Balance of trade
The value of exported goods from Iceland amounted to over ISK 276,200 million fob and the value of imported goods amounted to almost ISK 274,000 million fob (ISK 292,000 million cif) in the first five months of 2015. Thus there was a trade surplus, calculated on fob value, of ISK 2,300 million as compared with a trade surplus of ISK 2,200 million in the first five months of 2014, at current rates of exchange.¹
Exports
The total value of exports of goods the first five months of 2015 was ISK 48,700 million or 21.4% higher at current rates of exchange than in the same period the year before. Exported manufacturing products were 55.2% of total exported goods and their value was 31.0% higher than in the same period the year before, mainly due to aluminium. Marine products were 40.7% of the total exports and their value 17.4% higher than in the same period the year before, mainly because of fish meal.
Imports
The total value of imports of goods in the first four months of 2015 was ISK 48,700 million or 21.6% higher at current rates of exchange than in the same period the year before, mainly because of industrial supplies and aircraft.
| The value of exports and imports January-May 2015 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January- | January- | year at current | |
| May | May | exch. rates, % | |
| 2014 | 2015 | Jan.-May | |
| Exports fob, total | 227,541.0 | 276,243.3 | 21.4 |
| Marine products | 95,809.4 | 112,443.3 | 17.4 |
| Agricultural products | 4,638.6 | 6,064.3 | 30.7 |
| Manufacturing products | 116,478.5 | 152,553.0 | 31.0 |
| Other products | 10,614.6 | 5,182.7 | -51.2 |
| Imports fob, total | 225,305.0 | 273,990.0 | 21.6 |
| Food and beverages | 21,158.5 | 28,336.7 | 33.9 |
| Industrial supplies n.e.s. | 65,501.5 | 79,454.5 | 21.3 |
| Fuels and lubricants | 33,479.5 | 31,523.7 | -5.8 |
| Capital goods (except for transport) | 51,576.5 | 51,592.3 | 0.0 |
| Transport equipment | 24,873.6 | 50,482.0 | . |
| Consumer goods n.e.s. | 28,276.9 | 32,001.0 | 13.2 |
| Goods n.e.s. | 438.5 | 599.8 | 36.8 |
| Balance of trade | 2,236.0 | 2,253.3 | · |
Concurrent with this news release we were unable to update HS-numbers tables online but they will be updated as soon as possible.
1) Statistics Iceland does no longer publish trade in goods at constant exchange rates. On Statistics Iceland website is available table of the breakdown of trade in goods by currencies.
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.