Balance of trade
In the first five months of 2019, the value of exported goods from Iceland amounted to ISK 287,400 million fob and the value of imported goods amounted to ISK 305,400 million fob (ISK 326,900 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 18,000 million as compared with a trade deficit of ISK 63,800 million in the first five months of 2018, at current rates of exchange.1 Excluding ships and aircraft, the deficit of balance of trade in goods was ISK 37,900 million in the first five months of 2019, but ISK 49,100 million in the first five months of 2018.
Exports
The total value of exports of goods in the first five months of 2019 was ISK 50,600 million higher (21.4%) than in the same period the year before, at current rates of exchange. Exported manufacturing products contributed 46.4% of total exported goods and their value was 7.1% higher than in the same period the year before. Marine products contributed 39.2% of the total exports and their value was 16.4% higher than in the same period the year before1. The value of exports of ships and aircrafts amounted to ISK 23,000 million in the first five months of the year.
Imports
The total value of imports of goods in the first five months of 2019 was ISK 4,900 million higher (1.6%) than in the same period the year before, at current rates of exchange. The imports of industrial supplies and capital goods increased while the imports of transport equipment decreased.
| The value of exports and imports in January-May 2018 and 2019 | |||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % January-May | ||
| January-May | |||
| 2018 | 2019 | ||
| Exports fob, total | 236,785.4 | 287,429.0 | 21.4 |
| Marine products | 96,721.1 | 112,536.6 | 16.4 |
| Agricultural products | 9,046.7 | 13,004.7 | 43.8 |
| Manufacturing products | 124,537.7 | 133,360.2 | 7.1 |
| Other products | 6,479.9 | 28,527.5 | 340.2 |
| Imports fob, total | 300,559.4 | 305,420.2 | 1.6 |
| Food and beverages | 23,901.6 | 28,707.6 | 20.1 |
| Industrial supplies n.e.s. | 81,155.7 | 91,166.6 | 12.3 |
| Fuels and lubricants | 38,428.3 | 34,958.8 | -9.0 |
| Capital goods (except for transport) | 65,107.2 | 73,345.7 | 12.7 |
| Transport equipment | 53,548.1 | 36,084.5 | -32.6 |
| Consumer goods n.e.s. | 38,134.2 | 41,017.2 | 7.6 |
| Goods n.e.s. | 284.3 | 139.7 | -50.9 |
| Balance of trade | -63,774.02 | -17,991.20 | -71.79 |
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 in time.