In 2016 the goods exported from Iceland amounted to 537,400 million ISK and goods imported into Iceland for 645,600 million ISK fob, 687,600 million ISK cif. Thus there was a trade deficit of trade in goods, calculated on fob value, of 108,200 million ISK, whereas the trade surplus in 2015 was 30,600 million ISK.

Exports of goods decreased by 14,2% at current prices¹ and imports of goods decreased by 1,7%. Manufacturing products constituted 50.3% of all exports of goods and marine products 43.2% of all exports.

The largest imports of goods categories were industrial supplies, 26.1% of total, capital goods with 21.8% and transport equipment with 18,6% of the total value. Largest trading countries were the Netherlands in exports of goods and Norway in imports of goods and EEA was the most important market area for both exports and imports of goods.

The value of exports and imports January–December 2015 and 2016
  Million ISK at current exchange rate Change on prev.
  January– January– year at current
  December December exch. rates, %
  2015 2016 Jan.–December
Exports fob, total 626,091.9 537,444.8 -14.2
Marine products 264,665.4 232,237.9 -12.3
Agricultural products 13,267.6 16,844.5 27.0
Manufacturing products 331,060.2 270,407.9 -18.3
Other products 17,098.7 17,954.6 5.0
Imports fob, total 656,661.9 645,611.6 -1.7
Food and beverages 65,036.8 57,418.8 -11.7
Industrial supplies n.e.s. 184,882.8 168,494.0 -8.9
Fuels and lubricants 83,123.8 69,867.6 -15.9
Capital goods (except for transport) 137,382.1 140,651.0 2.4
Transport equipment 103,893.4 120,118.3 15.6
Consumer goods n.e.s. 81,398.8 88,542.6 8.8
Goods n.e.s. 944.2 519.4 -45.0
Balance of trade -30,570.1 -108,379.3 ·

Note that tables on Statistics Iceland‘s website have changed.

¹Statistics 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.