In 2024, the value of exports of services amounted to 982.7 billion ISK and the imports of services 712.5 billion ISK. This resulted in a services trade surplus of 270.2 billion ISK compared with a surplus of 325.9 billion ISK in 2023 at current exchange rates.
No change in service exports compared with last year
The total value of service exports in 2024 was 0.3 billion ISK lower than in 2023, remaining virtually unchanged at current exchange rates. The strongest growth was recorded in travel services, which were valued at an estimated 447.8 billion ISK in 2024—an increase of 4% compared with the previous year. In contrast, exports of charges for the use of intellectual property declined by 33%.
In 2024, service exports to the United States totalled 315.3 billion ISK, a 3% increase compared with the previous year at current exchange rates. Exports to the United Kingdom amounted to 86.1 billion ISK, down 13% from 2023. Meanwhile, service exports to Germany stood at 62.8 billion ISK, representing a 3% decline year-on-year.
Imports of services increased by 12% between years
In 2024, the total value of service imports was 55.4 billion ISK higher than in 2023, representing an 8% increase at current exchange rates. Travel imports were valued at 247.7 billion ISK, up 10% from the previous year. Transportation imports reached 125.3 billion ISK, a 4% increase year-on-year. Imports of telecommunications, computer, and information services grew by 13%, while imports of personal, cultural, and recreational services rose by 22% compared with 2023.
The Unted States and the United Kingdom remained the largest trading partners for service imports in 2024. Imports of services from the United States totalled 90.2 billion ISK, a 12% increase from the previous year. Imports from the United Kingdom amounted to 82 billion ISK, up 2% from the previous year. The Netherlands ranked as the third-largest trading partner for service imports, with a 10% increase in imports between 2023 and 2024.
More detailed categorisation of trade in services by EBOPS classification and by countries is available on the Statistics Iceland website.