The value of exported goods from Iceland amounted to 76.8 billion ISK fob in April 2022 and the value of imported goods 90.6 billion ISK cif (84.0 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 13.8 billion ISK as compared with a trade deficit of 11.4 billion ISK in April 2021 at current rates of exchange. The trade balance in April 2022 was therefore ISK 2.3 billion less favorable than at the same month last year. For the last twelve months the deficit in balance of trade in goods was 241.5 billion ISK or 86.6 billion ISK more than for the previous twelve months.
Value of exported goods increased by 31.1% in 12-month comparison
The value of exported goods in April was 15.4 billion ISK (25.0%) higher than in the previous year, increasing from 61.5 billion ISK to 76.8 billion ISK. The value of manufacturing products was 12.3 billion ISK higher (42.4%) than in April 2021.
For the 12 months period, the total value of exported goods was 851.0 billion ISK or 202.0 billion ISK higher (31.1%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 54% of the total exports, increasing by 50.1%. Marine products contributed 37% of total exported goods and increased by 12.5% from the previous twelve months. The value of farmed fish increased by 7.9 billion (24.5%) in twelve months period and amounted to 5% of the total export value.
Value of imports increased by 35.9% in 12-month comparison
The value of imports of goods in April increased from 72.9 billion ISK in 2021 to 90.6 billion ISK in April 2022, 17.7 billion ISK higher than the previous year (24.3%). The value of industrial supplies by 7.4 billion ISK (31.5%) and the value of fuels increased by 3.5 billion ISK (97.3%).
For the twelve months period, the total value of imports of goods was 1,092.5 billion ISK, 288.6 billion ISK higher (35.9%) than for the previous twelve months. The biggest difference is increased value of transport equipment, industrial supplies and capital goods.
The average exchange rate for the twelve months period was 193.2 and was 5.1% stronger than in the previous twelve months when the average exchange rate index was 203.6. The exchange rate strengthened by 4.2% in April 2022 (187.9) compared with April 2021 (196.2).
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.
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. Data for past months in tables has been updated.