An error has been detected in the data for trade in March 2020 which was published at 9:00, 30 April 2020. The error was due to incorrect data on fisheries exports as exports dated from previous years were included in 2020 date. As a consequence, the value of fisheries exports was overestimated by 11.9 billion ISK. Tables on Statistics Iceland website have been updated.

The value of exported goods from Iceland amounted to 55.9 billion ISK fob in March 2020 and the value of imported goods amounted to 68.9 billion ISK fob (73.6 billion ISK cif). Thus, there was a trade deficit, calculated on fob value, of 13 billion ISK as compared with a trade deficit of 8.8 billion ISK in March 2019 at current rates of exchange.1 The trade deficit in March, without ships and aircrafts, was 8.1 billion ISK fob in 2020 compared with the traded deficit of 11.9 billion ISK fob in 2019.

No changes in seafood export
The total value of exports of goods in the first three months of 2020 was 25.2 billion ISK lower (14.5%) than in the same period the year before at current rates of exchange.1 This decrease in export is mainly due to transactions with ships and aircrafts in January 2019. Manufacturing products contributed 48.5% of the total exports and their value was 6.5% lower than in 2019. Marine products contributed 42.5% of total exported goods with minimal changes in value between years.

Value of imports 5.2 billion ISK lower
The total value of imports of goods in the first three months of 2020 was 5.2 billion ISK lower (3%) than in 2019 at current rates of exchange. The imports decreased in every category except in imports of transport equipment and consumer goods.

The value of exports and imports in January-March 2019 and 2020
  Million ISK at current exchange rate Change on prev.
year at current
exchange rates %
2019 2020
Exports fob, total173,954.7148,757.3-14.5
Marine products63,008.963,195.20.3
Agricultural products7,809.39,565.122.5
Manufacturing products77,219.772,174.3-6.5
Other products25,916.83,822.7-85.3
Imports fob, total174,209.7169,053.8-3.0
Food and beverages15,847.115,795.3-0.3
Industrial supplies n.e.s.51,760.944,955.9-13.1
Fuels and lubricants18,641.717,584.6-5.7
Capital goods (except for transport)45,297.835,966.5-20.6
Transport equipment17,789.928,491.260.2
Consumer goods n.e.s.24,776.926,209.85.8
Goods n.e.s.95.450.4-47.1
Balance of trade-255.0-20,296.5 

1 Statistics Iceland does no longer publish trade in goods at constant exchange rates. The breakdown of trade in goods by currencies is available on Statistics Iceland’s website.

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 in time.