The value of exported goods from Iceland amounted to 79.3 billion ISK fob in January 2023 and the value of imported goods 94.4 billion ISK cif (85.8 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 15.0 billion ISK as compared with a trade deficit of 5.7 billion ISK in January 2022 at current rates of exchange. The trade balance in January 2023 was therefore 9.4 billion ISK less favourable than at the same time last year. For the last twelve months the deficit in balance of trade in goods was 325.1 billion ISK or 92.3 billion ISK less favorable than during the previous twelve months.
Value of exported goods increased by 27.4% for the last twelve months
The value of exported goods in January was 3.4 billion ISK (4.4%) higher than in January 2022, increasing from 76.0 billion ISK to 79.3 billion ISK..
For the last twelve months the total value of exported goods was 1,005.0 billion ISK or 216 billion ISK higher (27.4%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 57% of the total exports, increasing by 38.1%. Marine products contributed 35% of total exported goods and increased by 15.5% from the previous twelve months.
Value of imports increased by 30.2% last twelve months
The value of imports of goods was 94.4 billion ISK in January 2023 compared with 81.6 billion ISK in January 2022. The increase was thus 12.8 billion ISK from the January 2022 (15.6%). The value of industrial supplies was 25.8 billion ISK and increased by 3.9 billion ISK (17.9%), the value of capital goods (except for transport) was 25.2 billion ISK and increased by 6.6 billion (35.1%) and the value of fuels and lubricants was 14.4 billion ISK and increased by 5.4 billion ISK (58.5%) from January 2022.
For the last twelve monts the total value of imports of goods was 1,330.1 billion ISK, 308.6 billion ISK higher (30.2%) than during the previous twelve months. The biggest difference is increased value of fuels, industrial supplies and capital goods.
The average value of the exchange rate index for the twelve months period was 190.9, indicating a 2.3% stronger rate of exchange than during the previous twelve months when the average exchange rate index was 195.5. The exchange rate weakened by 4.7% in January 2023 (202.8) compared to January 2022 (193.7).
A conclusion has been reached in the treatment of lease agreements related to foreign trade. The revision affects both the balance of goods and services and will take place next month.
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.