NEWS RELEASE EXTERNAL TRADE 01 MARCH 2016

According to preliminary figures¹, the export of services for the year 2015 was 562,466 million ISK but the import of services 371,780 million ISK. The services trade surplus was therefore 190,686 million ISK in 2015 but the surplus in 2014 was 134,643 million ISK at current exchange rates. There of the surplus of transport was 141,172 million ISK and the surplus of travel was 77,028 million ISK in 2015. However, there was a deficit of other business service of 60,043 million ISK in 2015.

Export of services for the fourth quarter of 2015, according to preliminary figures, was 120,654 million ISK and the import of services 99,410 million ISK. Therefore, the services trade surplus in the fourth quarter of 2015 was 21,244 million ISK but the surplus in the fourth quarter of 2014 was 10,990 million ISK at current exchange rates. Transport was the largest category within export of services and the surplus of transport was 25,924 million ISK. Travel services were the largest category within imports of services and the surplus 583 million ISK. Deficit of other business service was 13,407 million ISK.

Figures for financial intermediation services indirectly measured (FISIM) have been revised back to 2012. The revision for 2013-2015 is published in external trade in services.

External Trade in Services 2015          
  Total 1st quarter 2nd quarter 3rd quarter 4th quarter
Value in million ISK          
Export of services 562,466.0 100,656.1 151,934.8 189,221.2 120,653.9
1. Manufacturing services on physical inputs owned by others 17,956.5 6,278.5 5,080.6 3,448.1 3,149.3
2. Maintenance and repair services n.i.e. 6,177.0 1,312.0 1,357.5 1,620.6 1,887.0
3. Transport 204,316.4 36,650.4 53,250.4 73,175.3 41,240.3
4. Travel 208,350.6 30,801.9 54,790.5 86,407.8 36,350.3
5. Construction 2,256.5 256.6 573.5 1,167.9 258.4
6. Insurance and pension services 2,316.6 453.4 619.2 616.1 627.8
7. Financial services 16,528.9 4,070.8 4,129.3 4,017.7 4,311.0
8. Charges for the use of intellectual property n.ie. 31,009.6 4,445.5 15,114.5 2,468.6 8,981.0
9. Telecommunications, computer and information services 30,204.8 6,695.2 7,003.6 7,593.5 8,912.5
10. Other business services 37,666.2 8,375.0 8,562.5 7,274.3 13,454.3
11. Personal, cultural and recreational services 3,581.9 790.2 930.2 911.7 949.7
12. Government goods and services n.i.e. 2,101.1 526.5 522.8 519.6 532.2
           
Import of services 371,780.1 80,001.3 93,278.3 99,090.9 99,409.7
1. Manufacturing services on physical inputs owned by others 0.0 0.0 0.0 0.0 0.0
2. Maintenance and repair services n.i.e. 19,138.5 4,892.4 5,395.7 4,748.6 4,101.8
3. Transport 63,144.0 13,265.7 16,991.5 17,570.0 15,316.8
4. Travel 131,322.5 24,611.1 34,083.5 36,861.0 35,766.9
5. Construction 900.2 111.6 146.9 222.5 419.1
6. Insurance and pension services 4,803.4 1,541.9 1,096.2 1,195.8 969.5
7. Financial services 10,201.3 2,460.4 2,375.1 2,506.2 2,859.6
8. Charges for the use of intellectual property n.ie. 12,820.0 3,321.3 3,388.4 3,073.0 3,037.2
9. Telecommunications, computer and information services 23,105.1 6,213.7 4,907.9 4,877.6 7,105.8
10. Other business services 97,708.7 21,813.9 22,889.2 26,144.8 26,860.8
11. Personal, cultural and recreational services 6,768.1 1,422.0 1,401.2 1,563.7 2,381.3
12. Government goods and services n.i.e. 1,868.4 347.3 602.6 327.7 590.8
           
Balance of trade in services 190,685.8 20,654.8 58,656.5 90,130.3 21,244.2
1. Manufacturing services on physical inputs owned by others 17,956.5 6,278.5 5,080.6 3,448.1 3,149.3
2. Maintenance and repair services n.i.e. -12,961.5 -3,580.4 -4,038.3 -3,128.0 -2,214.8
3. Transport 141,172.4 23,384.7 36,258.9 55,605.3 25,923.5
4. Travel 77,028.0 6,190.8 20,707.0 49,546.9 583.4
5. Construction 1,356.4 145.0 426.6 945.5 -160.7
6. Insurance and pension services -2,486.9 -1,088.5 -477.0 -579.7 -341.7
7. Financial services 6,327.6 1,610.5 1,754.2 1,511.5 1,451.5
8. Charges for the use of intellectual property n.ie. 18,189.6 1,124.2 11,726.1 -604.5 5,943.8
9. Telecommunications, computer and information services 7,099.7 481.5 2,095.7 2,715.8 1,806.7
10. Other business services -60,042.5 -13,438.9 -14,326.6 -18,870.5 -13,406.5
11. Personal, cultural and recreational services -3,186.2 -631.8 -470.9 -652.0 -1,431.5
12. Government goods and services n.i.e. 232.8 179.2 -79.7 191.9 -58.6

¹According to first indicators, revised figures for 2015, which will be published on 1 September 2016, will affect import of travel services.

Statistics

Further Information

For further information please contact 528 1156 , email utanrikisverslun@hagstofa.is

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