The value of exported goods from Iceland amounted to 98.4 billion ISK fob in March 2022 and the value of imported goods 109.9 billion ISK cif (102.6 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 11.4 billion ISK as compared with a trade deficit of 19.4 billion ISK in March 2021 at current rates of exchange. For the last twelve months the deficit in balance of trade in goods was 237.4 billion ISK or 86.6 billion ISK more than for the previous twelve months.
Value of exported goods increased by 31.6% in 12-month comparison
The value of exported goods in March was 36.1 billion ISK (57.9%) higher than in the previous year, increasing from 62.4 billion ISK to 98.4 billion ISK. The value of manufacturing products was 24.3 billion ISK higher (91.0%) than in March 2021.
For the 12 months period, the total value of exported goods was 835.6 billion ISK or 200.8 billion ISK higher (31.6%) than the previous twelve months at current rates of exchange. Manufacturing products contributed 54% of the total exports, increasing by 47.3%. Marine products contributed 37% of total exported goods and increased by 14.9% from the previous twelve months. The value of farmed fish increased by 8.5 billion (26.8%) in twelve months period and amounted to 5% of the total export value.
Value of imports increased by 36.6% in 12-month comparison
The value of imports of goods in March increased from 81.8 billion ISK in 2021 to 109.9 billion ISK in March 2022, 28.1 billion ISK higher than the previous year (34.4%).
The value of transport equipment increased by 11.5 billion (137.6%), thereof aircrafts 7.5 billion. The value of fuels increased by 6.7 billion ISK (142.5%) and the value of industrial supplies by 7.2 billion ISK (27.4%).
For the twelve months period, the total value of imports of goods was 1,073.0 billion ISK, 287.4 billion ISK higher (36.6%) than for the previous twelve months. The biggest difference is increased value of industrial supplies, capital goods and transport equipment.
The average exchange rate for the twelve months period was 193.9 and was 5.1% stronger than in the previous twelve months when the average exchange rate index was 204.4. The exchange rate strengthened by 3.0% in March 2022 (191.6) compared with March 2021 (197.4).
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.