The news release of Iceland‘s foreign trade January-August 2011 has now been revised due to error in the exchange rate change used for the compilation of last years figures. The news release is therefore published corrected.
Balance of trade
The value of exported goods from Iceland amounted to ISK 397,500 million fob and the value of imported goods amounted to ISK 331,500 million fob (ISK 356,800 million cif) January-August 2011. Thus there was a trade surplus, calculated on fob value, of 65,900 million as compared with a trade surplus of ISK 75,600 million in January-August 2010, at fixed rates of exhange¹.
Exports
The total value of exports of goods January-August 2011 was ISK 41,100 million or 11.5% higher at constant rates of exchange than in the same period the year before. Marine products were 38.3% of the total exports and their value 9.6% higher than the same period the year before. Exported manufacturing products were 56.3% of total exported goods and their value was 11.5% more than in the same period the year before. Most increase occurred in the value of export of manufacturing products, mainly aluminium and ferrosilicon. Export of marine products also increased.
Imports
The total value of imports of goods January-August 2011 was ISK 50.700 million or 18.1% higher at constant rates of exchange than in the same period the year before. There was an increase in most items of the imports, the largest in industrial supplies.
| Balance of trade in August 2011 | |||||
| Change on previous year at constant exchange rates, % January-August | |||||
| Million ISK at fixed exchange rate | |||||
| August | January-August | ||||
| 2010 | 2011 | 2010 | 2011 | ||
| Exports fob, total | 43,864 | 56,696 | 356,385 | 397,462 | 11.5 |
| Imports fob, total | 36,390 | 45,641 | 280,807 | 331,537 | 18.1 |
| Balance of trade | 7,475 | 11,055 | 75,578 | 65,925 | · |
| The value of exports and imports January-August 2010 and 2011 | |||
| Change on previous year at constant exchange rates 1) % January-August | |||
| Million ISK at current exchange rate | |||
| January-August | January-August | ||
| 2010 | 2011 | ||
| Exports fob, total | 365,560.5 | 397,462.5 | 11.5 |
| Marine products | 142,374.9 | 152,091.9 | 9.6 |
| Agricultural products | 4,339.4 | 5,293.2 | 25.1 |
| Manufacturing products | 205,978.6 | 223,933.2 | 11.5 |
| Other products | 12,867.7 | 16,144.2 | 28.7 |
| Imports fob, total | 288,036.4 | 331,537.3 | 18.1 |
| Food and beverages | 28,249.0 | 31,244.8 | 13.5 |
| Industrial supplies n.e.s. | 98,112.3 | 115,907.6 | 21.2 |
| Fuels and lubricants | 37,796.6 | 44,974.6 | 22.1 |
| Capital goods (except for transport) | 66,091.5 | 72,204.6 | 12.1 |
| Transport equipment | 16,790.9 | 24,115.2 | 47.3 |
| Consumer goods n.e.s. | 40,607.1 | 42,662.5 | 7.8 |
| Goods n.e.s. | 389.1 | 428.0 | 12.8 |
| Balance of trade | 77,524.1 | 65,925.1 | . |
¹ Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year -2,5%. In August 2011, foreign currency prices were 4,8% higher than in August 2010.
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