Please note that this press release was corrected on 11 January 2023. The value of imported good was 107 billion ISK fob instead of 111.7 as stated in the original version.
The value of exported goods from Iceland amounted to 101.2 billion ISK fob in December 2022 and the value of imported goods 114 billion ISK cif (107 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 12.8 billion ISK as compared with a trade deficit of 18 billion ISK in December 2021 at current rates of exchange.
The trade balance in December 2022 was therefore 5.3 billion ISK more favourable than at the same time last year. For the last year the deficit in balance of trade in goods was 323 billion ISK or 91.1 billion ISK more than during the previous year.
Value of exported goods increased by 31,5% last year
The value of exported goods in December was 25.1 billion ISK (32.9%) higher than in the previous year, increasing from 76.2 billion ISK to 101.2 billion ISK. The biggest increase between years was the value of exported industrial products, which made up 58.5% of total exports, increased by 13 billion ISK or by 28,2% compared with December 2021. Value of exported farmed fish increased by 2.4 billion or 75% compared with December 2021 and was 5.5% of total exports.
For the last year 2022, the total value of exported goods was 1,002.3 billion ISK or 240 billion ISK higher (31.5%) than during the previous year at current rates of exchange. Manufacturing products contributed 57% of the total exports, increasing by 43,9%. Marine products contributed 35% of total exported goods and increased by 18% from the previous year.
Value of imports increased by 33.3% last year
The value of imports of goods was 114 billion ISK in December 2022 compared with 94.2 billion ISK in December 2021. The increase in 2022 was thus 19.8 billion ISK from the previous year (21%). The value of industrial supplies was 32.2 billion ISK and increased by 1.4 billion ISK (4.4%), the value of capital goods (except for transport) was 26.7 billion ISK and increased by 7.2 billion (37.1%) and the value of transport equipment was 20 billion ISK and increased by 5.9 billion ISK (41.7%).
For the year 2022, the total value of imports of goods was 1,325.3 billion ISK, 331 billion ISK higher (33.3%) than during the previous twelve months. 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 190.2, indicating a 3% stronger rate of exchange than during the previous twelve months when the average exchange rate index was 196.1. The exchange rate strengthened by 2.6% in December 2022 (199.6) compared with December 2021 (194.5).
The treatment of lease agreements in external trade is under review and the revision will 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. Data for past months in tables has been updated.