The value of exported goods from Iceland amounted to 68.0 billion ISK fob in August 2023 and the value of imported goods 107.3 billion ISK cif (101.7 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 39.3 billion ISK as compared with a trade deficit of 20.2 billion ISK in August 2022 at current rates of exchange.
The trade balance in August 2023 was therefore 19.1 billion ISK less favourable than during the same period last year. For the last twelve months the deficit in balance of trade in goods was 407.6 billion ISK or 178.6 billion ISK less favourable than during the previous twelve months.
Value of exported goods increased by 1.1% for the last twelve months
The value of exported goods in August was 26.0 billion ISK (27.7%) lower than in August 2022, decreased from 94.1 billion ISK to 68.0 billion ISK.
For the last twelve months the total value of exported goods was 953.1 billion ISK or 10.3 billion ISK higher (1.1%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 55% of the total exports, decreasing by 1.9%. Marine products contributed 36% of total exported goods and increased by 4.3% from the previous twelve months.
Value of imports increased by 16.1% last twelve months
The value of imports of goods was 107.3 billion ISK in August 2023 compared with 114.3 billion ISK in August 2022. The decrease was thus 7.0 billion ISK from August 2022 (6.1%). The value of capital goods (except for transport) was 24.1 billion ISK and decreased by 5.1 billion (17.5%), the value of industrial supplies was 27.8 billion ISK and decreased by 3.9 billion ISK (12.2%), and the value of fuels and lubricants was 17.1 billion ISK, increasing by 2.8 billion ISK (19.7%) from August 2022.
For the last twelve months the total value of imports of goods was 1,360.8 billion ISK, 188.9 billion ISK higher (16.1%) than during the previous twelve months. For big categories the biggest difference is increased value of fuels, industrial supplies and capital goods.
The average value of the exchange rate index for the twelve months period was 195.1 indicating a 2.0% weaker rate of exchange than during the previous twelve months when the average exchange rate index was 191.2. The exchange rate strengthened by 1.0% in August 2023 (187.7) compared with August 2022 (189.5).
Please note that the above numbers are preliminary and will be updated at the end of the month. Corrections and additional data can significantly affect the result. Data for past months in tables has been updated.