Please note that this press release was corrected 1 September 2015 at 09:09

In 2014, export of services was 498,448 million ISK and the import of services 363,612 million ISK. Therefore, the services trade surplus for the year 2014 was 134,836 million ISK.

Transportation was the largest category of exports as the year before, accounting for 189,240 million ISK or 38% of total exports of services. In the year 2013 exports of transportation was 190,115 million ISK at current exchange rates. Travel was the second largest category of exports accounting for 159,050 million ISK or 31,9% of total exports of services in 2014. In 2013 export of travel was 130,772 million ISK at current exchange rates. Export of other business services was the third largest category accounting for 39,955 million ISK or 8% of total exports of services in 2014. In 2013 other business services was 38,228 million ISK at current exchange rates.

In 2014, the largest category of imports was travel, accounting for 113,594 million ISK or 31,2% of total imports of services. In 2013 import of travel was 103.453 million ISK at current exchange rates. Next in line with travel came other business services, accounting for 109,770 million ISK or 30,2% of total imports. The largest category within other business services was operational leasing services. In 2013 other business services was 98,972 million ISK at current exchange rates. Third largest category of imports was transportation, accounting for 58,531 million ISK or 16,1% of total imports of services in 2014. In 2013 transport was 59,813 million ISK at current exchange rates.

There was a surplus of 130,709 million ISK of transportation and 45,456 million ISK of travel in 2014. However there was a 69,815 million ISK deficit of other business services in 2014. In 2013 there was a surplus of 130,302 million ISK of transportation and 27,320 million ISK surplus of travel at current exchange rates. The deficit of other business services in 2013 was 60,744 million ISK at current exchange rates.

EU was the largest trading partner in 2014, both with regards to exports and imports of services. 47,9% of total exports of services were sold to EU and 61,2% of total imports of services were bought from EU. Therefore the trade surplus with EU was 16,159 million ISK. The three largest trading countries in both exports and imports of services, like the year before, were United States, Denmark 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 2014 by EBOPS classification 
  2014
  Exports % Imports % Balance
Value in million ISK          
Total 498,447.8 100.0 363,611.8 100.0 134,836.0
1. Manufacturing services on physical inputs owned by others 25,523.9 5.1 0.0 0.0 25,523.9
2. Maintenance and repair services n.i.e. 5,980.2 1.2 17,733.8 4.9 -11,753.6
3. Transport 189,240.4 38.0 58,531.0 16.1 130,709.4
4. Travel 159,049.6 31.9 113,594.1 31.2 45,455.5
5. Construction 3,571.7 0.7 765.7 0.2 2,805.9
6. Insurance and pension services 2,714.4 0.5 5,301.7 1.5 -2,587.3
7. Financial services 19,248.2 3.9 15,022.5 4.1 4,225.7
8. Charges for the use of intellectual property n.i.e. 18,744.6 3.8 13,826.4 3.8 4,918.2
9. Telecommunications, computer and information services 25,925.6 5.2 20,573.7 5.7 5,351.8
10. Other business services 39,955.3 8.0 109,769.9 30.2 -69,814.6
11. Personal, cultural and recreational services 5,206.3 1.0 6,213.0 1.7 -1,006.7
12. Government goods and services n.i.e. 3,287.5 0.7 2,279.9 0.6 1,007.6
Trade in services 2014 by market areas          
  2014
  Exports % Imports % Balance
Value in million ISK          
World 498,447.8 100.0 363,611.8 100.0 134,836.0
EU 238,654.6 47.9 222,482.3 61.2 16,172.2
EFTA 63,108.7 12.7 26,606.6 7.3 36,502.1
Other European countries 12,208.4 2.4 6,768.6 1.9 5,439.9
USA 83,543.7 16.8 70,004.6 19.3 13,539.0
Canada 19,440.0 3.9 4,481.3 1.2 14,958.7
Other countries 66,757.3 13.4 22,192.6 6.1 44,564.7
Not specified by countries 14,735.2 3.0 11,075.9 3.0 3,659.3

Statistics