Balance of trade
In 2015, the value of exported goods from Iceland amounted to ISK 626,300 million fob and the value of imported goods amounted to ISK 656,600 million fob (ISK 700,300 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 30,300 million compared with a trade surplus of ISK 4,200 million in 2014, at current rates of exchange1, according to preliminary figures.
Exports
The total value of exports of goods in 2015 was ISK 35,800 million higher, or 6.1%, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 52.9% of total exported goods and their value was 6.8% higher than in the same period the year before, mainly due to aluminium. Marine products contributed 42.2% of the total exports and their value was 8.5% higher than in the same period the year before, mainly because of fish meal, while the exports of whole frozen fish decreased.
Imports
The total value of imports of goods in 2015 was ISK 70,300 million higher, or 12.0%, than in the same period the year before, at current rates of exchange, mainly because of industrial supplies and aircraft, while the imports of fuels decreased.
| The value of exports and imports January-December 2015 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January- | January- | year at current | |
| December | December | exch. rates, % | |
| 2014 | 2015 | Jan.-December | |
| Exports fob, total | 590,501.7 | 626,265.7 | 6.1 |
| Marine products | 243,956.3 | 264,592.6 | 8.5 |
| Agricultural products | 11,691.8 | 13,460.2 | 15.1 |
| Manufacturing products | 309,989.6 | 331,108.2 | 6.8 |
| Other products | 24,864.0 | 17,104.7 | -31.2 |
| Imports fob, total | 586,251.8 | 656,564.4 | 12.0 |
| Food and beverages | 54,749.1 | 65,196.8 | 19.1 |
| Industrial supplies n.e.s. | 159,919.3 | 184,739.1 | 15.5 |
| Fuels and lubricants | 103,148.5 | 83,129.8 | -19.4 |
| Capital goods (except for transport) | 124,173.9 | 137,343.1 | 10.6 |
| Transport equipment | 68,003.7 | 103,365.5 | 52.0 |
| Consumer goods n.e.s. | 74,226.1 | 81,552.1 | 9.9 |
| Goods n.e.s. | 2,031.2 | 1,239.0 | -39.0 |
| Balance of trade | 4,249.9 | -30,299.7 | · |
¹Statistics 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.