The value of exported services in the third quarter of 2025 is estimated at 331.8 billion ISK while the value of imported services is estimated at 194.4 billion ISK. Therefore, the surplus in the balance of trade in services is estimated at 137.4 billion ISK compared with a surplus of 131.7 billion ISK for the same period the year before. For the period October 2024 to September 2025, the surplus of balance of trade in services is estimated at 267.1 billion ISK compared with a surplus of 280.8 billion ISK in the 12 months prior.
Value of exports of services increased by 3% in the third quarter
The total value of exports of services in the third quarter of 2025 increased by 10.9 billion ISK, or 3%, from the same period the year before, at current rates of exchange. The total exported value of travel in the third quarter of 2025 increased by 5.7 billion ISK compared with the third quarter of 2024, or by 3%. Exported value of transport services decreased by 5 billion ISK, or 5%. The exported value of other business services decreased by 2%.
For the period October 2024 to September 2025, the total value of exports of services was 1,017.1 billion ISK and increased by 3% compared with the 12 months prior at current rates of exchange. Increase in exported value of travel in the same period was 6%, compared with the 12 months prior. There was also an increase in the exported value of transport services by 1%, while the exported value of other business services decreased by 5%.
Value of imports of services increased by 3% in the third quarter
The total value of imports of services in the third quarter of 2025 increased by 5,2 billion ISK or 3%, from the same period the year before, at current rates of exchange. The value of imported travel increased by 11%, compared with the third quarter of 2024. The imports of other business services decreased, by 2%, while the imported value of transportation services remained the same.
For the period October 2024 to September 2025, the total value of imports of services was 750 billion ISK and increased by 6%, compared with the 12 months prior at current rates of exchange. The imported value of travel increased by 11% for the above-mentioned period. The imported value of other business services increased by 4% and the imported value of transportation increased by 2%.
Deficit in balance of trade in goods and services 35.8 billion in the third quarter
The value of exported goods in BOP* in the third quarter of 2025 is estimated at 219.7 billion ISK and the value of imported goods 321.3 billion ISK. Hence, a deficit in the balance of trade in goods in BOP is estimated at 101.6 billion ISK.
The total export of trade in goods and services is therefore estimated at 551.5 billion ISK in the third quarter of 2025 compared with 560.2 billion ISK in the same period the year before. Import of trade in goods and services is estimated at 515.7 billion ISK in the third quarter of 2025 compared with 503.6 billion ISK in the same period in the previous year. The deficit of trade in goods and services is estimated at 35.8 billion ISK in the third quarter of 2025 compared with a deficit of 56.6 billion ISK in the third quarter the year before.
For the period October 2024 to September 2025, the deficit in the balance of trade in goods and services is estimated at 141.9 billion ISK compared with a deficit of 24.5 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 third quarter of 2025. In September 2025, total exports of trade in goods and services are estimated at 171.8 billion ISK and total imports of trade in goods and services is estimated at 179.4 billion ISK. The deficit of balance of trade in goods and services is therefore estimated at 7.6 billion ISK in September 2025.
Revision of previously published figures
During the processing of the results for the third quarter, discrepancies were identified in administrative data that form the basis for calculating external trade in goods and services. Further examination, based on discussions with major exporting companies, revealed that previously published figures for goods and services exports needed to be revised back to 2023. This revision primarily affects trade in goods in such a way that goods exports in the balance of payments decrease by 6 billion ISK in 2023, by 3.8 billion ISK in 2024, but increase by 11.2 billion ISK in the first two quarters of 2025. Likewise, service imports increase by 1.7 billion ISK for 2023, by 5.5 billion ISK in 2024, but decrease by 4.1 billion ISK in the first two quarters of 2025. Service exports also decrease by 9.1 billion ISK in the first two quarters of 2025 due to this revision.
Statistics
Trade in goods and services
Trade in services