Balance of trade
In the first quarter of 2017, the value of exported goods from Iceland amounted to ISK 108,600 million fob and the value of imported goods amounted to ISK 146,100 million fob (ISK 156,000 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 37,500 million as compared with a trade deficit of ISK 11,900 million in the first quarter of 2016, at current rates of exchange.¹
Exports
The total value of exports of goods the first quarter of 2017 was ISK 23,900 million lower, or 18.1%, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 58.9% of total exported goods and their value was 3.2% lower than in the same period the year before. Marine products contributed 34.5% of the total exports and their value was 35.4% lower than in the same period the year before, due to lower prices in marine products exports. Also, the impact of the fishermen’s strike, earlier this year, might still be present.
Imports
The total value of imports of goods in the first quarter of 2017 was ISK 12.100 million lower, or 7.6%, than in the same period the year before, at current rates of exchange, mainly because of capital goods, consumer goods and airplanes. However, the imports of industrial supplies and fuels increased.
| The value of exports and imports January–March 2016 and 2017 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January– | January– | year at current | |
| March | March | exch. rates, % | |
| 2016 | 2017 | Jan.–March | |
| Exports fob, total | 132,576.0 | 108,644.3 | -18.1 |
| Marine products | 58,011.0 | 37,467.6 | -35.4 |
| Agricultural products | 4,135.0 | 4,762.9 | 15.2 |
| Manufacturing products | 66,093.3 | 63,996.5 | -3.2 |
| Other products | 4,336.7 | 2,417.3 | -44.3 |
| Imports fob, total | 158,215.4 | 146,112.0 | -7.6 |
| Food and beverages | 13,240.6 | 11,840.0 | -10.6 |
| Industrial supplies n.e.s. | 39,597.4 | 41,419.5 | 4.6 |
| Fuels and lubricants | 11,781.0 | 14,101.3 | 19.7 |
| Capital goods (except for transport) | 36,723.3 | 33,688.2 | -8.3 |
| Transport equipment | 34,570.8 | 25,196.5 | -27.1 |
| Consumer goods n.e.s. | 22,175.6 | 19,788.1 | -10.8 |
| Goods n.e.s. | 126.8 | 78.4 | -38.2 |
| Balance of trade | -25,639.4 | -37,467.6 | · |
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 of time.