Balance of trade
The value of exported goods from Iceland amounted to ISK 136,400 million fob and the value of imported goods amounted to almost ISK 112,000 million fob (ISK 120,600 million cif) January-March 2011. Thus there was a trade surplus, calculated on fob value, of 24,500 million as compared with a trade surplus of ISK 28,600 million in January-March 2010, at fixed rates of exhange¹.
Exports
The total value of exports of goods January-March 2011 was ISK 11,500 million or 9.2% higher at constant rates of exchange than in the same period the year before. Marine products were 37.2% of the total exports and their value 10.1% higher than the same period the year before. Exported manufacturing products were 57.8% of total exported goods and their value was 6.9% more than in the same period the year before. Most increase occurred in the export of manufacturing products, mainly aluminium, and there was also an increase in the export of marine products.
Imports
The total value of imports of goods January-March 2011 was ISK 15,500 million or 16.1% higher at constant rates of exchange than in the same period the year before. There was an increase in the import of industrial supplies, fuels and capital goods.
| Balance of trade in March 2011 | |||||
| Change on previous year at constant exchange rates, % January-March | |||||
| Million ISK at fixed exchange rate | |||||
| March | January-March | ||||
| 2010 | 2011 | 2010 | 2011 | ||
| Exports fob, total | 49,714 | 51,275 | 124,961 | 136,432 | 9.2 |
| Imports fob, total | 38,936 | 44,992 | 96,410 | 111,956 | 16.1 |
| Balance of trade | 10,778 | 6,283 | 28,551 | 24,476 | . |
| The value of exports and imports January-March 2010 and 2011 | |||
| Change on previous year at constant exchange rates 1) % January-March | |||
| Million ISK at current exchange rate | |||
| January-March | January-March | ||
| 2010 | 2011 | ||
| Exports fob, total | 135,635.2 | 136,432.2 | 9.2 |
| Marine products | 49,989.6 | 50,725.1 | 10.1 |
| Agricultural products | 1,887.0 | 2,583.9 | 48.6 |
| Manufacturing products | 80,146.9 | 78,903.5 | 6.9 |
| Other products | 3,611.6 | 4,219.6 | 26.8 |
| Imports fob, total | 104,645.9 | 111,956.4 | 16.1 |
| Food and beverages | 10,528.9 | 9,711.1 | 0.1 |
| Industrial supplies n.e.s. | 36,201.3 | 40,432.2 | 21.2 |
| Fuels and lubricants | 11,730.6 | 14,504.3 | 34.2 |
| Capital goods (except for transport) | 24,954.4 | 26,371.9 | 14.7 |
| Transport equipment | 5,311.5 | 5,889.3 | 20.3 |
| Consumer goods n.e.s. | 15,808.1 | 14,965.1 | 2.8 |
| Goods n.e.s. | 111.0 | 82.5 | 19.3 |
| Balance of trade | 30,989.3 | 24,475.8 | . |
¹ Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year -7.9%. In March 2011, foreign currency prices were 5.8% lower than in March 2010.
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