The value of exported goods from Iceland amounted to 71.1 billion ISK fob in November 2025 and the value of imported goods 102.5 billion ISK cif (96,8 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit in November, calculated on fob/cif value, of 31.4 billion ISK as compared with a trade deficit of 37.6 billion ISK in November 2024 at current rates of exchange.
The trade balance in November 2025 was therefore 6.2 billion ISK mores favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 487.8 billion ISK or 79.8 billion ISK less favourable than during the previous 12 months.
Value of exported goods increase by 1% for the last 12 months
The value of exported goods in November 2025 was 10.1 billion ISK (12%) lower than in November 2024, decreasing from 81.3 billion ISK to 71.1 billion ISK.
For the last 12 months, the total value of exported goods was 932.6 billion ISK or 13.7 billion ISK higher (1%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 53% of the total exports, their value increased by 1% compared with the previous 12 months. Marine products contributed 38% of total exported goods and their value increased by 5% compared with the previous 12 months.
Value of imports increased by 7% for the last 12 months
The value of imports of goods was 102.5 billion ISK in November 2025 compared with 118.9 billion ISK in November 2024, decreased by 16.4 billion or 14%.
For the last 12 months, the total value of imports of goods was 1,420.3 billion ISK, increased by 93,5 billion ISK (7%) compared with the previous 12 months at current rates of exchange. There was a decrease in the value of fuels and lubricants and transport equipments but an increase in other items of the import, the most in capital goods, which increased by 37%, or 122.1 billion ISK. The large growth in capital goods can mostly be attributed to the large-scale imports of computer products by companies that run data centers in the country.
The average value of the exchange rate index for the 12 months period was 187.0, strengthened by 4.5% (195.7) from the previous 12 months the year before. The exchange rate became stronger by 2.3% in November 2025 (188.0) compared with November 2024 (192.4).
Figures for November are preliminary, and the results could change after review at the end of the month.