The value of exported goods from Iceland amounted to ISK 316,500 million fob and the value of imported goods amounted to ISK 332,700 million fob (ISK 356,700 million cif) in the first seven months of 2014. Thus there was a trade deficit, calculated on fob value, of ISK 16,200 million as compared with a trade surplus of ISK 17,200 million in the first seven months of 2013, at current rates of exchange.¹

Due to new standards of trade in goods, the share of fuels purchased abroad by domestic ships and aircrafts is included and accounts for about ISK 13,000 million.

Exports
The total value of exports of goods the first seven months of 2014 was ISK 35,700 million or 10.1% lower at current rates of exchange than in the same period the year before. Exported manufacturing products were 52.7% of total exported goods and their value was 9.2% less than in the same period the year before, mainly due to aluminium. Marine products were 42.1% of the total exports and their value 12.6% lower than the same period the year before.

Imports
The total value of imports of goods in the first seven months of 2014 was ISK 2,300 million or 0.7% lower at current rates of exchange than in the same period the year before, mainly because of industrial supplies, fuels, capital goods and aircrafts. However, the imports of passenger cars and ships increased.

The value of exports and imports January-July 2014
Million ISK at current exchange rate Change on prev.
January- January- year at current
July July exch. rates, %
  2013 2014 Jan.-July
Exports fob, total 352,201.7 316,506.2 -10.1
Marine products 152,494.1 133,257.2 -12.6
Agricultural products 7,049.2 5,848.0 -17.0
Manufacturing products 183,906.1 166,901.8 -9.2
Other products 8,752.4 10,499.3 20.0
Imports fob, total 335,013,7 332,704.6 -0.7
Food and beverages 30,115.0 31,258.6 3.8
Industrial supplies n.e.s. 98,442.4 94,616.4 -3.9
Fuels and lubricants 60,358.5 58,217.9 -3.5
Capital goods (except for transport) 76,003.5 72,623.9 -4.4
Transport equipment 29,097.0 35,213.2 21,0
Consumer goods n.e.s. 40,347.5 40,269.6 -0.2
Goods n.e.s. 650.0 505.0 -22.3
Balance of trade 17,188.0 -16,198.4 ·

¹ Statistics Iceland does no longer publish trade in goods at constant exchange rates. On Statistics Iceland website is available table of the breakdown of trade in goods by currencies.

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.

Statistics