Balance of trade
The value of exported goods from Iceland amounted to ISK 65,900 million fob and the value of imported goods amounted to ISK 59,600 million fob (ISK 65,300 million cif) January-February 2009. Thus there was a trade surplus, calculated on fob value, of 6,300 million as compared with a trade deficit of ISK 35,900 million in January-February 2008, at fixed rates of exhange¹.
Exports
The total value of exports of goods January-February 2009 was ISK 4,200 million or 6.0% lower at constant rates of exchange than in the same period the year before. Marine products were 42% of the total exports and their value 13.6% lower than the same period the year before. Exported manufacturing products were 49% of total exported goods and their value was 5.4% less than in the same period the year before. The largest decrease occurred in the export of marine products, mainly frozen fish fillets, but there was an increase in the exports of aluminium and ships and aircrafts.
Imports
The total value of imports of goods January-February 2009 was ISK 46,500 million or 43.8% lower at constant rates of exchange that in the same period the year before. The largest decrease occurred in the import of transport equipment, mainly passenger cars, capital goods and consumer goods other than food and beverages.
| Balance of trade in January February 2009 | |||||
| Change on previous year at constant exchange rates, % January-February | |||||
| Million ISK at fixed exchange rate | |||||
| February | January–February | ||||
| 2008 | 2009 | 2008 | 2009 | ||
| Exports fob, total | 28,692 | 32,350 | 70,146 | 65,918 | -6.0 |
| Imports fob, total | 47,341 | 26,409 | 106,098 | 59,628 | -43.8 |
| Balance of trade | -18,649 | 5,941 | -35,952 | 6,290 | . |
| The value of exports and imports January-February 2008 and 2009 | |||
| Change on previous year at constant exchange rates 1) % January-February | |||
| Million ISK at current exchange rate | |||
| February | February | ||
| 2008 | 2009 | ||
| Exports fob, total | 43,948.6 | 65,918.1 | -6.0 |
| Marine products | 19,906.1 | 27,443.4 | -13.6 |
| Agricultural products | 947.9 | 1,548.0 | 2.3 |
| Manufacturing products | 21,351.6 | 32,232.7 | -5.4 |
| Other products | 1,743.1 | 4,693.9 | 68.7 |
| Imports fob, total | 66,473.3 | 59,627.9 | -43.8 |
| Food and beverages | 4,435.2 | 4,903.1 | -30.7 |
| Industrial supplies n.e.s. | 17,746.5 | 21,867.8 | -22.8 |
| Fuels and lubricants | 7,247.6 | 7,906.2 | -31.7 |
| Capital goods (except for transport) | 14,652.4 | 12,896.7 | -44.9 |
| Transport equipment | 11,718.5 | 4,050.4 | -78.3 |
| Consumer goods n.e.s. | 10,627.3 | 7,886.6 | -53.5 |
| Goods n.e.s. | 45.8 | 117.3 | 60.5 |
| Balance of trade | -22,524.7 | 6,290.1 | · |
¹ Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year 59.6%. In February 2009, foreign currency prices were 48.2% higher than in February 2008.
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.