The value of exported goods from Iceland amounted to 71.3 billion ISK fob in October 2023 and the value of imported goods 121.8 billion ISK cif (115.9 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 50.5 billion ISK as compared with a trade deficit of 55.9 billion ISK in October 2022 at current rates of exchange.
The trade balance in October 2023 was therefore 5.5 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 385.9 billion ISK or 89.1 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 4% for the last 12 months
The value of exported goods in October was 8.5 billion ISK (11%) lower than in October 2022, decreased from 79.9 billion ISK to 71.3 billion ISK.
For the last 12 months, the total value of exported goods was 937.6 billion ISK or 35.5 billion ISK lower (4%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 55% of the total exports, their value decreased by 6%. Marine products contributed 36% of total exported goods and their value remained almost the same compared with the previous 12 months.
Value of imports increased by 4% for the last 12 months
The value of imports of goods was 121.8 billion ISK in October 2023 compared with 135.8 billion ISK in October 2022. The decrease was thus 14.0 billion ISK from October 2022 (10%). The value of capital goods (except for transport) was 32.0 billion ISK and decreased by 1.5 billion (4%), the value of industrial supplies was 29.7 billion ISK and decreased by 1.7 billion ISK (5%), and the value of fuels and lubricants was 17.7 billion ISK, decreasing by 10.5 billion ISK (37%) from October 2022.
For the last 12 months, the total value of imports of goods was 1,323.6 billion ISK, 53.6 billion ISK higher (4%) than during the previous 12 months. For big categories the biggest difference is increased value of capital goods, transport equipment and food and beverages.
The average value of the exchange rate index for the 12 months period was 195.3, indicating a 2.9% weaker rate of exchange than during the previous 12 months when the average exchange rate index was 189.8. The exchange rate weakened by 1.2% in October 2023 (192.0) compared with October 2022 (189.8).
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.