Dear taran,
You can check the displacement map in the UV Mapping dialog window (select Tools > Mesh > View Mesh UV ), the texture is actually not completely black.
Displacement map records offsets in the scale of the model coordinates, if the model coordinates are small, then some programs can display Displacement map almost black (or almost white if the coordinates are large). This is done so that users have the opportunity to use real offsets, and not selected "by eye".
We can offer you to export the texture in *.tiff format (since *.jpg doesn't support 32-bit floating point) and use this texture file if necessary in a third-party texture editing program.