Please note that this press release was corrected 30 September 2022. Figures in import was corrected which means that the correct deficit in trade in goods is 16.9 billion ISK but deficit in trade in goods was 23.3 billion ISK in original version.
The value of exported goods from Iceland amounted to 94,1 billion ISK fob in August 2022 and the value of imported goods 110.9 billion ISK cif (105.9 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 16.9 billion ISK as compared with a trade deficit of 30.9 billion ISK in August 2021 at current rates of exchange. The trade balance in August 2022 was therefore ISK 14.1 billion more favourable than at the same month last year. For the last twelve months the deficit in balance of trade in goods was 240.3 billion ISK or 46.6 billion ISK more than for the previous twelve months.
Value of exported goods increased by 32.8% in 12-month comparison
The value of exported goods in August was 37.6 billion ISK (66.6%) higher than in the previous year, increasing from 56.5 billion ISK to 94.1 billion ISK. The biggest increase (83.8%) was in value of manufacturing products 25.5 billion ISK higher than in August 2021.
For the 12 months period, from September 2021 to August 2022, the total value of exported goods was 942.1 billion ISK or 232.6 billion ISK higher (32.8%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 57.1% of the total exports, increasing by 57.1%. Marine products contributed 35.1% of total exported goods and increased by 10.9% from the previous twelve months. The value of farmed fish increased by 3 billion (8.2%) in the twelve months period and amounted to 4.3% of the total export value.
Value of imports increased by 30.9% in 12-month comparison
The value of imports of goods was 110.9 billion ISK in 2022 compared with 87.4 billion ISK in August 2021. The increase in 2022 was thus 23.5 billion ISK from the previous year (26.9%). The value of industrial supplies was 32.3 billion ISK and increased by 10 billion ISK (45.1%), the value of capital goods (except for transport) was 27.6 billion ISK and increased by 7.4 billion (36.3%) and the value of fuels was 14.2 billion ISK and increased by 4.6 billion ISK (47.6%).
For the twelve months period, the total value of imports of goods was 1,182.3 billion ISK, 279.2 billion ISK higher (30.9%) than for the previous twelve months. The biggest difference is increased value of industrial supplies, fuels and capital goods.
The average value of the exchange rate index for the twelve months period was 191.2, indicating a 4.2% stronger rate of exchange than in the previous twelve months when the average exchange rate index was 199.7. The exchange rate strengthened by 2.2% in August 2022 (189.5) compared with August 2021 (193.8).
The treatment of lease agreements in external trade is under review and the revision might affect both the balance of trade in goods and trade in services.
Please note that the above numbers are preliminary and will be updated at the end of the month. Corrections and additional data can significantly affect the data. At the end of the month data in tables will be updated.