Balance of trade
The value of exported goods from Iceland amounted to ISK 527,000 million fob and the value of imported goods amounted to ISK 547,700 million fob (ISK 584,600 million cif) in the first ten months of 2015. Thus there was a trade deficit, calculated on fob value, of ISK 20,700 million as compared with a trade deficit of ISK 3,900 million in the first ten months of 2014, at current rates of exchange1.
Exports
The total value of exports of goods the first ten months of 2015 was ISK 35,900 million higher, or 7.3%, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed to 53.4% of total exported goods and their value was 10.7% higher than in the same period the year before, mainly due to aluminium. Marine products contributed to 42.0% of the total exports and their value was 7.9% higher than in the same period the year before, mainly because of fish meal. However, the exports of whole frozen fish decreased.
Imports
The total value of imports of goods in the first ten months of 2015 was ISK 52,700 million higher, or 10.7%, than in the same period the year before, at current rates of exchange, mainly because of industrial supplies and aircraft. However, the imports of fuels decreased.
| The value of exports and imports January-October 2015 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January- | January- | year at current | |
| October | October | exch. rates, % | |
| 2014 | 2015 | Jan.-October | |
| Exports fob, total | 491,068.6 | 526,957.0 | 7.3 |
| Marine products | 205,162.8 | 221,339.7 | 7.9 |
| Agricultural products | 8,928.5 | 10,934.1 | 22.5 |
| Manufacturing products | 254,432.8 | 281,608.5 | 10.7 |
| Other products | 22,544.5 | 13,074.7 | -42.0 |
| Imports fob, total | 494,961.6 | 547,692.4 | 10.7 |
| Food and beverages | 45,567.7 | 55,576.5 | 22.0 |
| Industrial supplies n.e.s. | 134,482.5 | 158,997.2 | 18.2 |
| Fuels and lubricants | 90,387.1 | 73,060.1 | -19.2 |
| Capital goods (except for transport) | 102,967.1 | 112,091.5 | 8.9 |
| Transport equipment | 59,014.5 | 80,426.2 | 36.3 |
| Consumer goods n.e.s. | 60,603.9 | 66,387.5 | 9.5 |
| Goods n.e.s. | 1,938.8 | 1,153.5 | -40.5 |
| Balance of trade | -3,893.0 | -20,735.4 | · |
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.