Please note that this press release was corrected 29 June 2018 at 14:10
Balance of trade
In the first five months of 2018, the value of exported goods from Iceland amounted to ISK 236,300 million fob and the value of imported goods amounted to ISK 299,500 million fob (ISK 319,500 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 63,200 million as compared with a trade deficit of ISK 71,300 million in the first five months of 2017, at current rates of exchange.¹ The deficit of balance of trade in goods was ISK 48,400 million excluding ships and aircraft, compared with ISK 61,100 million in the same period the year before.
Exports
The total value of exports of goods in the first five months of 2018 was ISK 37,000 million higher (18.5%) than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 52.6% of total exported goods and their value was 12.9% higher than in the same period the year before. Marine products contributed 40.8% of the total exports and their value was 27.2% higher than in the same period the year before, mainly due to increased exports of fresh fish and frozen fillets.
Imports
The total value of imports of goods in the first five months of 2018 was ISK 28,900 million higher (10.7%) than in the same period the year before, at current rates of exchange, mainly because of increased imports of fuels and aircraft investment.
| The value of exports and imports in January - may 2017 and 2018 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| Jan - May | year at current | ||
| exch. rates, % | |||
| 2017 | 2018 | Jan - May | |
| Exports fob, total | 199,342.8 | 236,305.5 | 19.0 |
| Marine products | 75,826.9 | 96,456.1 | 27.2 |
| Agricultural products | 8,383.9 | 9,062.7 | 8.1 |
| Manufacturing products | 110,105.7 | 124,311.1 | 12.9 |
| Other products | 5,026.3 | 6,475.5 | 28.8 |
| Imports fob, total | 270,678.0 | 299,529.6 | 11.0 |
| Food and beverages | 21,570.4 | 23,876.6 | 10.7 |
| Industrial supplies n.e.s. | 74,161.7 | 81,116.5 | 9.4 |
| Fuels and lubricants | 25,830.4 | 38,428.4 | 48.8 |
| Capital goods (except for transport) | 61,149.6 | 65,177.0 | 6.6 |
| Transport equipment | 54,006.7 | 53,688.0 | - 0.6 |
| Consumer goods n.e.s. | 33,834.2 | 36,959.0 | 9.2 |
| Goods n.e.s. | 125.1 | 284.0 | 127.1 |
| Balance of trade | -71,335.2 | -63,224.2 | - 10.0 |
¹Statistics 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.