Balance of trade
In January 2018, the value of exported goods from Iceland amounted to ISK 48,400 million fob and the value of imported goods amounted to ISK 54,100 million fob (ISK 57,600 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 5,700 million as compared with a trade deficit of ISK 8,600 million in January 2017, at current rates of exchange.¹ Excluding ships and aircraft, January 2018 trade deficit was 2,700 million compared to 6,400 million in January 2017.
Exports
The total value of exports of goods in January 2018 was ISK 10,800 million higher than in January the year before, or 28.8% at current rates of exchange.¹ Exports increased mainly in industrial- and marine products.
Imports
The total value of imports of goods in the first month of 2018 was ISK 7,900 million higher than in January 2017, or 17.1% at current rates of exchange. Increased imports are mainly due to fuels and investment products (not including transport equipment).
| The value of exports and imports January–December 2017 and 2018 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January | year at current | ||
| exch. rates, % | |||
| 2017 | 2018 | Jan.– Nov. | |
| Exports fob, total | 37,562.4 | 48,397.6 | 28.80% |
| Marine products | 13,719.4 | 17,875.7 | 30.30% |
| Agricultural products | 1,580.6 | 2,277.9 | 44.10% |
| Manufacturing products | 21,449.2 | 26,907.4 | 25.40% |
| Other products | 813.2 | 1,336.5 | 64.40% |
| Imports fob, total | 46,184.7 | 54,099.9 | 17.10% |
| Food and beverages | 3,679.0 | 4,032.6 | 9.60% |
| Industrial supplies n.e.s. | 12,181.1 | 12,020.8 | -1.30% |
| Fuels and lubricants | 4,338.3 | 7,870.6 | 81.40% |
| Capital goods (except for transport) | 11,249.0 | 14,322.5 | 27.30% |
| Transport equipment | 8,221.0 | 9,000.7 | 9.50% |
| Consumer goods n.e.s. | 6,484.3 | 6,793.9 | 4.80% |
| Goods n.e.s. | 32.0 | 58.9 | 83.80% |
| Balance of trade | -8,622.2 | -5,702.3 | . |
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.