Balance of trade
The value of exported goods from Iceland amounted to over ISK 480,100 million fob and the value of imported goods amounted to almost ISK 494,800 million fob (ISK 528,200 million cif) in the first nine months of 2015. Thus there was a trade deficit, calculated on fob value, of ISK 14,700 million as compared with a trade deficit of ISK 15,300 million in the first nine months of 2014, at current rates of exchange¹.
The total value of exports of goods the first nine months of 2015 was ISK 50,700 million or 11.8% higher at current rates of exchange than in the same period the year before. Exported manufacturing products contributed to 53.5% of total exported goods and their value was 16.2% higher than in the same period the year before, mainly due to aluminium and aluminium products. Marine products contributed to 41.9% of the total exports and their value was 12.1% higher than in the same period the year before, mainly because of fish meal.
The total value of imports of goods in the first nine months of 2015 was ISK 50,100 million or 11.3% higher at current rates of exchange than in the same period the year before, mainly because of industrial supplies and aircraft. However, the imports of fuels decreased.
|The value of exports and imports January-September 2015|
|Million ISK at current exchange rate||Change on prev.|
|January-||January-||year at current|
|September||September||exch. rates, %|
|Exports fob, total||429,382.0||480,120.9||11.8|
|Imports fob, total||444,714.8||494,845.9||11.3|
|Food and beverages||40,938.7||51,092.6||24.8|
|Industrial supplies n.e.s.||119,720.2||145,253.4||21.3|
|Fuels and lubricants||81,592.7||65,756.4||-19.4|
|Capital goods (except for transport)||92,137.7||98,737.1||7.2|
|Consumer goods n.e.s.||53,073.2||59,195.4||11.5|
|Balance of trade||-15,332.8||-14,725.0||.|
¹ Statistics Iceland does no longer publish trade in goods at constant exchange rates. On Statistics Iceland website is available table of the breakdown of trade in goods by currencies.
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.