The value of exported goods from Iceland amounted to 76.7 billion ISK fob in June 2023 and the value of imported goods 119.8 billion ISK cif (113 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 43.1 billion ISK as compared with a trade deficit of 17.8 billion ISK in June 2022 at current rates of exchange. The trade balance in June 2023 was therefore 25.3 billion ISK less favourable than at the same time last year. For the last twelve months the deficit in balance of trade in goods was 368.8 billion ISK or 144.8 billion ISK less favourable than during the previous twelve months.
Value of exported goods increased by 10.5% for the last twelve months
The value of exported goods in June was 9.9 billion ISK (11.4%) lower than in June 2022, decreased from 86.6 billion ISK to 76.7 billion ISK.
For the last twelve months the total value of exported goods was 989.8 billion ISK or 93.7 billion ISK higher (10.5%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 56% of the total exports, increasing by 9.9%. Marine products contributed 36% of total exported goods and increased by 11.6% from the previous twelve months.
Value of imports increased by 21.3% last twelve months
The value of imports of goods was 119.8 billion ISK in June 2023 compared with 104.4 billion ISK in June 2022. The decrease was thus 15.4 billion ISK from June 2022 (14.8%). The value of capital goods (except for transport) was 27.9 billion ISK and increased by 5.5 billion (24.4%), the value of industrial supplies was 34.8 billion ISK and decreased by 6.5 billion ISK (22.8%), and the value of fuels and lubricants was 12.4 billion ISK, increasing by 1.4 billion ISK (12.5%) from June 2022.
For the last twelve months the total value of imports of goods was 1,358.6 billion ISK, 238,5 billion ISK higher (21.3%) than during the previous twelve months. 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 194,8 indicating a 1.5% weaker rate of exchange than during the previous twelve months when the average exchange rate index was 191.9. The exchange rate weakened by 5.7% in June 2023 (195.2) compared with June 2022 (184.8).
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. Data for past months in tables has been updated.