The value of exported services in the fourth quarter of 2024 is estimated at 212.9 billion ISK while the value of imported services is estimated at 178.4 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 34.5 billion ISK compared with a surplus of 34.1 billion ISK for the same period the year before. For the period January 2024 to December 2024, the surplus of balance of trade in services is estimated at 261.7 billion ISK compared with a surplus of 295 billion ISK in the 12 months prior.
Value of exports of services increased by 6% in the fourth quarter
The total value of exports of services in the fourth quarter of 2024 increased by 11.8 billion ISK, or 6%, from the same period the year before, at current rates of exchange. The total exported value of travel in the fourth quarter of 2024 increased by 7 billion ISK compared with the fourth quarter of 2023, or by 9%. Exported value of transport services increased by 2.9 billion ISK, or 5%, and the exported value of telecommunication, computer and information services increased by 3% compared with the same period the previous year. However, the exported value of other business services decreased by 2%.
For the period January 2024 to December 2024, the total value of exports of services was 951.8 billion ISK and increased by 1% compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 4%, compared with the 12 months prior. However, there was a decrease in the exported value of transport services by 1%, while the exported value of other business remained about the same.
Value of imports of services increased by 7% in the fourth quarter
The total value of imports of services in the fourth quarter of 2024 increased by 11,4 billion ISK or 7%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 8%, compared with the fourth quarter of 2023. The imports of other business services also increased, by 9%, as well as imported transportation services, by 6%.
For the period January 2024 to December 2024, the total value of imports of services was 690.1 billion ISK and increased by 7%, compared with the 12 months prior at current rates of exchange. The main reason for this increase in the value of imports of services is the 7% increase in the imported value of travel and the 6% increase of other business services. There was also an increase in the imported value of transportation by 4%.
Deficit in balance of trade in goods and services 69.6 billion in the fourth quarter The value of exported goods in BOP* in the fourth quarter of 2024 is estimated at 260.1 billion ISK and the value of imported goods 364.2 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 104.1 billion ISK.
The total export of trade in goods and services is therefore estimated at 473 billion ISK in the fourth quarter of 2024 compared with 441.6 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 542.6 billion ISK in the fourth quarter of 2023 compared with 485.2 billion ISK in the same period in the previous year. The deficit of trade in goods and services is estimated at 69.6 billion ISK in the fourth quarter of 2024 compared with a deficit of 43.6 billion ISK in the fourth quarter the year before.
For the period January 2024 to December 2024, the deficit in the balance of trade in goods and services is estimated at 52.8 billion ISK compared with a surplus of 6.7 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 fourth quarter of 2024. In December 2024, total exports of trade in goods and services is estimated at 151.9 billion ISK and total imports of trade in goods and services is estimated at 183.5 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 31,6 billion ISK in December 2024.