In 2021, the value of exports of services was 474.4 billion ISK and the imports of services 373 billion ISK. Therefore, the services trade surplus for the year was 101.4 billion ISK compared with a surplus of 69.3 billion ISK in 2020 at current exchange rates.
Exports of travel services almost doubled between years
The total value of exports for 2021 was 95.6 billion ISK higher than in 2020 at current rates of exchange, or 25%. The increase in exports of services is mainly due to increase in exports of travel and transportation as the impacts of the Covid-19 pandemic decreased somewhat in 2021. The value of exported travel was estimated 165.4 billion ISK in 2021 and increased by 91% compared with 2020. The value of exported transportation was estimated 120.4 billion ISK in 2021 and increased by 31% compared with 2020.
However, there was a decrease in exports of charges for the use of intellectual property and exports of other business services between years. The exported value of charges for the use of intellectual property was 36.6 billion ISK in 2021 and decreased by 29% between years. This decrease in the exported value of charges for the use of intellectual property is explained by decreased revenues in the pharmaceutical industry. The exported value of other business services was 60.7 billion ISK in 2021 and decreased by 6% between years. This decrease in exports of other business services is mainly due to a decrease in exports of research and development services.
The export of services to the United States was 130.2 billion ISK in 2021. The export to the United States increased by 70% 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 2021 compared with 2020. The exports of services to the United Kingdom was 48.9 billion ISK and remained almost unchanged from the year before. At the same time export of services to Germany was 34.4 billion and increased by 13% from the year before.
Imports of services increased by 21% between years
The total value of imports for 2021 was 63.5 billion ISK higher, or 21%, than in 2020 at current rates of exchange. The value of imports of travel was 96.3 billion ISK in 2021 and increased by 36% compared with 2020. The value of imports of transportation was 75.1 billion ISK in 2021 and increased by 23% compared with the year before. The value of imports of other business services was 85.6 billion ISK in 2021 and increased by 12% compared with the year before. The increase in the imported value of other business services can be explained by an increase in the imported value of professional, management and consulting services.
The largest trading partners, with regards to import of services, were the United States and the United Kingdom in 2021. The imports of services from the United States in 2021 was 45.6 billion ISK and increased by 7% between years. At the same time imports of services from the United Kingdom was 45.2 billion ISK and increased by 24%. The third largest trading partner with regards to imports of services was the Netherlands. Imports of services from the Netherlands increased by 26% between 2021 and 2020.
More detailed categorisation of trade in services by EBOPS classification and by countries is available on the Statistics Iceland website.