The value of exported goods from Iceland amounted to 63.1 billion ISK fob in July 2023 and the value of imported goods 108.0 billion ISK cif (102.5 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 44.9 billion ISK as compared with a trade deficit of 31.3 billion ISK in July 2022 at current rates of exchange. The trade balance in July 2023 was therefore 13.6 billion ISK less favourable than at the same period last year. For the last twelve months the deficit in balance of trade in goods was 381.3 billion ISK or 140.9 billion ISK less favourable than during the previous twelve months.
Value of exported goods increased by 8.1% for the last twelve months
The value of exported goods in July was 12.6 billion ISK (16.6%) lower than in July 2022, decreased from 75.7 billion ISK to 63.1 billion ISK.
For the last twelve months the total value of exported goods was 977.2 billion ISK or 73.5 billion ISK higher (8.1%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 56% of the total exports, increasing by 6.3%. Marine products contributed 36% of total exported goods and increased by 10.5% from the previous twelve months.
Value of imports increased by 18.7% last twelve months
The value of imports of goods was 108.0 billion ISK in July 2023 compared with 107.0 billion ISK in July 2022. The increase was thus 1.0 billion ISK from July 2022 (0.9%). The value of capital goods (except for transport) was 23.1 billion ISK and increased by 1.9 billion (8.9%), the value of industrial supplies was 25.5 billion ISK and decreased by 3.4 billion ISK (11.9%), and the value of fuels and lubricants was 18.4 billion ISK, decreasing by 4.6 billion ISK (20.1%) from July 2022.
For the last twelve months the total value of imports of goods was 1,358.6 billion ISK, 214.4 billion ISK higher (18.7%) than during the previous twelve months. For big categories 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 195.2 indicating a 1.9% weaker rate of exchange than during the previous twelve months when the average exchange rate index was 191.5. The exchange rate weakened by 2.4% in July 2023 (191.5) compared with July 2022 (187.0).
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. Data for past months in tables has been updated.