The value of exported goods from Iceland amounted to 72.4 billion ISK fob in January 2026 and the value of imported goods 72.7 billion ISK cif (68,5 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 300 million ISK as compared with a trade deficit of 7.8 billion ISK in January 2025 at current rates of exchange.
The trade balance in January 2026 was therefore 7.5 billion ISK more favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 475.8 billion ISK or 64.8 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 5% for the last 12 months
The value of exported goods in January 2026 was 19.2 billion ISK, 21%, lower than in January 2025, decreasing from 91.6 billion ISK to 72.4 billion ISK.
For the last 12 months, the total value of exported goods was 903.5 billion ISK or 42.6 billion ISK lower (5%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 51% of the total exports, their value decreasing by 8% compared with the previous 12 months. Marine products contributed 40% of total exported goods and their value increased by 3% compared with the previous 12 months.
Value of imports increased by 2% for the last 12 months
The value of imports of goods was 72.7 billion ISK in January 2026 compared with 99.4 billion ISK in January 2025. The decrease was thus 26.6 billion ISK (27%).
For the last 12 months, the total value of imports of goods was 1,379.2 billion ISK, increased by 22.1 billion ISK (2%) compared with the previous 12 months at current rates of exchange. For larger categories, there was a decrease in the value of fuels and lubricants and industrial supplies. On the other hand, there was an increase in the value of most other categories, mostly in capital goods (except for transport).
The average value of the exchange rate index for the 12 months period was 186.5, stronger by 4.3% from the previous 12 months the year before. The exchange rate became stronger by 2.2% in January 2026 (187.4) compared with January 2025 (191.5).
This press release includes preliminary data of January 2026.