Balance of trade
The value of exported goods from Iceland amounted to ISK 253,500 million fob and the value of imported goods amounted to ISK 213,700 million fob (ISK 232,700 million cif) January-July 2009. Thus there was a trade surplus, calculated on fob value, of 39,800 million as compared with a trade deficit of ISK 71,300 million in January-July 2008, at fixed rates of exhange¹.
Exports
The total value of exports of goods January-July 2009 was ISK 101,800 million or 28.7% lower at constant rates of exchange than in the same period the year before. Marine products were 44.7% of the total exports and their value 13.8% lower than the same period the year before. Exported manufacturing products were 48.9% of total exported goods and their value was 30.3% less than in the same period the year before. The largest decrease in value occurred in the export of manufacturing products, mainly aluminium, but there was also a decrease in exports of ships and aircrafts and marine products.
Imports
The total value of imports of goods January-July 2009 was ISK 212,900 million or 49.9% lower at constant rates of exchange than in the same period the year before. There was a decrease in almost all items of imports, largest in industrial supplies, transport equipments and capital goods.
| Balance of trade in January July 2009 | |||||
| Change on previous year at constant exchange rates, % January-July | |||||
| Million ISK at fixed exchange rate | |||||
| July | January–July | ||||
| 2008 | 2009 | 2008 | 2009 | ||
| Exports fob, total | 49,721 | 41,665 | 355,278 | 253,486 | -28.7 |
| Imports fob, total | 82,971 | 34,850 | 426,608 | 213,685 | -49.9 |
| Balance of trade | -33,250 | 6,814 | -71,330 | 39,801 | . |
| The value of exports and imports January-July 2008 and 2009 | |||
| Change on previous year at constant exchange rates 1) % January-July | |||
| Million ISK at current exchange rate | |||
| July | January-July | ||
| 2008 | 2009 | ||
| Exports fob, total | 241,521.5 | 253,485.7 | -28.7 |
| Marine products | 89,248.3 | 113,226.9 | -13.8 |
| Agricultural products | 2,746.5 | 4,225.4 | 4.6 |
| Manufacturing products | 120,825.9 | 123,825.7 | -30.3 |
| Other products | 28,700.8 | 12,207.6 | -71.1 |
| Imports fob, total | 290,011.9 | 213,685.2 | -49.9 |
| Food and beverages | 21,469.4 | 23,324.3 | -26.1 |
| Industrial supplies n.e.s. | 85,310.6 | 65,454.4 | -47.8 |
| Fuels and lubricants | 32,639.5 | 27,391.0 | -43.0 |
| Capital goods (except for transport) | 63,480.2 | 48,852.5 | -47.7 |
| Transport equipment | 48,480.9 | 15,111.7 | -78.8 |
| Consumer goods n.e.s. | 38,436.8 | 33,252.5 | -41.2 |
| Goods n.e.s. | 194.7 | 298.8 | 4.4 |
| Balance of trade | -48,490.5 | 39,800.5 | · |
¹Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year 47.1%. In July 2009, foreign currency prices were 45.5% higher than in July 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.