The value of exported goods from Iceland amounted to 92,1 billion ISK fob in September 2022 and the value of imported goods 135.5 billion ISK cif (124.3 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 43.4 billion ISK as compared with a trade deficit of 17.7 billion ISK in September 2021 at current rates of exchange. The trade balance in September 2022 was therefore 25.7 billion ISK less favourable than at the same month last year. For the last twelve months the deficit in balance of trade in goods was 269.0 billion ISK or 67.7 billion ISK more than during the previous twelve months.
Value of exported goods increased by 35.1% in 12-month comparison
The value of exported goods in September was 23.8 billion ISK (34.9%) higher than in the previous year, increasing from 68.2 billion ISK to 92.1 billion ISK. The biggest increase (34.9%) was in the value of manufacturing products, 13.0 billion ISK higher than in September 2021.
For the 12 months period, from October 2021 to September 2022, the total value of exported goods was 965.9 billion ISK or 250.8 billion ISK higher (35.1%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 57.1% of the total exports, increasing by 55.5%. Marine products contributed 34.9% of total exported goods and increased by 15.5% from the previous twelve months.
Value of imports increased by 34.8% in 12-month comparison
The value of imports of goods was 135.5 billion ISK in September 2022 compared with 85.9 billion ISK in September 2021. The increase in 2022 was thus 49.6 billion ISK from the previous year (57.7%). The value of industrial supplies was 35.0 billion ISK and increased by 8.2 billion ISK (30.5%), the value of capital goods (except for transport) was 26.9 billion ISK and increased by 6.5 billion (32.1%) and the value of fuels was 31.5 billion ISK and increased by 24.0 billion ISK (319%).
For the twelve months period, the total value of imports of goods was 1,234.9 billion ISK, 318.5 billion ISK higher (34.8%) than during the previous twelve months. The biggest difference is increased value of industrial supplies, fuels and capital goods.
The average value of the exchange rate index for the twelve months period was 190.5, indicating a 4.1% stronger rate of exchange than during the previous twelve months when the average exchange rate index was 198.6. The exchange rate strengthened by 4.3% in September 2022 (188.8) compared with September 2021 (197.2).
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. At the end of the month, data in tables will be updated.
In the news release for August, an error was found due to an error in imports. Imports were overestimated by three billion. The error was corrected and the figures on the website were updated as soon as it was discovered.