Balance of trade
The value of exported goods from Iceland amounted to ISK 474,600 million fob and the value of imported goods amounted to ISK 626,400 million fob (ISK 667,600 million cif), in January-November 2017. Thus there was a trade deficit, calculated on fob value, of nearly ISK 151,900 million compared with a trade deficit of ISK 100,200 million in the same period the year before.
The total value of exports of goods in January-November 2017 was ISK 21,400 million lower (4.3%), than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 53.7% of total exported goods and their value was 3.3% higher than in the same period the year before, mainly because of aluminum exports. However, exports of medicine and medical products decreased. Marine products contributed 38.6% of the total exports and their value was 15.6% lower than in the same period the year before, mainly because of a drop in frozen fish fillets and fresh fish exports.
The total value of imports of goods in January-November 2017 was ISK 30,300 million higher (5.1%), than in the same period the year before, at current rates of exchange. The import of ships, industrial supplies, and passenger cars increased while the import of airplanes decreased.
|The value of exports and imports January–November 2016 and 2017|
|Million ISK at current exchange rate||Change on prev.|
|January-||January–||year at current|
|November||November||exch. rates, %|
|Exports fob, total||495,929.1||474,551.4||-4.3|
|Imports fob, total||596,160.0||626,445.0||5.1|
|Food and beverages||53,356.4||52,577.3||-1.5|
|Industrial supplies n.e.s.||154,643.0||166,643.3||7.8|
|Fuels and lubricants||64,342.4||73,203.1||13.8|
|Capital goods (except for transport)||130,521.4||135,741.3||4.0|
|Consumer goods n.e.s.||81,150.2||82,619.7||1.8|
|Balance of trade||-100,230.9||-151,893.7||.|
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.