The value of exported goods from Iceland in 2024 amounted to 959.0 billion ISK fob and the value of imported goods amounted to 1,356.7 billion ISK cif (1,286.1 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 397.7 billion ISK in 2024 compared with a trade deficit of 365.8 billion ISK in 2023 at current rates of exchange.
Value of exports 20.9 billion ISK higher than last year
The total value of exports of goods in 2024 was 20.9 billion higher than in 2023 at current rates of exchange. Exports of manufacturing products was 54% of total exports and their value increased by 3% in comparison with the year 2023. The export of aluminium and aluminium products contributed the most to the exports of Industrial products in 2024 or 33% of the total export value.
The value of exported marine products contributed to 36% of the total exports and decreased by 2% from 2023. Fresh fish and frozen fish fillets had the largest share in marine products. Fresh fish was 27% and frozen fish fillets were 25% of marine products. Largest trading countries in export of goods were the Netherlands, the United States and the United Kingdom while 77% of all exports went to EEA countries.
The value of imports 52.9 billion ISK higher than last year
In 2024, the value of imports of goods was 52.9 billion ISK higher than in 2023 at each year's exchange rate. The value of the import of investment goods increased by 15% but the value of transport equipment decreased by 12% between years and fuels and lubricants by 10%. The largest part of the import value was due to raw and consumable goods (27%) and investment goods (26%).
The largest trading countries in imports of goods in 2024 were Norway, Germany, the United States and China. The value of imports from countries within the EEA amounted to 60% of all imports in 2024.