The value of exported goods from Iceland amounted to 68.4 billion ISK fob in April 2023 and the value of imported goods 89.0 billion ISK cif (83.9 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 20.6 billion ISK as compared with a trade deficit of 17.9 billion ISK in April 2022 at current rates of exchange. The trade balance in April 2023 was therefore 2.7 billion ISK less favourable than at the same time last year. For the last twelve months the deficit in balance of trade in goods was 334.6 billion ISK or 110.4 billion ISK less favourable than during the previous twelve months.
Value of exported goods increased by 20.4% for the last twelve months
The value of exported goods in April was 5.2 billion ISK (7.1%) lower than in April 2022, decreased from 73.6 billion ISK to 68.4 billion ISK.
For the last twelve months the total value of exported goods was 1,009.0 billion ISK or 170.9 billion ISK higher (20.4%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 56% of the total exports, increasing by 23.5%. Marine products contributed 35% of total exported goods and increased by 15.9% from the previous twelve months.
Value of imports increased by 26.5% last twelve months
The value of imports of goods was 89.0 billion ISK in April 2023 compared with 91.6 billion ISK in April 2022. The decrease was thus 2.5 billion ISK from the April 2022 (2.8%). The value of industrial supplies was 24.6 billion ISK and decreased by 6.1 billion ISK (19.8%), the value of capital goods (except for transport) was 21.6 billion ISK and increased by 0.8 billion (3.8%), and the value of transport equipment was 15.3 billion ISK and increased by 2.8 billion ISK (22.4%) from April 2022.
For the last twelve months the total value of imports of goods was 1,343.7 billion ISK, 281.3 billion ISK higher (26.5%) than during the previous twelve months. The biggest difference is increased value of fuels, industrial supplies and capital goods.
The average value of the exchange rate index for the twelve months period was 193,0 indicating a 0.1% stronger rate of exchange than during the previous twelve months when the average exchange rate index was 193.2. The exchange rate weakened by 3.8% in April 2023 (195.1) compared with April 2022 (187.9).
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 result. Data for past months in tables has been updated.