The value of exported goods from Iceland amounted to 68.6 billion ISK fob in July 2021 and the value of imported goods 84,7 billion ISK cif (78.4 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 16.1 billion ISK as compared with a trade deficit of 18.8 billion ISK in July 2020 at current rates of exchange. For the period August 2020 to July 2021, the deficit in balance of trade in goods was 170.8 billion ISK or 7.8 billion ISK more than for the previous 12 months.
Value of exported goods increased by 15% in 12-month comparison
The value of exported goods in July was 21.9 billion ISK (46.8%) higher than the previous year, increased from 46.8 billion ISK to 68.7 billion ISK. The value of manufacturing products was 17.6 billion ISK higher (70.7%) than in July 2020 and the value of marine products increased by 2.1 billion ISK (11%).
For the period August 2020 to July 2021, the total value of exported goods was 690.4 billion ISK or 90.1 billion ISK higher (15%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 48% of the total exports, increasing by 13.5%. Marine products contributed 42% of total exported goods and increased by 14.2% from the previous 12 months. The value of farmed fish increased by 9.7 billion (36.8%) for the same period and was about 5% of the total export value of the last 12 months.
Value of imports increased by 12.8% in 12-month comparison
The value of imports of goods in July increased from 65.6 billion ISK in 2020 to 84.7 billion ISK in 2021. The value of transport equipment (including ships and aircrafts) increased by 6.9 billion ISK (77.2%), industrial supplies increased by 3.7 billion ISK (18.8%) and the value of fuels increased by 3.3 billion ISK (99%). Other sectors underwent minor changes.
In the last 12 months, the total value of imports of goods was 861.2 billion ISK, 97.9 billion ISK higher (12.8%) than in the previous 12 months at current rates of exchange. The biggest difference is increased value of industrial supplies and consumer goods and on the other hand a contraction in imports of fuel and transport equipment.
The average exchange rate index for the last 12 months was 200.1 and was 5.8% weaker than in the previous 12-month period when the average exchange rate index was 189.9. The exchange rate, on the other hand, strengthened by 6.7% in July (191.8) compared with July 2020 (205.5).
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.
| The value of exports and imports for 12 months period | |||
| ISK billion at current exchange rate, preliminary figures | August 2019 - July 2020 | August 2020 - July 2021 | Change from prev. period(%) |
| Exports fob, total | 600.3 | 690.4 | 15.0 |
| Marine products | 256.0 | 292.4 | 14.2 |
| Agricultural products including farmed fish | 32.1 | 44.3 | 37.8 |
| Manufacturing products | 294.2 | 333.8 | 13.5 |
| Other products | 18.0 | 20.0 | 11.2 |
| Imports cif, total | 763.3 | 861.2 | 12.8 |
| Food and beverages | 78.5 | 86.7 | 10.5 |
| Industrial supplies n.e.s. | 224.8 | 260.3 | 15.8 |
| Fuels and lubricants | 74.0 | 45.6 | -38.4 |
| Capital goods (except for transport) | 163.6 | 197.2 | 20.5 |
| Transport equipment | 104.8 | 116.6 | 11.2 |
| Consumer goods n.e.s. | 117.0 | 148.6 | 27.1 |
| Goods n.e.s. | 0.6 | 0.3 | -57.0 |
| Balance of trade | -163.0 | -170.8 | |