Balance of trade
According to preliminary figures for the year 2008, the value of exported goods from Iceland amounted to ISK 467,100 million fob and the value of imported goods amounted to ISK 472,700 million fob (ISK 513,800 million cif). Thus there was a trade deficit according to preliminary figures for the year 2008, calculated on fob value, of ISK 5,600 million as compared with trade deficit of ISK 127,500 million in 2007, at fixed rates of exchange¹.
According to preliminary figures, the value of exported goods from Iceland in December 2008 amounted to almost ISK 54,000 million fob and the value of imported goods amounted to ISK 29,800 million fob (ISK 32,800 million cif). Thus there was a trade surplus, calculated on fob value, of ISK 24,200 million as compared with a trade deficit of ISK 16,700 million in December 2007, at fixed rates of exchange¹.
Exports
According to preliminary figures for the year 2008, the total value of exported goods was ISK 35,100 million more than the previous year, or 8.1% at fixed rate of exchange. Manufacturing products were 52.1% of the total export and for the first time, since annual registration of external trade started in 1862, are manufacturing products more than half of the total export and their share larger than marine products. The value of exported manufacturing products was 46.0% more in 2008 than the previous year. The largest share of exported manufacturing products was aluminium. Marine products were 36.6% of total exported goods, which is the smallest share of exported marine products since 1865. The value of marine products was 5.3% lower than in 2007. The largest item of exported marine products was frozen fish fillets, showing a decrease in exports from 2007. Sales of ships and aircrafts decreased considerable from 2007.
Imports
According to preliminary figures the total value of imports of goods in 2008 was ISK 86,800 million or 15.5% lower at constant rates of exchange than in the same period last year. Largest import items were industrial supplies which made up 31.8% of all imports and capital goods with 20.8% share. The largest decrease occurred in the import of transport equipment, 48.1%, mainly passenger cars and aircrafts, capital goods 19.2% and consumer goods other than food and beverages 21.6%. On the other hand, there was an increase in the import of industrial supplies, 3.8%, and fuels and lubricants 16.8%.
| Balance of trade in December 2008 | |||||
| Change on previous year at constant exchange rates, % January-December | |||||
| Million ISK at fixed exchange rate | |||||
| December | January–December | ||||
| 2007 | 2008 | 2007 | 2008 | ||
| Exports fob, total | 45,816 | 53,991 | 431,955 | 467,081 | 8.1 |
| Imports fob, total | 62,511 | 29,814 | 559,460 | 472,656 | -15.5 |
| Balance of trade | -16,695 | 24,177 | -127,505 | -5,575 | · |
| The value of exports and imports December 2007 and 2008 | |||
| Change on previous year at constant exchange rates 1) % January-December | |||
| Million ISK at current exchange rate | |||
| December | December | ||
| 2007 | 2008 | ||
| Exports fob, total | 305,095.8 | 467,081.1 | 8.1 |
| Marine products | 127,618.6 | 171,147.4 | -5.3 |
| Agricultural products | 3,496.3 | 6,412.1 | 29.5 |
| Manufacturing products | 117,743.8 | 243,415.7 | 46.0 |
| Other products | 56,237.1 | 46,105.9 | -42.1 |
| Imports fob, total | 395,154.7 | 472,656.3 | -15.5 |
| Food and beverages | 25,843.1 | 35,475.8 | -3.0 |
| Industrial supplies n.e.s. | 102,251.7 | 150,234.1 | 3.8 |
| Fuels and lubricants | 35,138.9 | 58,127.7 | 16.8 |
| Capital goods (except for transport) | 85,827.5 | 98,214.4 | -19.2 |
| Transport equipment | 83,933.4 | 61,622.6 | -48.1 |
| Consumer goods n.e.s. | 61,810.0 | 68,589.8 | -21.6 |
| Goods n.e.s. | 350.2 | 391.8 | -21.0 |
| Balance of trade | -90,058.9 | -5,575.1 | · |
¹ Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year 41.6%. In December 2008, foreign currency prices were 79.5% higher than in December 2007.
Monthly figures of external trade for current year are revised together with the release of figures for new months. Final annual figures of the year 2008 will be published in April 2009.
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.