The value of exported goods from Iceland amounted to 76.6 billion ISK fob in December 2021 and the value of imported goods 95.1 billion ISK cif (87.6 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 18.4 billion ISK as compared with a trade deficit of 5.7 billion ISK in December 2020 at current rates of exchange. For the year 2021 the deficit in balance of trade in goods was 237.2 billion ISK or 86.1 billion ISK more than for the year 2020.
Value of exported goods increased by 22.4% in 12-month comparison
The value of exported goods in December was 17 billion ISK (28.5%) higher than in the previous year, increasing from 59.6 billion ISK to 76.6 billion ISK. The value of manufacturing products was 17.2 billion ISK higher (59.1%) than in December.
For the year 2021, the total value of exported goods was 759.1 billion ISK or 138.9 billion ISK higher (22.4%) than in 2020 at current rates of exchange. Manufacturing products contributed 52% of the total exports, increasing by 32.9%. Marine products contributed 39% of total exported goods and increased by 8.5% from the year 2020. The value of farmed fish increased by 6.8 billion (23.2%) in 2021 and was about 5% of the total export value in 2020.
Value of imports increased by 29.2% in 12-month comparison
The value of imports of goods in December increased from 95.1 billion ISK in 2020 to 65.3 billion ISK in 2021 and was 29.8 billion ISK higher then previous year. The value of capital goods increased by 4.9 billion ISK (33.2%), the value of fuels increased by 6.7 billion ISK (303.3%) and the value of transport equipment increased by 7.2 billion (103.1%).
In the year 2021, the total value of imports of goods was 996.4 billion ISK, 224.9 billion ISK higher (29.2%) than in 2020. The biggest difference is increased value of industrial supplies, capital goods and transport equipment.
The average exchange rate index in 2021 was 196.1 and was 2.4% stronger than in the previous year when the average exchange rate index was 201. The exchange rate, on the other hand, strengthened by 2.3% in December (194.5) compared with December 2020 (199.1).
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.