The value of exported goods from Iceland amounted to 66.4 billion ISK fob in February 2022 and the value of imported goods 81.5 billion ISK cif (75.8 billion ISK fob). Thus, there was a trade surplus, calculated on fob/cif value, of 15.1 billion ISK as compared with a trade deficit of 12.5 billion ISK in February 2021 at current rates of exchange. For the last twelve months the deficit in balance of trade in goods was 239.5 billion ISK or 88.7 billion ISK more than for the previous twelve months.
Value of exported goods increased by 27.1% in 12-month comparison
The value of exported goods in February was 13.8 billion ISK (26.3%) higher than in the previous year, increasing from 52.6 billion ISK to 66.4 billion ISK. The value of manufacturing products was 12.3 billion ISK higher (47.5%) than in February 2021.
For the 12 months period, the total value of exported goods was 799.5 billion ISK or 170.5 billion ISK higher (27.1%) than the previous twelve months at current rates of exchange. Manufacturing products contributed 53% of the total exports, increasing by 39.6%. Marine products contributed 38% of total exported goods and increased by 11.5% from the previous twelve months. The value of farmed fish increased by 8.9 billion (29.9%) in twelve months period and amounted to 5% of the total export value.
Value of imports increased by 33.2% in 12-month comparison
The value of imports of goods in February increased from 65.1 billion ISK in 2021 to 81.5 billion ISK in February 2022, 16.4 billion ISK higher than the previous year (25.2%). The value of fuels increased by 4.0 billion ISK (103.6%), the value of industrial supplies by 5.3 billion ISK (28.0%) and the value of transport equipment increased by 740.1 million (62.3%).
For the twelve months period, the total value of imports of goods was 1,039.0 billion ISK, 259.2 billion ISK higher (33.2%) than for the previous twelve months. The biggest difference is increased value of industrial supplies, capital goods and transport equipment.
The average exchange rate for the twelve months period was 194.4 and was 4.7% stronger than in the previous twelve months when the average exchange rate index was 204.1. The exchange rate, on the other hand, strengthened by 6.5% in February 2022 (188.2) compared with February 2021 (201.2).
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.