The value of exported goods from Iceland in the year 2020 amounted to 620.3 billion ISK fob and the value of imported goods amounted to 771.5 billion ISK cif (718.6 billion ISK fob). Thus, there was a trade deficit, calculated on fob value, of 151.2 billion ISK in 2020 compared with a trade deficit of 187.4 billion ISK in 2019 at current rates of exchange. Excluding ships and aircraft, the deficit of balance of trade in goods was 142.2 billion, compared with 174.7 billion ISK in the year before.
Value of marine products 3.7% higher than in 2019
The total value of exports of goods in 2020 was 21.6 billion ISK lower (3.3%) than in 2019 at current rates of exchange. Exports of aluminum and aluminum products had the largest share in exported manufacturing products or 33.5% of total exports. Marine products contributed to 43.5% of the total exports and their value was 3.7% higher than in 2019. Fresh fish and frozen fish fillets had the largest share in marine products. Fresh fish was 13.0% of total exports and frozen fish fillets were 11.2% of total exports. Largest trading countries in export of goods were the Netherlands, Spain and United Kingdom but 69% of all exports went to EES countries.
Decrease mainly in fuels and capital goods
The total value of imports of goods in 2020 was 57.8 billion ISK lower (7.0%) than in 2019 at current rates of exchange. The decrease is mainly in fuels and Transport equipent. The largest import categories were industrial supplies (30.5%) and capital goods (22.2%). The largest trading countries in imports of goods for the year 2020 were Germany, Norway and China. 58% of all imports came from EES countries.
| The value of exports and imports in January - December 2019 and 2020 | |||
| Million ISK at current exchange rate | Change on prev. year at current exch. rates, % Jan - Dec | ||
| January - December | |||
| 2019 | 2020 | ||
| Exports fob, total | 641,859.7 | 620,287.7 | -3.3 |
| Marine products | 260,370.9 | 269,918.1 | 3.7 |
| Agricultural products including farmed fish | 30,819.0 | 35,317.2 | 14.8 |
| Manufacturing products | 307,540.1 | 298,481.1 | -2.8 |
| Other products | 43,129.7 | 16,571.4 | -60.9 |
| Imports fob, total | 829,285.7 | 771,454.2 | -7.0 |
| Food and beverages | 78,895.8 | 82,116.2 | 4.1 |
| Industrial supplies n.e.s. | 238,724.1 | 235,505.4 | -1.3 |
| Fuels and lubricants | 97,574.3 | 50,485.1 | -48.3 |
| Capital goods (except for transport) | 177,099.5 | 171,506.8 | -3.1 |
| Transport equipment | 124,206.8 | 98,634.0 | -20.6 |
| Consumer goods n.e.s. | 112,318.5 | 132,627.2 | 18.0 |
| Goods n.e.s. | 466.7 | 579.6 | 23.5 |
| Balance of trade | -187,425.9 | -151,166.51 | |