The value of exported goods from Iceland amounted to 71.3 billion ISK fob in June 2024 and the value of imported goods 110.5 billion ISK cif (104.8 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 39.2 billion ISK as compared with a trade deficit of 46.9 billion ISK in June 2023 at current rates of exchange. The trade balance in June 2024 was therefore 7.7 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 379.4 billion ISK or 18.2 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 8% for the last 12 months
The value of exported goods in June was 5.9 billion ISK (8%) lower than in June 2023, decreasing from 77.2 billion ISK to 71.3 billion ISK.
For the last 12 months, the total value of exported goods was 920.4 billion ISK or 83.6 billion ISK lower (8%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 53% of the total exports, their value decreased by 13%. Marine products contributed 38% of total exported goods and their value decreased by 5% compared with the previous 12 months.
Value of imports decreased by 5% for the last 12 months
The value of imports of goods was 110.5 billion ISK in June 2024 compared with 124.1 billion ISK in June 2023. The decrease was thus 7.7 billion ISK from June 2023 (11%).
For the last 12 months, the total value of imports of goods was 1,299.8 billion ISK, 65.4 billion ISK lower than during the previous 12 months. For larger categories, the biggest difference is increased value of food and beverages. On the other hand, there was a decrease in the value of imports of industrial supplies, transport equipment and fuels and lubricants.
The average value of the exchange rate index for the 12 months period was 194.1, indicating a 0.4% stronger rate of exchange than during the previous 12 months when the average exchange rate index was 194.8. The exchange rate weakened by 0.2% in June 2024 (195.7) compared with June 2023 (195.2).
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.