Balance of trade
The value of exported goods from Iceland amounted to ISK 265,400 million fob and the value of imported goods amounted to ISK 267,800 million fob (ISK 288,100 million cif) in the first six months of 2014. Thus there was a trade deficit, calculated on fob value, of ISK 2,400 million as compared with a trade surplus of ISK 25,100 million in the first six months of 2013, at current rates of exchange¹.
Exports
The total value of exports of goods the first six months of 2014 was ISK 31,300 million or 10.6% lower at current rates of exchange than in the same period the year before. Exported manufacturing products were 52% of total exported goods and their value was 10.7% less than in the same period the year before, mainly due to aluminium. Marine products were 42.5% of the total exports and their value 13.3% lower than the same period the year before.
Imports
The total value of imports of goods in the first six months of 2014 was ISK 3,800 million or 1.4% 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-June 2014 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January- | January- | year at current | |
| June | June | exch. rates, % | |
| 2013 | 2014 | Jan.-June | |
| Exports fob, total | 296,680.9 | 265,373.1 | -10.6 |
| Marine products | 129,967.8 | 112,745.4 | -13.3 |
| Agricultural products | 6,298.7 | 5,214.3 | -17.2 |
| Manufacturing products | 154,576.6 | 137,988.1 | -10.7 |
| Other products | 5,837.8 | 9,425.3 | 61.5 |
| Imports fob, total | 271,561.4 | 267,760.2 | -1.4 |
| Food and beverages | 25,437.1 | 25,982.2 | 2.1 |
| Industrial supplies n.e.s. | 82,465.7 | 78,902.3 | -4.3 |
| Fuels and lubricants | 38,215.2 | 34,597.0 | -9.5 |
| Capital goods (except for transport) | 65,212.8 | 62,486.0 | -4.2 |
| Transport equipment | 25,636.5 | 31,434.1 | 22.6 |
| Consumer goods n.e.s. | 34,153.7 | 33,903.2 | -0.7 |
| Goods n.e.s. | 440.4 | 455.4 | 3.4 |
| Balance of trade | 25,119.5 | -2,387.1 | · |
¹Statistics 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