In the first eight months of 2018, the value of exported goods from Iceland amounted to ISK 388,400 million fob and the value of imported goods amounted to ISK 501,700 million fob (ISK 535,300 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 113,300 million as compared with a trade deficit of ISK 113,900 million in the first eight months of 2017, at current rates of exchange.1 The deficit of balance of trade in goods was ISK 101,800 million excluding ships and aircraft, compared with ISK 102,300 million in the same period the year before.
Exports
The total value of exports of goods in the first eight months of 2018 was ISK 58,400 million higher (17.7%) than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 53.3% of total exported goods and their value was 14.2% higher than in the same period the year before. The increase can be linked to aluminum export. Marine products contributed 39.2% of the total exports and their value was 23.1% higher than in the same period the year before. The increase in marine product exports can be linked to a fisherman strike in early 2017 among others.
Imports
The total value of imports of goods in the first eight months of 2018 was ISK 57,800 million higher (13.0%) than in the same period the year before, at current rates of exchange, mainly because of increased imports of fuels, industrial supplies and aircraft investment.
| The value of exports and imports in January - August 2017 and 2018 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| Jan - Aug | year at current | ||
| exch. rates, % | |||
| 2017 | 2018 | Jan - Aug | |
| Exports fob, total | 329,974.0 | 388,412.6 | 17.71 |
| Marine products | 123,786.9 | 152,336.7 | 23.06 |
| Agricultural products | 13,001.1 | 12,348.4 | - 5.02 |
| Manufacturing products | 181,175.3 | 206,987.7 | 14.25 |
| Other products | 12,010.7 | 16,739.8 | 39.37 |
| Imports fob, total | 443,910.1 | 501,730.4 | 13.03 |
| Food and beverages | 37,568.0 | 40,249.6 | 7.14 |
| Industrial supplies n.e.s. | 118,463.7 | 135,497.4 | 14.38 |
| Fuels and lubricants | 46,128.3 | 73,728.3 | 59.83 |
| Capital goods (except for transport) | 94,704.9 | 105,954.9 | 11.88 |
| Transport equipment | 89,258.4 | 82,853.3 | - 7.18 |
| Consumer goods n.e.s. | 57,581.6 | 60,523.5 | 5.11 |
| Goods n.e.s. | 205.2 | 2,923.3 | 1,324.61 |
| Balance of trade | -113,936.1 | -113,317.8 | - 0.01 |
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.