The value of exported goods from Iceland in 2021 amounted to 762.4 billion ISK fob and the value of imported goods amounted to 994.3 billion ISK cif (926.5 billion ISK fob). Thus there was a trade deficit, calculated on fob value, of 231.8 ISK billion in 2021 compared with a trade deficit of 145.3 billion ISK in 20201 at current rates of exchange.2.

Value of manufacturing products 32.9% higher than in 2020
The total value of exports of goods in 2021 was 136.2 billion ISK higher (21.8%) than in 2020 at current rates of exchange. Exports of aluminum and aluminum products had the largest share in exported manufacturing products or 37.3% of total exports. Marine products contributed to 38.8% of the total exports and their value was 7.4% higher than in 2020. Fresh fish and frozen fish fillets had the largest share in marine products. Fresh fish was 11.3% of total exports and frozen fish fillets were 9.6% of total exports. Largest trading countries in export of goods were the Netherlands, Spain and United Kingdom but 68.8% of all exports went to EEA countries.

Increased import in all categories
The total value of imports of goods in 2021 was 222.8 billion ISK higher (28.9%) than in 2020 at current rates of exchange. The increase is mainly in transport equipent and capital goods. The largest import categories were industrial supplies (28.8%) and capital goods (22.2%). The largest trading countries in imports of goods for the year 2021 were Norway, China and Germany. Over 58% of total value of import came from EEA countries.

1 Data for 2020 were revised in May 2022.

2 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.