Friday - 20 February 2004
External trade January-December 2003
Balance of trade
The value of exported goods from Iceland January-December 2003 amounted to ISK 182,600 million while the value of imports amounted to ISK 199,500 million fob. Thus, there was a trade deficit of 16,900 million as compared with a trade surplus of 12,500 million in January-December 2002, at fixed rates of exchange1.
The total value of exports of goods January-December 2003 showed a decrease of 12,000 million or 6% lower at constant rates of exchange than the year before. Marine products constituted 62% of total exports, 7% lower than in 2002. The largest exports items within marine products in 2003 included frozen fish fillets and salted and/or dried fish. The decrease in exports was mainly caused by fishmeal, frozen fish and salted and/or dried fish. The value of manufacturing products accounted for 34% of the total exports, a value decrease of 3%. The largest export items in this group of commodities were aluminium, which also mainly caused the decrease in manufacturing products.
The total value of imports of goods January-December 2003 showed an increase of 17,400 million or 10% higher than in the last year, at fixed rates of exchange. The largest import items in 2003 included industrial supplies, capital goods and consumer goods (other than food and beverages). Of individual import items the largest increase occurred in capital goods.