Please note that the reporting of trade in goods has been changed as is explained at the end of this release. The value of exported goods from Iceland amounted to 49.2 billion ISK fob in January 2021 and the value of imported goods 47.3 billion ISK cif (44 billion ISK fob). Thus, there was a trade surplus, calculated on fob/cif value, of 1.9 billion ISK as compared with a trade deficit of 8.7 billion ISK in January 2020 at current rates of exchange. For the period February 2020 to January 2021, the deficit in balance of trade in goods was 140.1 billion ISK or 58,9 billion ISK less than for the previous 12 months.
Value of exported goods increased in 12-month comparison
The value of exported goods in January was 2.2 billion ISK (4.7%) higher than the previous year, increased from 47 billion ISK to 49.2 billion ISK. The value of manufacturing products is 1.9 billion ISK higher (7.6%) than in January 2020.
For the period February 2020 to January 2021, the total value of exported goods was 623.2 billion ISK or 10.9 billion ISK higher (1.8%) than in the 12 months prior at current rates of exchange. Increase in exports is mainly due to exported marine products. Marine products contributed 43.1% of total exported goods and increased by 12.7 billion (5.0%) from the previous 12 months. For the same period, manufacturing products contributed 48.3% of the total exports and their value stays relatively the same.
Value of imports decreased by 5.9% in 12-month comparison
The value of imports of goods in January decreased from 55.7 billion ISK in 2020 to 47.3 billion ISK in 2021. The value of imported fuels and lubricants decreased by 55.7% and the value of transport equipment decreased by 48.6%.
In the last 12 months, the total value of imports of goods was 763.2 billion ISK, 48 billion ISK lower (5.9%) 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.
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.
| The value of exports and imports for 12 months period | |||
| ISK billion at current exchange rate, preliminary figures | February 2019 - January 2020 | February 2020 - January 2021 | Change from prev. period(%) |
| Exports fob, total | 612.2 | 623.2 | 1.8 |
| Marine products | 256.1 | 268.9 | 5.0 |
| Agricultural products including farmed fish | 30.7 | 36.2 | 18.0 |
| Manufacturing products | 302.0 | 300.7 | -0.4 |
| Other products | 23.4 | 17.4 | -25.4 |
| Imports fob, total | 811.2 | 763.2 | -5.9 |
| Food and beverages | 77.7 | 80.7 | 3.7 |
| Industrial supplies n.e.s. | 235.0 | 237.1 | 0.9 |
| Fuels and lubricants | 99.5 | 46.0 | -53.8 |
| Capital goods (except for transport) | 174.3 | 172.4 | -1.1 |
| Transport equipment | 111.5 | 94.0 | -15.7 |
| Consumer goods n.e.s. | 112.7 | 132.5 | 17.5 |
| Goods n.e.s. | 0.4 | 0.6 | 36.3 |
| Balance of trade | -199.0 | -140.1 | |
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.