Balance of trade
The value of exported goods from Iceland amounted to almost ISK 88,400 million fob and the value of imported goods amounted to over ISK 92,300 million fob (ISK 98,600 million cif) in the first two months of 2016. Thus there was a trade deficit, calculated on fob value, of ISK 4,000 million as compared with a trade deficit of ISK 2,600 million in the first two months of 2015, at current rates of exchange1.
Exports
The total value of exports of goods the first two months of 2016 was ISK 12,900 million, or 12.8% lower, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed to 49.1% of total exported goods and their value was 26.3% lower than in the same period the year before, mainly due to aluminium. Marine products contributed to 43.7% of the total exports and their value was similar as in the same period the year before.
Imports
The total value of imports of goods in the first two months of 2016 was ISK 11,500 million, or 11.1% lower, than in the same period the year before, at current rates of exchange, mainly because of aircraft, fuels and industrial supplies. However, the imports of capital goods increased.
| The value of exports and imports January-February 2015 and 2016 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January- | January- | year at current | |
| February | February | exch. rates, % | |
| 2015 | 2016 | Jan.-February | |
| Exports fob, total | 101,279.9 | 88,353.4 | -12.8 |
| Marine products | 37,981.1 | 38,628.3 | 1.7 |
| Agricultural products | 2,647.9 | 2,924.1 | 10.4 |
| Manufacturing products | 58,825.9 | 43,354.5 | -26.3 |
| Other products | 1,825.0 | 3,446.4 | 88.8 |
| Imports fob, total | 103,850.2 | 92,318.9 | -11.1 |
| Food and beverages | 9,499.7 | 8,147.4 | -14.2 |
| Industrial supplies n.e.s. | 29,814.8 | 24,535.4 | -17.7 |
| Fuels and lubricants | 11,924.9 | 7,649.9 | -35.8 |
| Capital goods (except for transport) | 19,291.5 | 23,733.2 | 23.0 |
| Transport equipment | 21,447.3 | 14,013.0 | -34.7 |
| Consumer goods n.e.s. | 11,758.6 | 14,140.1 | 20.3 |
| Goods n.e.s. | 113.4 | 99.8 | -11.9 |
| Balance of trade | -2,570.3 | -3,965.5 | · |
¹Statistics 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.