Balance of trade
The value of exported goods from Iceland amounted to ISK 241,000 million fob and the value of imported goods amounted to ISK 282,800 million fob (ISK 307,100 million cif) January-July 2008. Thus there was a trade deficit, calculated on fob value, of 41,900 million as compared with a trade deficit of ISK 65,000 million in January-July 2007, at fixed rates of exchange¹ .
Exports
The total value of exports of goods January-July 2008 was ISK 27,800 million or 13.0% higher at constant rates of exchange than the same period the year before.
Imports
The total value of imports of goods January-July 2008 was ISK 4,700 million or 1.7% higher at constant rates of exchange than in the same period last year.
| Balance of trade in July 2008 | |||||
| Change on previous year at constant exchange rates, % January-July | |||||
| Million ISK at fixed exchange rate | |||||
| July | January–July | ||||
| 2007 | 2008 | 2007 | 2008 | ||
| Exports fob, total | 31,027 | 34,111 | 213,161 | 240,953 | 13.0 |
| Imports fob, total | 46,672 | 51,632 | 278,151 | 282,818 | 1.7 |
| Balance of trade | -15,645 | -17,521 | -64,990 | -41,865 | . |
| The value of exports and imports July 2007 and 2008 | |||
| Change on previous year at constant exchange rates 1) % January-July | |||
| Million ISK at current exchange rate | |||
| July | July | ||
| 2007 | 2008 | ||
| Exports fob, total | 171,241.2 | 240,953.2 | 13.0 |
| Marine products | 75,893.6 | 89,056.2 | -5.7 |
| Agricultural products | 1,816.0 | 2,734.1 | 20.9 |
| Manufacturing products | 67,380.6 | 121,419.1 | 44.8 |
| Other products | 26,151.0 | 27,743.8 | -14.8 |
| Imports fob, total | 223,450.0 | 282,817.7 | 1.7 |
| Food and beverages | 14,345.8 | 20,330.4 | 13.8 |
| Industrial supplies n.e.s. | 57,337.3 | 85,478.5 | 19.8 |
| Fuels and lubricants | 19,454.1 | 32,512.6 | 34.3 |
| Capital goods (except for transport) | 53,582.3 | 59,758.0 | -10.4 |
| Transport equipment | 44,993.5 | 44,232.5 | -21.0 |
| Consumer goods n.e.s. | 33,533.8 | 40,290.9 | -3.5 |
| Goods n.e.s. | 203.3 | 214.7 | -15.2 |
| Balance of trade | -52,208.8 | -41,864.5 | · |
¹ Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year 24.5%. In July 2008, foreign currency prices were 42.9% higher than in July 2007.
Monthly figures of external trade for current year are revised together with the release of figures for new months. Annual figures are published approximately 7 weeks after the end of the reference year, in February each year. The figures are considered as final at that point of time.
From 1 February 2008 and onwards, midrate is used to convert the foreign currency value of the commodity to Icelandic krónur (ISK). Before that date, selling rates were used for the conversion of import figures and buying rates for the conversion of export figures. Also from 1 February and onwards, the official exchange rate is used that is registered by the Central Bank of Iceland the day before the customs clearance instead of previous procedure of using the official exchange rate that is registered by the Central Bank on the 28th of each month. Due to that the figures of the trade balance in February and onwards are not completely comparable to the trade balance figures in January and last year figures.