The value of exported goods from Iceland amounted to 47.9 billion ISK fob in February 2020 and the value of imported goods amounted to 49.7 billion ISK fob (53.4 billion ISK cif). Thus there was a trade deficit, calculated on fob value, of 1.8 billion ISK as compared with a trade deficit of 15.6 billion ISK in February 2019 at current rates of exchange.1 Negligible transactions where with ships and aircrafts in February 2020.
Increase in exports of seafood
The total value of exports of goods in the first two months of 2020 was 21.6 billion ISK lower (17.8%) than in the same period the year before at current rates of exchange.1 This decrease in export is due to transactions with ships and aircrafts in January 2019. Manufacturing products contributed 46.2% of total exported goods and their value was 12.7% lower than last year. Marine products contributed 44.7% of the total exports and their value was 7.8% higher than in 2019. The increase in exports of marine products is mainly in frozen whole fish and frozen fish fillets. On the other hand there was a decrease in the export of fresh fish.
Value of imports 12.5 billion ISK lower
The total value of imports of goods in the first two months of 2020 was 12.5 billion ISK lower (11.1%) than in 2019 at current rates of exchange.1 The imports of industrial supplies and capital goods decreased while imports of transport equipment, fuels and consumer goods increases.
| The value of exports and imports in January-February 2019 and 2020 | |||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % January-February | ||
| January-February | |||
| 2019 | 2020 | ||
| Exports fob, total | 121,263.4 | 99,704.4 | -17.8 |
| Marine products | 41,302.7 | 44,543.5 | 7.8 |
| Agricultural products | 5,340.0 | 6,317.9 | 18.3 |
| Manufacturing products | 52,741.5 | 46,031.9 | -12.7 |
| Other products | 21,879.1 | 2,811.2 | -87.2 |
| Imports fob, total | 112,704.8 | 100,249.7 | -11.1 |
| Food and beverages | 10,757.8 | 9,650.0 | -10.3 |
| Industrial supplies n.e.s. | 34,399.1 | 24,498.6 | -28.8 |
| Fuels and lubricants | 10,711.4 | 10,940.5 | 2.1 |
| Capital goods (except for transport) | 30,099.0 | 22,912.8 | -23.9 |
| Transport equipment | 10,867.0 | 15,844.0 | 45.8 |
| Consumer goods n.e.s. | 15,801.8 | 16,369.6 | 3.6 |
| Goods n.e.s. | 68.7 | 34.2 | -50.2 |
| Balance of trade | 8,558.6 | -545.3 | |
1 Statistics Iceland does no longer publish trade in goods at constant exchange rates. The breakdown of trade in goods by currencies is available on Statistics Iceland’s website.
Monthly figures of external trade for current year are revised together with the release of figures for new months. Annual figures are published in the first half of the year after the end of the reference year. The figures are considered as final at that point in time.