The value of exported goods from Iceland amounted to 86.5 billion ISK fob in June 2022 and the value of imported goods 105.6 billion ISK cif (98.4 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 19.1 billion ISK as compared with a trade deficit of 47.4 billion ISK in June 2021 at current rates of exchange. The trade balance in June 2022 was therefore ISK 28.3 billion favorable than at the same month last year. For the last twelve months the deficit in balance of trade in goods was 239.0 billion ISK or 57.0 billion ISK more than for the previous twelve months.
Value of exported goods increased by 32.3% in 12-month comparison
The value of exported goods in June was 27.5 billion ISK (46.8%) higher than in the previous year, increasing from 58.9 billion ISK to 86.5 billion ISK. The value of manufacturing products was 24.0 billion ISK higher (91.8%) than in June 2021.
For the 12 months period, from July 2021 to June 2022, the total value of exported goods was 896.5 billion ISK or 218.7 billion ISK higher (32.3%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 57% of the total exports, increasing by 60.4%. Marine products contributed 35% of total exported goods and increased by 5.7% from the previous twelve months. The value of farmed fish increased by 5.5 billion (15.8%) in twelve months period and amounted to 4% of the total export value.
Value of imports increased by 32.1% in 12-month comparison
The value of imports of goods in was106.4 billion ISK in 2021 compared with 105.6 billion ISK in June 2022. The decrease in 2022 was thus 782.8 million ISK from the previous year (0.7%). The value of fuels was 12.1 billion ISK and increased by 6.2 billion ISK (103,7%), the value of industrial supplies was 22,3 billion ISK and increased by 2.2 billion ISK (8.5%) and the value of capital goods (except for transport) was 22.3 billion ISK and increased by 3.9 billion (20.8%).
For the twelve months period, the total value of imports of goods was 1,135.5 billion ISK, 275.7 billion ISK higher (32.1%) than for the previous twelve months. The biggest difference is increased value of transport equipment, industrial supplies and fuels.
The average exchange rate for the twelve months period was 191.9 and was 5.0% stronger than in the previous twelve months when the average exchange rate index was 202.0. The exchange rate strengthened by 3.3% in June 2022 (184.8) compared with June 2021 (191.1).
The treatment of lease agreements in external trade is under review and the revision might affect both the balance of trade in goods and trade in services.
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.