Balance of trade
In the first seven months of 2016, the value of exported goods from Iceland amounted to ISK 318,800 million fob and the value of imported goods amounted to ISK 392,100 million fob (ISK 417,000 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 73,400 million as compared with a trade deficit of ISK 6,900 million in the first seven months of 2015, at current rates of exchange.1
Exports
The total value of exports of goods the first seven months of 2016 was ISK 66,000 million lower, or 17.1%, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed to 50.6% of total exported goods and their value was 22.7% lower than in the same period the year before, mainly due to decreases in aluminium prices. Marine products contributed 43.5% of the total exports and their value was 13.6% lower than in the same period the year before.
Imports
The total value of imports of goods in the first seven months of 2016 was ISK 495 million higher, or 0.1%, than in the same period the year before, at current rates of exchange, mainly because of fuels and industrial supplies. However, the imports of capital goods and transport equipment increased.
| The value of exports and imports January–July 2015 and 2016 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January– | January– | year at current | |
| July | July | exch. rates, % | |
| 2015 | 2016 | Jan.–July | |
| Exports fob, total | 384,728.1 | 318,753.4 | -17.1 |
| Marine products | 160,364.0 | 138,503.2 | -13.6 |
| Agricultural products | 7,235.8 | 8,897.0 | 23.0 |
| Manufacturing products | 208,633.9 | 161,185.7 | -22.7 |
| Other products | 8,494.4 | 10,167.6 | 19.7 |
| Imports fob, total | 391,615.3 | 392,110.6 | 0.1 |
| Food and beverages | 39,286.2 | 33,383.9 | -15.0 |
| Industrial supplies n.e.s. | 115,115.2 | 101,006.4 | -12.3 |
| Fuels and lubricants | 50,572.7 | 37,655.1 | -25.5 |
| Capital goods (except for transport) | 76,881.0 | 84,898.1 | 10.4 |
| Transport equipment | 64,084.7 | 83,677.1 | 30.6 |
| Consumer goods n.e.s. | 44,822.8 | 51,146.8 | 14.1 |
| Goods n.e.s. | 852.8 | 343.2 | -59.8 |
| Balance of trade | -6,887.2 | -73,357.1 | · |
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.