The value of exported goods from Iceland amounted to 61.5 billion ISK fob in April 2021 and the value of imported goods 68,3 billion ISK cif (62.6 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 6.9 billion ISK as compared with a trade deficit of nearly 7.3 billion ISK in April 2020 at current rates of exchange. For the period May 2020 to April 2021, the deficit in balance of trade in goods was 150.8 billion ISK or 31 billion ISK less than for the previous 12 months.
Value of exported goods increased by 5.6% in 12-month comparison
The value of exported goods in April was 14.1 billion ISK (29.9%) higher than the previous year, increased from 47.3 billion ISK to 61.5 billion ISK. The value of marine products increased by 9.5 billion ISK (53.5%) and the value of manufacturing products is 2.6 billion ISK higher (17.3%) than in April 2020.
For the period May 2020 to April 2021, the total value of exported goods was 648.7 billion ISK or 34.3 billion ISK higher (5.6%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 48% of the total exports, increasing by 1.5%. Marine products contributed 43% of total exported goods and increased by 9.4% from the previous 12 months. The value of farmed fish increased by 6.2 billion (23.7%) for the same period.
Value of imports increased by 0.4% in 12-month comparison
The value of imports of goods in April increased from 54.6 billion ISK in 2020 to 68.3 billion ISK in 2021. The value of industrial supplies increased by 24.6%, the value of fuel increased by 2 billion ISK from April 2020 and the value of consumer goods n.e.s. increased by another 2 billion ISK. Also, ships were imported for 1 billion this April. Other sectors underwent minor changes.
In the last 12 months, the total value of imports of goods was 800.0 billion ISK, 3.3 billion ISK higher (0.4%) than in the previous 12 months at current rates of exchange. The biggest difference is increased value in industrial supplies and consumer goods and on the other hand the contraction in fuel imports and transport equipment.
It should be borne in mind that the average exchange rate index rose by 10.1% during this twelve-month period, while the exchange rate strengthened by 4.5% between April 2020 and 2021.
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.
| The value of exports and imports for 12 months period | |||
| ISK billion at current exchange rate, preliminary figures | May 2019 - April 2020 | May 2020 - April 2021 | Change from prev. period(%) |
| Exports fob, total | 614.4 | 648.7 | 5.6 |
| Marine products | 257.5 | 281.8 | 9.4 |
| Agricultural products including farmed fish | 32.1 | 40.0 | 24.6 |
| Manufacturing products | 303.8 | 308.4 | 1.5 |
| Other products | 21.0 | 18.4 | -12.2 |
| Imports cif, total | 796.3 | 799.6 | 0.4 |
| Food and beverages | 80.6 | 82.6 | 2.5 |
| Industrial supplies n.e.s. | 226.3 | 248.8 | 9.9 |
| Fuels and lubricants | 92.0 | 45.4 | -50.6 |
| Capital goods (except for transport) | 167.8 | 186.5 | 11.1 |
| Transport equipment | 115.1 | 93.5 | -18.8 |
| Consumer goods n.e.s. | 114.1 | 142.1 | 24.6 |
| Goods n.e.s. | 0.4 | 0.6 | 38.7 |
| Balance of trade | -181.9 | -150.8 | |