The value of exported goods from Iceland amounted to 93.1 billion ISK fob in May 2022 and the value of imported goods 121.4 billion ISK cif (109.3 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 28.3 billion ISK as compared with a trade deficit of 14.8 billion ISK in May 2021 at current rates of exchange. The trade balance in May 2022 was therefore ISK 13.5 billion less favorable than at the same month last year. For the last twelve months the deficit in balance of trade in goods was 264.4 billion ISK or 106.5 billion ISK more than for the previous twelve months.
Value of exported goods increased by 31.1% in 12-month comparison
The value of exported goods in May was 30.9 billion ISK (49.6%) higher than in the previous year, increasing from 62.3 billion ISK to 93.1 billion ISK. The value of manufacturing products was 25.0 billion ISK higher (89.3%) than in May 2021.
For the 12 months period, the total value of exported goods was 872.5 billion ISK or 206.8 billion ISK higher (31.1%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 56% of the total exports, increasing by 57.2%. Marine products contributed 36.0% of total exported goods and increased by 6.6% from the previous twelve months. The value of farmed fish increased by 7.2 billion (21.7%) in twelve months period and amounted to 5% of the total export value.
Value of imports increased by 38.1% in 12-month comparison
The value of imports of goods in May increased from 77.0 billion ISK in 2021 to 121.4 billion ISK in May 2022. The increase in 2022 was thus 44.4 billion ISK from the previous year (57.7%). The value of fuels increased by 16.7 billion ISK (482%), the value of industrial supplies rose by 14.3 billion ISK (63.6%) and the value of capital goods (except for transport) increased by 6.4 billion.
For the twelve months period, the total value of imports of goods was 1,136.9 billion ISK, 313.4 billion ISK higher (38.1%) 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 192.5 and was 5.0% stronger than in the previous twelve months when the average exchange rate index was 202.7. The exchange rate strengthened by 4.6% in May 2022 (185.3) compared with May 2021 (194.2).
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.