The value of exported goods from Iceland amounted to 64.2 billion ISK fob in March 2024 and the value of imported goods 97.5 billion ISK cif (92.2 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 33.3 billion ISK as compared with a trade deficit of 28.2 billion ISK in March 2023 at current rates of exchange.
The trade balance in March 2024 was therefore 5.1 billion ISK less favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 376.8 billion ISK or 55.3 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 11% for the last 12 months
The value of exported goods in March was 25.3 billion ISK (28%) lower than in March 2023, decreasing from 89.5 billion ISK to 64.2 billion ISK.
For the last 12 months, the total value of exported goods was 915.8 billion ISK or 110.9 billion ISK lower (11%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 53% of the total exports, their value decreased by 15%. Marine products contributed 38% of total exported goods and their value decreased by 7% compared with the previous 12 months.
Value of imports decreased by 4% for the last 12 months
The value of imports of goods was 97.5 billion ISK in March 2024 compared with 117.7 billion ISK in March 2023. The decrease was thus 20.1 billion ISK from March 2023 (17%).
For the last 12 months, the total value of imports of goods was 1.292.7 billion ISK, 55.6 billion ISK lower than during the previous 12 months. For big categories the biggest difference is increased value of transport equipment and food and beverages. On the other hand, there was a decrease in the value of imports of industrial supplies and fuels and lubricants.
The average value of the exchange rate index for the 12 months period was 194.0, indicating a 0.8% weaker rate of exchange than during the previous 12 months when the average exchange rate index was 192.4. The exchange rate strengthened by 0.9% in March 2024 (194.9) compared with March 2023 (196.6).
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.