Balance of trade
January-August 2017, the value of exported goods from Iceland amounted to ISK 326,500 million fob and the value of imported goods amounted to ISK 440,900 million fob (ISK 470,100 million cif). Thus there was a trade deficit, calculated on fob value, of almost ISK 114,500 million as compared with a trade deficit of ISK 86,900 million in the same time the year before.

Exports
The total value of exports of goods January-August 2017 was ISK 32,900 million lower, or 9.2%, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 55.4% of total exported goods and their value was 0.2% higher than in the same period the year before, mainly because of aluminium. However the exports of medicine and medical products decreased. Marine products contributed 37.9% of the total exports and their value was 21% lower than in the same period the year before, mainly because of fresh fish and frozen fish fillets.

Imports
The total value of imports of goods January-August 2017 was ISK 5,300 million lower, or 1.2%, than in the same period the year before, at current rates of exchange. The import of industrial supplies, ships and passenger cars increased while the import of airplanes decreased.

 

The value of exports and imports January–August 2016 and 2017
  Million ISK at current exchange rate Change on prev.
  January- January– year at current
  August August exch. rates, %
  2016 2017 Jan.–August
       
Exports fob, total 359,424.5 326,481.4 -9.2
Marine products 156,832.9 123,855.4 -21.0
Agricultural products 10,256.5 12,817.9 25.0
Manufacturing products 180,494.7 180,904.9 0.2
Other products 11,840.4 8,903.2 -24.8
       
Imports fob, total 446,285.0 440,941.2 -1.2
Food and beverages 38,664.8 37,533.1 -2.9
Industrial supplies n.e.s. 113,961.1 118,425.9 3.9
Fuels and lubricants 46,365.3 46,093.0 -0.6
Capital goods (except for transport) 97,193.4 94,810.3 -2.5
Transport equipment 91,227.7 87,907.1 -3.6
Consumer goods n.e.s. 58,529.2 55,966.3 -4.4
Goods n.e.s. 343.6 205.5 -40.2
       
Balance of trade -86,860.5 -114,459.8 .

¹ Statistics Iceland does no longer publish trade in goods at constant exchange rates. The breakdown of trade in goods by currencies is available on Statistics Iceland’s website.

Monthly figures of external trade for current year are revised together with the release of figures for new months. Annual figures are published in the first half of the year after the end of the reference year. The figures are considered as final at that point of time.

Statistics