The value of exported goods from Iceland amounted to 77.1 billion ISK fob in September 2025 and the value of imported goods 122.6 billion ISK cif (116.7 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit in September, calculated on fob/cif value, of 45.5 billion ISK as compared with a trade deficit of 22.7 billion ISK in September 2024 at current rates of exchange.
The trade balance in September 2025 was therefore 22.9 billion ISK less favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 504.7 billion ISK or 136.6 billion ISK less favourable than during the previous 12 months.
Value of exported goods increased by 2% for the last 12 months
The value of exported goods in September 2025 was 10.7 billion ISK (12%) lower than in September 2024, decreasing from 87.8 billion ISK to 77.1 billion ISK.
For the last 12 months, the total value of exported goods was 956.6 billion ISK or 16.7 billion ISK higher (2%) 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 37% of total exported goods and their value increased by 3% compared with the previous 12 months.
Value of imports increased by 12% for the last 12 months
The value of imports of goods was 122.6 billion ISK in September 2025 compared with 110.5 billion ISK in September 2024, increased by 12.2 billion or 11%.
For the last 12 months, the total value of imports of goods was 1,461.4 billion ISK, increased by 153.3 billion ISK (12%) compared with the previous 12 months at current rates of exchange. There was a decrease in the value of fuels and lubricants but an increase in other items of the import, the most in capital goods, which increased by 48%, or 154 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 188.4, strengthened by 3.8% (195.9) from the previous 12 months the year before. The exchange rate became stronger by 7.7% in September 2025 (182.7) compared with September 2024 (198.0).
Figures for September are preliminary, and the results could change after review at the end of the month.