Balance of trade
The value of exported goods from Iceland amounted to ISK 171,100 million fob and the value of imported goods amounted to ISK 146,900 million fob (ISK 160,200 million cif) January-May 2009. Thus there was a trade surplus, calculated on fob value, of 24,200 million as compared with a trade deficit of ISK 41,500 million in January-May 2008, at fixed rates of exhange1.
Exports
The total value of exports of goods January-May 2009 was ISK 74,600 million or 30.4% lower at constant rates of exchange than in the same period the year before. Marine products were 44.1% of the total exports and their value 20.1% lower than the same period the year before. Exported manufacturing products were 48.6% of total exported goods and their value was 27.1% 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 marine products and ships and aircrafts.
Imports
The total value of imports of goods January-May 2009 was ISK 140,300 million or 48.8% 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 transport equipments, industrial supplies and capital goods.
| Balance of trade in January May 2009 | |||||
| Change on previous year at constant exchange rates, % January-May | |||||
| Million ISK at fixed exchange rate | |||||
| May | January–May | ||||
| 2008 | 2009 | 2008 | 2009 | ||
| Exports fob, total | 70,143 | 38,723 | 245,680 | 171,099 | -30.4 |
| Imports fob, total | 73,861 | 31,331 | 287,156 | 146,886 | -48.8 |
| Balance of | |||||
| trade | -3,718 | 7,392 | -41,476 | 24,213 | . |
| The value of exports and imports January-May 2008 and 2009 | |||
| Change on previous year at constant exchange rates 1) % January-May | |||
| Million ISK at current exchange rate | |||
| May | January-May | ||
| 2008 | 2009 | ||
| Exports fob, total | 165,876.6 | 171,099.3 | -30.4 |
| Marine products | 63,884.4 | 75,557.1 | -20.1 |
| Agricultural products | 1,941.5 | 3,149.5 | 9.5 |
| Manufacturing products | 77,046.0 | 83,136.4 | -27.1 |
| Other products | 23,004.8 | 9,256.3 | -72.8 |
| Imports fob, total | 193,880.4 | 146,886.3 | -48.8 |
| Food and beverages | 14,475.3 | 15,104.9 | -29.5 |
| Industrial supplies n.e.s. | 54,191.1 | 46,957.8 | -41.5 |
| Fuels and lubricants | 18,436.5 | 18,053.7 | -33.9 |
| Capital goods (except for transport) | 44,520.1 | 34,267.5 | -48.0 |
| Transport equipment | 34,563.1 | 9,761.3 | -80.9 |
| Consumer goods n.e.s. | 27,595.1 | 22,533.7 | -44.9 |
| Goods n.e.s. | 99.3 | 207.4 | 41.0 |
| Balance of trade | -28,003.8 | 24,213.0 | · |
¹ Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year 48.1%. In May 2009, foreign currency prices were 47.5% higher than in May 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.
Statistics