The value of exported goods amounted to 58.6 billion ISK fob according to preliminary figures for December 2020 while the value of imported goods amounted to 57.6 billion ISK fob. Thus, there was a trade surplus, calculated on fob value, of 1.0 billion ISK as compared with a trade deficit of 11.9 billion ISK in December 2019, at current rates of exchange.

The value of exported goods was 15.7 billion ISK more in December 2020 than in December 2019 or 36.5% at current exchange rates. The main difference is more value in manufacturing products and in export of marine products.

The value of imported goods in December 2020 was 2.8 billion ISK higher than in December 2019 or 5.2% at current exchange rate. The increase is mainly in industrial supplies and consumer good. On the other hand there is a decrease in value of imported fuels.

With the publication of preliminary figures for December it is possible to catch a glimpse of the whole year 2020. The value of exported goods in the year 2020 from Iceland amounted to ISK 619.9 billion fob which is 3% lower than previous year and the value of imported goods amounted to ISK 714.8 billion fob, 6% lower than in the year 2019. Thus, there was a trade deficit, calculated on fob value, of ISK 95.0 billion as compared with a trade deficit of ISK 118.1 billion in the year 2019, at current rates off exchange. Accordingly the trade deficit in the year 2019 will be 23.2 billion lower than in the year 2019.

It should be noted that these are preliminary figures and might change due to regular revision.

Exports, imports and balance of trade 2016–2020, fob value in billion ISK

The value of exports and imports in January-December 2019 and 2020
ISK billion at current exchange rate, preliminary figures20192020Change from prev. year(%)
Exports fob, total641.9 619.9 -3.4%
Marine products260.4 269.9 3.7%
Agricultural products including farmed fish30.8 35.4 14.9%
Manufacturing products307.5 299.0 -2.8%
Other products43.1 15.6 -63.9%
Imports fob, total760.0 714.8 -5.9%
Food and beverages72.4 74.4 2.8%
Industrial supplies n.e.s.218.8 214.1 -2.2%
Fuels and lubricants93.7 47.8 -49.0%
Capital goods (except for transport)167.6 161.3 -3.7%
Transport equipment102.7 94.3 -8.2%
Consumer goods n.e.s.104.3 122.4 17.3%
Goods n.e.s.0.4 0.6 25.6%
Balance of trade-118.1 -95.0

Statistics