The value of exported goods from Iceland amounted to 52.6 billion ISK fob in February 2021 and the value of imported goods 64.5 billion ISK cif (59.5 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 15.6 billion ISK as compared with a trade deficit of nearly 12 billion ISK in February 2020 at current rates of exchange. For the period March 2020 to February 2021, the deficit in balance of trade in goods was 149.5 billion ISK or 38.9 billion ISK less than for the previous 12 months.
Value of exported goods increased by 2.6% in 12-month comparison
The value of exported goods in February was 6.5 billion ISK (14.0%) higher than the previous year, increased from 46.1 billion ISK to 52.6 billion ISK. The value of manufacturing products is 4.7 billion ISK higher (22.1%) than in February 2020 and the value of marine products increased by 1.7 billion ISK (8.4%).
For the period March 2020 to February 2021, the total value of exported goods was 629.6 billion ISK or 16.0 billion ISK higher (2.6%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 49% of the total exports, increased by 1.5%. Marine products contributed 43% of total exported goods and increased by 5.3% from the previous 12 months. The value of farmed fish increased by 14.6% for the same period.
Value of imports decreased by 2.9% in 12-month comparison
The value of imports of goods in February increased from 55.4 billion ISK in 2020 to 64.5 billion ISK in 2021. The value of Capital goods (except for transport) increased by 33.0%% and in February 2021 the value of imported ships amounted for 1.2 billion but was insignificant in February 2020.
In the last 12 months, the total value of imports of goods was 779.1 billion ISK, 22.1 billion ISK lower (2.9%) than in the previous 12 months at current rates of exchange. The biggest difference is the contraction in fuel imports.
Please note that the above numbers are preliminary numbers 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 | March 2019 - February 2020 | March 2020 - February 2021 | Change from prev. period (%) |
| Exports fob, total | 613.6 | 629.6 | 2.6 |
| Marine products | 257.0 | 270.6 | 5.3 |
| Agricultural products including farmed fish | 31.8 | 36.7 | 15.5 |
| Manufacturing products | 300.8 | 305.4 | 1.5 |
| Other products | 24.0 | 17.0 | -29.4 |
| Imports fob, total | 802.0 | 779.1 | -2.9 |
| Food and beverages | 78.9 | 81.9 | 3.8 |
| Industrial supplies n.e.s. | 229.5 | 240.9 | 4.9 |
| Fuels and lubricants | 98.4 | 46.2 | -53.0 |
| Capital goods (except for transport) | 169.5 | 179.5 | 5.9 |
| Transport equipment | 112.0 | 94.5 | -15.6 |
| Consumer goods n.e.s. | 113.3 | 135.6 | 19.7 |
| Goods n.e.s. | 0.4 | 0.6 | 36.6 |
| Balance of trade | -188.4 | -149.5 | |
Changes in reporting
Statistics Iceland traditionally reported trade in goods balance on fob value.1 With the first publication of 2021, data changes according to international standards for trade in goods statistics. From now on, Statistics Iceland will calculate the trade in goods balance from export fob value and import cif value.2 The new table, The value of exports and imports by month (FOB/CIF) 2011-2021 (UTA06001.px), is now available on the Statistics Iceland website. The new table replaces the tables The value of exports and imports by month (FOB/FOB) 2010-2020 (UTA06004.px) and External trade, preliminary figures of current month (UTA01100.px). The new table shows cif import numbers as well as an expanded view of the previous preliminary table. Additionally Statistics Iceland will focus on a 12 month moving annual total comparison of data as well as reporting on the latest month available.
1 Fob (free on board): Value of exports and imports of goods is the value of the goods at the exporter's customs frontier.
2 Cif (Cost insurance and freight): Fob value plus costs induced until the item is unloaded in the country of import. This chiefly involves freight rates and insurance costs.