Balance of trade
In the first quarter of 2016, the value of exported goods from Iceland amounted to almost ISK 132,600 million fob and the value of imported goods amounted to over ISK 157,400 million fob (ISK 167,300 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 24,900 million as compared with a trade surplus of ISK 5,600 million in the first quarter of 2015, at current rates of exchange1.
Exports
The total value of exports of goods the first quarter of 2016 was ISK 32,100 million, or 19.5% lower, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed to 49.9% of total exported goods and their value was 28.4% lower than in the same period the year before, mainly due to decreases in aluminium price. Marine products contributed to 43.7% of the total exports and their value was 11.3% lower than in the same period the year before.
Imports
The total value of imports of goods in the first quarter of 2016 was ISK 1,600 million, or 1.0% lower, 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-March 2015 and 2016 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January- | January- | year at current | |
| March | March | exch. rates, % | |
| 2015 | 2016 | Jan.-March | |
| Exports fob, total | 164,633.3 | 132,555.2 | -19.5 |
| Marine products | 65,392.5 | 57,988.3 | -11.3 |
| Agricultural products | 3,901.0 | 4,135.0 | 6.0 |
| Manufacturing products | 92,342.0 | 66,095.4 | -28.4 |
| Other products | 2,997.7 | 4,336.5 | 44.7 |
| Imports fob, total | 159,028.1 | 157,446.7 | -1.0 |
| Food and beverages | 15,681.2 | 13,231.8 | -15.6 |
| Industrial supplies n.e.s. | 47,806.5 | 39,672.2 | -17.0 |
| Fuels and lubricants | 18,029.5 | 11,781.3 | -34.7 |
| Capital goods (except for transport) | 30,314.5 | 36,758.2 | 21.3 |
| Transport equipment | 28,161.6 | 33,676.9 | 19.6 |
| Consumer goods n.e.s. | 18,867.2 | 22,199.6 | 17.7 |
| Goods n.e.s. | 167.7 | 126.8 | -24.4 |
| Balance of trade | 5,605.1 | -24,891.5 | · |
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.