The value of exported goods from Iceland amounted to 93.9 billion ISK fob in January 2025 and the value of imported goods 101.5 billion ISK cif (97.0 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit in January, calculated on fob/cif value, of 7.6 billion ISK as compared with a trade deficit of 19.7 billion ISK in January 2024 at current rates of exchange.
The trade balance in January 2025 was therefore 12.1 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 386.3 billion ISK or 12.0 billion ISK less favourable than during the previous 12 months.
Value of exported goods increased by 4% for the last 12 months
The value of exported goods in January 2025 was 14.7 billion ISK, 19%, higher than in January 2024, increasing from 79.2 billion ISK to 93.9 billion ISK.
For the last 12 months, the total value of exported goods was 973.1 billion ISK or 35.5 billion ISK higher (4%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 54% of the total exports, their value increasing by 7% compared with the previous 12 months. Marine products contributed 36% of total exported goods and their value decreased by 3% compared with the previous 12 months.
Value of imports also increased by 4% for the last 12 months
The value of imports of goods was 101.5 billion ISK in January 2025 compared with 98.9 billion ISK in January 2024. The increase was thus 2.5 billion ISK (3%).
For the last 12 months, the total value of imports of goods was 1,359.4 billion ISK, increased by 47.5 billion ISK (4%) compared with the previous 12 months at current rates of exchange. For larger categories, there was a decrease in the value of transport equipment and fuels and lubricants. On the other hand, there was an increase in the value of most other categories, the highest in capital goods (except for transport) and industrial supplies n.e.s.
The average value of the exchange rate index for the 12 months period was 194.9, weakening by 0.1% (194.6) from the previous 12 months the year before. The exchange rate became stronger by 2.1% in January 2025 (191.5) compared with January 2024 (195.7).