The value of exported goods from Iceland amounted to 88.3 billion ISK fob in March 2023 and the value of imported goods 115,7 billion ISK cif (109.3 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 27.4 billion ISK as compared with a trade deficit of 17.3 billion ISK in March 2022 at current rates of exchange.
The trade balance in March 2023 was therefore 10.1 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 332.3 billion ISK or 114.7 billion ISK less favourable than during the previous twelve months.
Value of exported goods increased by 22.8% for the last twelve months
The value of exported goods in March was 0.8 billion ISK (1.0%) higher than in March 2022, increasing from 87.5 billion ISK to 88.3 billion ISK.
For the last twelve months the total value of exported goods was 1,014.3 billion ISK or 188.1 billion ISK higher (22.8%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 56% of the total exports, increasing by 27.0%. Marine products contributed 35% of total exported goods and increased by 17.6% from the previous twelve months.
Value of imports increased by 29% last twelve months
The value of imports of goods was 115.7 billion ISK in March 2023 compared with 104.8 billion ISK in March 2022. The increase was thus 10.9 billion ISK from the March 2022 (10.4%). The value of capital goods (except for transport) was 29.7 billion ISK and increased by 7.4 billion (33.4%) The value of industrial supplies was 29.6 billion ISK and decreased by 3.8 billion ISK (11.4%), and the value of fuels and lubricants was 14.8 billion ISK and increased by 2.5 billion ISK (20.7%) from March 2022.
For the last twelve months the total value of imports of goods was 1,346.5 billion ISK, 302.8 billion ISK higher (29.0%) 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 192,4 indicating a 0.8% stronger rate of exchange than during the previous twelve months when the average exchange rate index was 193.9. The exchange rate weakened by 2.6% in March 2023 (196.5) compared with March 2022 (191.6).
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.