by 89% between years at current exchange rates. This increase in exports to the United States is mainly due to increase in the number of tourists from the United States in Iceland in 2022 compared with 2021 which effects both travel and transportation (passenger transport by air). The export of services to the United Kingdom was 75.4 billion ISK and increased by 54% from the year before. At the same time export of services to Germany was 61.9 billion and increased by 81% from the year before.
Imports of services increased by 53% between years
The total value of imports for 2022 was 194 billion ISK higher, or 53%, than in 2021 at current rates of exchange. The value of imports of travel was 204.9 billion ISK in 2022 and more than double compared with 2021. The value of imports of transportation was 108.4 billion ISK in 2022 and increased by 44% compared with the year before. The value of imports of other business services was 104.9 billion ISK in 2022 and increased by 31% compared with the year before.
The largest trading partners, with regards to import of services in 2022, were as before the United States and the United Kingdom. The imports of services from the United States in 2022 was 72.5 billion ISK and increased by 53% between years. At the same time, imports of services from the United Kingdom was 62.7 billion ISK and increased by 38%. The third largest trading partner with regards to imports of services was the Netherlands. Imports of services from the Netherlands increased by 29% between 2022 and 2021.
More detailed categorisation of trade in services by EBOPS classification and by countries is available on the Statistics Iceland website.