Please note that this press release was corrected 17 February 2024 at 11:00 am due to incorrect registration in export reports.
The value of exported goods from Iceland amounted to 88.2 billion ISK fob in January 2024 and the value of imported goods 99.0 billion ISK cif (93.8 billion ISK fob) according to preliminary figures.
Thus, there was a trade deficit, calculated on fob/cif value, of 10.8 billion ISK as compared with a trade deficit of 14.4 billion ISK in January 2023 at current rates of exchange. The trade balance in January 2024 was therefore 3.5 billion ISK more favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 389.1 billion ISK or 79.0 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 8% for the last 12 months
The value of exported goods in January was 9.1 billion ISK (12%) higher than in January 2023, increasing from 79.1 billion ISK to 88.2 billion ISK.
For the last 12 months, the total value of exported goods was 923.4 billion ISK or 83.9 billion ISK lower (8%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 54% of the total exports, their value decreased by 13%. Marine products contributed 37% of total exported goods and their value decreased by 3% compared with the previous 12 months.
Value of imports remained almost the same for the last 12 months
The value of imports of goods was 99.0 billion ISK in January 2024 compared with 93.5 billion ISK in January 2023. The increase was thus 5.6 billion ISK from January 2023 (6%).
For the last 12 months, the total value of imports of goods was 1,312.5 billion ISK, 4.9 billion ISK lower than during the previous 12 months. For big categories the biggest difference is increased value of capital goods, transport equipment and food and beverages. On the other hand, there was a decrease in the value of imports of industrial supplies and fuels and lubricants.
The average value of the exchange rate index for the 12 months period was 194.6, indicating a 1.9% weaker rate of exchange than during the previous 12 months when the average exchange rate index was 190.9. The exchange rate strengthened by 3.5% in January 2024 (195.7) compared with January 2023 (202.8).
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 result.