According to preliminary figures, goods worth ISK 94.8 billion fob were exported in October 2026, while imports amounted to ISK 165.1 billion cif (ISK 158.9 billion fob). The trade in goods deficit in October, calculated on a fob/cif basis, was therefore ISK 70.3 billion. By comparison, the trade in goods deficit was ISK 24 billion in October 2025, measured at the exchange rates of each respective year.
The trade balance in October 2026 was therefore ISK 46.3 billion less favourable than in the same month a year earlier. The trade in goods deficit over the last twelve months amounted to ISK 513.6 billion, representing a deterioration of ISK 17.1 billion compared with the corresponding twelve-month period a year earlier.
Value of exports increased by ISK 31.7 billion over twelve months
The value of exports in October 2026 was ISK 9.4 billion (11%) higher than in October 2025, increasing from ISK 85.3 billion to ISK 94.8 billion. This was mainly due to an increase in exports of manufactured goods, particularly aluminium, and marine products.
The value of exports over the twelve-month period amounted to ISK 975 billion, an increase of ISK 31.7 billion (3%) compared with the corresponding twelve-month period a year earlier, measured at the exchange rates of each respective year. Manufactured goods accounted for 51% of total exports, their value almost unchanged compared with the corresponding twelve-month period a year earlier. Marine products accounted for 38% of total exports, with their value increasing by 5% compared with the corresponding twelve-month period a year earlier.
Value of imports increased by 3% over twelve months
The value of imports amounted to ISK 165.1 billion in October 2026, compared with ISK 109.3 billion in October 2025, representing an increase of ISK 55.8 billion (51%). The increase was mainly attributable to imports of capital goods and fuels and lubricants.
Capital goods accounted for approximately 46% of the total value of imports in October 2026. It is estimated that around one-third of total imports in October were related to imports of computer equipment for data centre operations in Iceland.
The value of imports over the twelve-month period amounted to ISK 1,488.6 billion, an increase of ISK 48.8 billion (3%) compared with the corresponding twelve-month period a year earlier, measured at the exchange rates of each respective year. The largest increases were in imports of fuels and lubricants, capital goods and transport equipment, while the largest decline was recorded in imports of raw materials and intermediate goods.
The average value of the exchange rate index over the last twelve months was 185.1, with the exchange rate 1.2% stronger than in the previous twelve-month period. The exchange rate was 1.8% stronger in October 2026 (178.8) compared with October 2025 (182.1).
This press release includes preliminary data for October 2026, which may be subject to revision.