In 2023, the value of exports of services amounted to 938.8 billion ISK and the imports of services 630.2 billion ISK. This resulted in a services trade surplus of 308.6 billion ISK compared with a surplus of 196.5 billion ISK in 2022 at current exchange rates.
Exports of services increased by 24% between years
The total value of exports for 2023 was 179.2 billion ISK higher than in 2022, representing a 24% increase at current rates of exchange. This increase in exports of services is largely attributed to a rise in travel and transportation exports. The value of exported travel was estimated at 430.4 billion ISK in 2023, marking a 28% increase compared with 2022. Transportation exports were valued at 280.3 billion ISK in 2023, reflecting a 25% increase from the previous year, primarily driven by the rise in passenger transport by air. Similarly, exports of telecommunications, computer and information services and other business services also saw significant growth.
Telecommunications, computer and information services exports were valued at 74.8 billion ISK in 2023, a 14% increase from the previous year, while other business services exports were valued at 77.5 billion ISK, up by 11% from the previous year.
In 2023, service exports to the United States amounted to 306 billion ISK, marking a 24% increase compared with the previous year at current exchange rates. This growth is primarily driven by exports in passenger transport by air and travel services. Service exports to the United Kingdom amounted to 98.2 billion ISK, a 30% increase from the previous year, largely due to a rise in the value of exported computer services. Meanwhile, service exports to Germany totaled 64.8 billion ISK, reflecting a 4% increase from the previous year.
Imports of services increased by 12% between years
In 2023, the total value of imports of services was 67 billion ISK higher than in 2022, representing a 12% increase at current exchange rates. Travel imports were valued at 225.1 billion ISK in 2023, reflecting a 10% increase compared to 2022. Transportation imports amounted to 120 billion ISK, 11% increase from the previous year. Similarly, imports of other business services grew by 21%, while imports of telecommunications, computer and information services increased by 23% from the previous year.
The Unted States and the United Kingdom remained the largest trading partners for service imports in 2023. Imports of services from the United States totaled 77.9 billion ISK, a 7% increase from the previous year. Imports from the United Kingdom amounted to 73 billion ISK, up 16% from the previous year. The Netherlands ranked as the third-largest trading partner for service imports, with a 13% increase in imports between 2022 and 2023.
More detailed categorisation of trade in services by EBOPS classification and by countries is available on the Statistics Iceland website.