Balance of trade
In the year 2018, the value of exported goods from Iceland amounted to ISK 602,100 million fob and the value of imported goods amounted to ISK 779,600 million fob (ISK 831,600 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 177,500 million in 2018 compared with a trade deficit of ISK 176,500 million in 2017, at current rates of exchange1. The deficit of balance of trade in goods was ISK 162,400 million excluding ships and aircraft, compared with ISK 161,700 million in the year before.
Exports
The total value of exports of goods in 2018 was ISK 82,500 million higher (15.9%) than in 2017 at current rates of exchange. Exported manufacturing products contributed 53.3% of total exported goods and their value was 14.7% higher than the year before. Exports of aluminum and aluminum products had the largest share in exported manufacturing products or 38.2% of total exports. Marine products contributed to 39.8% of the total exports and their value was 21.7% higher than in 2017. There was an increase in all marine product categories. Fresh fish and frozen fish fillets had the largest share in marine products. Fresh fish was 9.9% of total exports and frozen fish fillets were 9.3% of total exports. Largest trading countries in export of goods were the Netherlands, United Kingdom and Spain but 71.8% of all exports went to EU countries.
Imports
The total value of imports of goods in 2018 was ISK 83,500 million higher (12%) than in 2017, at current rates of exchange. The increase is mainly in fuels and processed industrial products. The largest import categories were industrial supplies (28.5%) and capital goods (20.5%). The largest trading countries in imports of goods were Norway, Germany, China and the United States but 49% of all imports came from EU countries.
| The value of exports and imports in January - December 2017 and 2018 | |||
| Million ISK at current exchange rate | Change on prev. year at current exch. rates, % Jan - Dec | ||
| January - December | |||
| 2017 | 2018 | ||
| Exports fob, total | 519,612.4 | 602,102.5 | 15.9 |
| Marine products | 197,025.0 | 239,815.1 | 21.7 |
| Agricultural products | 20,239.3 | 20,479.3 | 1.2 |
| Manufacturing products | 279,922.2 | 321,055.8 | 14.7 |
| Other products | 22,426.0 | 20,752.3 | -7.5 |
| Imports fob, total | 696,072.6 | 779,616.2 | 12.0 |
| Food and beverages | 56,753.3 | 63,114.7 | 11.2 |
| Industrial supplies n.e.s. | 186,832.5 | 222,005.6 | 18.8 |
| Fuels and lubricants | 79,911.9 | 115,718.6 | 44.8 |
| Capital goods (except for transport) | 148,858.9 | 160,171.1 | 7.6 |
| Transport equipment | 131,134.5 | 115,869.5 | -11.6 |
| Consumer goods n.e.s. | 92,219.3 | 99,733.8 | 8.1 |
| Goods n.e.s. | 362.1 | 3,002.9 | 729.2 |
| Balance of trade | -176,460.2 | -177,513.7 | |
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.