In 2016, export of services was 646.453 million ISK and the import of services 389.378 million ISK. Therefore, the services trade surplus was 257.075 million ISK compared to 199.384 million ISK in 2015.
Travel was the largest category of exports, accounting for 289.338 million ISK or 44.8 % of total exports of services. In the year 2015 exports of travel was 213.346 million ISK at current exchange rates. Transportation was the second largest category of exports accounting for 218.140 million ISK or 33.7% of total exports of services in 2016. In 2015 export of transportation was 205,005 million ISK at current exchange rates. Export of other business services was the third largest category accounting for 40.566 million ISK or 6.3% of total exports of services in 2016. In 2015 other business services was 40.054 million ISK at current exchange rates.
In 2016, the largest category of imports was travel, accounting for 152.026 million ISK or 39% of total imports of services. In 2015 import of travel was 131.408 million ISK at current exchange rates. Next in line with travel came other business services, accounting for 91.674 million ISK or 23.5 % of total imports. The largest category within other business services was operational leasing services. In 2015 other business services was 100.113 million ISK at current exchange rates. Third largest category of imports was transportation, accounting for 64.319 million ISK or 16.5% of total imports of services in 2016. In 2015 transport was 65.730 million ISK at current exchange rates.
There was a surplus of 153.822 million ISK of transportation and 137.312 million ISK of travel in 2016. However there was a 51.108 million ISK deficit of other business services in 2016. In 2015 there was a surplus of 139.274 million ISK of transportation and 81.938 million ISK surplus of travel at current exchange rates. The deficit of other business services in 2015 was 60.059 million ISK at current exchange rates.
EU was the largest trading partner in 2016, both with regards to exports and imports of services. 46% of total exports of services were sold to EU and 64.4 % of total imports of services were bought from EU. Therefore the trade surplus with EU was 50.360 million ISK. The two largest trading countries in both exports and imports of services, like the year before, were United States and United Kingdom.
More detailed categorization of trade in services by EBOPS classification and by countries is available on Statistics Iceland website.
|Trade in services by EBOPS classification 2016|
|Value in million ISK|
|1. Manufacturing services on physical inputs owned by others||6,820.0||1.1||0.0||0.0||6,820.0|
|2. Maintenance and repair services n.i.e.||7,548.5||1.2||19,276.0||5.0||-11,727.4|
|6. Insurance and pension services||1,876.8||0.3||4,287.4||1.1||-2,410.6|
|7. Financial services||14,714.3||2.3||8,463.5||2.2||6,250.8|
|8. Charges for the use of intellectual property n.i.e.||22,609.3||3.5||12,664.6||3.3||9,944.7|
|9. Telecommunications, computer and information services||33,502.6||5.2||23,485.2||6.0||10,017.4|
|10. Other business services||40,566.1||6.3||91,673.8||23.5||-51,107.7|
|11. Personal, cultural and recreational services||6,809.8||1.1||7,957.5||2.0||-1,147.7|
|12. Government goods and services n.i.e.||2,534.9||0.4||1,870.7||0.5||664.2|
|Trade in services by market areas 2016|
|Value in million ISK|
|Other European countries||7,226.3||1.1||7,907.0||2.0||-680.6|
|Not specified by countries||5,966.2||0.9||2,737.7||0.7||3,228.5|