The value of exported goods from Iceland amounted to 70.9 billion ISK fob in August 2024 and the value of imported goods 104.0 billion ISK cif (98.3 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 33.1 billion ISK as compared with a trade deficit of 44.4 billion ISK in August 2023 at current rates of exchange.
The trade balance in August 2024 was therefore 11.2 billion ISK more favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 364.5 billion ISK or 37.4 billion ISK more favourable than during the previous 12 months.
Value of exported goods decreased by 2% for the last 12 months
The value of exported goods in August was 1.3 billion ISK (2%) higher than in August 2023, increasing from 69.6 billion ISK to 70.9 billion ISK.
For the last 12 months, the total value of exported goods was 943.2 billion ISK or 22.4 billion ISK lower (2%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 53% of the total exports, their value decreasing by 6%. Marine products contributed 37% of total exported goods and their value decreased by 2% compared with the previous 12 months.
Value of imports decreased by 4% for the last 12 months
The value of imports of goods was 104.0 billion ISK in August 2024 compared with 114.0 billion ISK in August 2023. The decrease was thus 10.0 billion ISK from August 2023 (9%).
For the last 12 months, the total value of imports of goods was 1,307,7 billion ISK, 59.7 billion ISK (4%) lower than during the previous 12 months. For larger categories, the biggest difference is increased value of food and beverages, capital goods and consumer goods. On the other hand, there was a decrease in the value of imports of transport equipment, fuels and lubricants and industrial supplies.
The average value of the exchange rate index for the 12 months period was 195.2, indicating a 0.1% weaker rate of exchange than during the previous 12 months when the average exchange rate index was 195.1. The exchange rate weakened by 5.2% in August 2024 (197.6) compared with August 2023 (187.7).