The value of exported goods from Iceland amounted to 75.8 billion ISK fob in July 2022 and the value of imported goods 106.8 billion ISK cif (95.4 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 31.0 billion ISK as compared with a trade deficit of 14.8 billion ISK in July 2021 at current rates of exchange. The trade balance in July 2022 was therefore ISK 16.2 billion less favorable than at the same month last year. For the last twelve months the deficit in balance of trade in goods was 253.6 billion ISK or 75.6 billion ISK more than for the previous twelve months.
Value of exported goods increased by 29.4% in 12-month comparison
The value of exported goods in July was 7.6 billion ISK (11.2%) higher than in the previous year, increasing from 68.1 billion ISK to 75.8 billion ISK. The value of manufacturing products was 7.0 billion ISK higher (16.5%) than in July 2021.
For the 12 months period, from August 2021 to July 2022, the total value of exported goods was 904.6 billion ISK or 205.3 billion ISK higher (29.4%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 57% of the total exports, increasing by 53.9%. Marine products contributed 35% of total exported goods and increased by 5.8% from the previous twelve months. The value of farmed fish increased by 3.7 billion (10.4%) in twelve months period and amounted to 4% of the total export value.
Value of imports increased by 32.0% in 12-month comparison
The value of imports of goods in was 106.8 billion ISK in 2022 compared with 82.9 billion ISK in July 2021. The increase in 2022 was thus 23.8 billion ISK from the previous year (28.7%). The value of fuels was 22.4 billion ISK and increased by 15.2 billion ISK (212%), the value of industrial supplies was 22,8 billion ISK and increased by 5.9 billion ISK (25.9%) and the value of capital goods (except for transport) was 21.4 billion ISK and increased by 3.5 billion (19.4%).
For the twelve months period, the total value of imports of goods was 1,158.2 billion ISK, 281.0 billion ISK higher (32%) than for the previous twelve months. The biggest difference is increased value of transport equipment, industrial supplies and fuels.
The average value of the exchange rate index for the twelve months period was 191.5 indicating a 4.7% stronger rate of exchange than in the previous twelve months when the average exchange rate index was 200.9. The exchange rate strengthened by 2.5% in July 2022 (187,0) compared with July 2021 (191,8).
The treatment of lease agreements in external trade is under review and the revision might affect both the balance of trade in goods and trade in services.
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 data. At the end of the month data in tables will be updated.
Statistics
The value of exports and imports by month (FOB/CIF) 2011-2022