Balance of trade
The value of exported goods from Iceland amounted to ISK 240,800 million fob and the value of imported goods amounted to almost ISK 199,700 million fob (ISK 215,300 million cif) January-May 2011. Thus there was a trade surplus, calculated on fob value, of 41,000 million as compared with a trade surplus of ISK 51,600 million in January-May 2010, at fixed rates of exhange.¹

Exports
The total value of exports of goods January-May 2011 was ISK 25,500 million or 11.9% higher at constant rates of exchange than in the same period the year before. Marine products were 35.8% of the total exports and their value 5.2% higher than the same period the year before. Exported manufacturing products were 57.4% of total exported goods and their value was 11.5% more than in the same period the year before. Most increase occurred in the value of export of manufacturing products, mainly aluminium. Export of marine products and of ships and airplanes also increased.

Imports
The total value of imports of goods January-May 2011 was ISK 36,100 million or 22.1% higher at constant rates of exchange than in the same period the year before. There was an increase in all items of the imports, the largest in industrial supplies.

¹ Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year -6.0%. In May 2011, foreign currency prices were 0.8% lower than in May 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.