Tuesday - 31 January 2012
104,500 million ISK surplus of external trade of goods in 2011 according to preliminary figures
Please not that this press release is no longer valid. A corrected version has been published in its place.
Balance of trade of goods
According to preliminary figures for the year 2011, the value of exported goods from Iceland amounted to ISK 626,400 million fob and the value of imported goods amounted to ISK 521,900 million fob (ISK 560,600 million cif). Thus there was a trade surplus for the year 2011, calculated on fob value, of ISK 104,500 million as compared with trade surplus of ISK 119,900 million in 2010, at fixed rates of exchange¹.
The preliminary figures for 2011 have been corrected for trade in ships and aircrafts.
Exports of goods
The total value of exported goods in 2011 was 11.9% higher than in the previous year at fixed rate of exchange, according to the preliminary figures. Manufacturing products were 53.6% of the total export, 8.2% higher than in the previous year. The largest share of exported manufacturing products was aluminium and aluminium products, which also contributed the most to the increase of manufacturing products from 2010. Marine products were 40.2% of total exported goods, and their value was 14.4% higher than in 2010. The largest item of exported marine products was frozen fish fillets, but the largest increase resulted from increased exports of whole frozen fish.
Imports of goods
Preliminary figures for the total value of imports of goods in 2011 were 18.7% higher at constant rates of exchange than in 2010. Largest import items were industrial supplies which made up 31.7% of all imports and capital goods with 21.9% share. Of individual items the largest increase was in the imports of industrial supplies and fuels and lubricants.
|Balance of trade in December 2011|
|Change on previous year at constant exchange rates, % January-December|
|Million ISK at fixed exchange rate|
|Exports fob, total||52,880||60,360||559,574||626,396||11.9|
|Imports fob, total||38,269||53,447||439,675||521,938||18.7|
|Balance of trade||14,611||6,913||119,899||104,458||·|
|The value of exports and imports January-December 2010 and 2011|
|Change on previous year at constant exchange rates 1) % January-December|
|Million ISK at current exchange rate|
|Exports fob, total||561,032.2||626,396.1||11.9|
|Imports fob, total||440,820.9||521,938.0||18.7|
|Food and beverages||42,754.3||47,951.8||12.5|
|Industrial supplies n.e.s.||145,311.0||165,229.0||14.0|
|Fuels and lubricants||57,723.7||76,236.0||32.4|
|Capital goods (except for transport)||99,823.3||114,331.6||14.8|
|Consumer goods n.e.s.||64,732.3||68,557.9||6.2|
|Balance of trade||120,211.2||104,458.1||.|
¹Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year -0.3%. In December 2011, foreign currency prices were 4.9% higher than in December 2010.
Monthly figures of external trade for current year are revised together with the release of figures for new months. Final annual figures of the year 2011 will be published in April 2012.