The value of exported goods from Iceland amounted to 76.4 billion ISK fob in January 2022 and the value of imported goods 75.3 billion ISK cif (70.1 billion ISK fob). Thus, there was a trade surplus, calculated on fob/cif value, of 1.1 billion ISK as compared with a trade deficit of 5.1 billion ISK in January 2021 at current rates of exchange. For the last twelve months the deficit in balance of trade in goods was 230.6 billion ISK or 83.1 billion ISK more than for the previous twelve months.
Value of exported goods increased by 26.2% in 12-month comparison
The value of exported goods in January was 27.2 billion ISK (55.3%) higher than in the previous year, increasing from 49.2 billion ISK to 76.4 billion ISK. The value of manufacturing products was 16.9 billion ISK higher (63%) than in January 2021.
For the 12 months period, the total value of exported goods was 785.8 billion ISK or 163.3 billion ISK higher (26.2%) than the previous twelve months at current rates of exchange. Manufacturing products contributed 53% of the total exports, increasing by 37.7%. Marine products contributed 38% of total exported goods and increased by 11.6% from the previous twelve months. The value of farmed fish increased by 9.0 billion (30.3%) in twelve months period and amounted for 5% of the total export value.
Value of imports increased by 32% in 12-month comparison
The value of imports of goods in January increased from 54.3 billion ISK in 2021 to 75.3 billion ISK in January 2022, 21.1 billion ISK higher than the previous year. The value of fuels increased by 5.2 billion ISK (130.2%), industrial supplies increased by 7.4 billion ISK (50.9%) and the value of transport equipment increased by 3.2 billion (62.3%).
For the twelve months period, the total value of imports of goods was 1,016.4 billion ISK, 246.3 billion ISK higher (32.0%) 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 195.5 and was 3.5% stronger than in the previous twelve months when the average exchange rate index was 202.6. The exchange rate, on the other hand, strengthened by 4.0% in January 2022 (193.7) compared with January 2021 (201.8).
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.