The value of exported goods from Iceland amounted to 82.8 billion ISK fob in May 2023 and the value of imported goods 116.8 billion ISK cif (110.2 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 33.9 billion ISK as compared with a trade deficit of 26.8 billion ISK in May 2022 at current rates of exchange. The trade balance in May 2023 was therefore 7.1 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 342.5 billion ISK or 106.1 billion ISK less favourable than during the previous twelve months.
Value of exported goods increased by 15.1% for the last twelve months
The value of exported goods in May was 9.8 billion ISK (10.6%) lower than in May 2022, decreased from 92.6 billion ISK to 82.8 billion ISK.
For the last twelve months the total value of exported goods was 999.1 billion ISK or 130.8 billion ISK higher (15.1%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 56% of the total exports, increasing by 16.1%. Marine products contributed 36% of total exported goods and increased by 13.3% from the previous twelve months.
Value of imports increased by 21.4% last twelve months
The value of imports of goods was 116.8 billion ISK in May 2023 compared with 119.4 billion ISK in May 2022. The decrease was thus 2.7 billion ISK from May 2022 (2.3%). The value of industrial supplies was 33.9 billion ISK and decreased by 2.2 billion ISK (6.2%), the value of capital goods (except for transport) was 27.6 billion ISK and increased by 5.2 billion (23.2%), and the value of transport equipment was 21.5 billion ISK, increasing by 4.9 billion ISK (29.7%) from May 2022.
For the last twelve months the total value of imports of goods was 1,341.6 billion ISK, 236.8 billion ISK higher (21.4%) 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 194,0 indicating a 0.8% weaker rate of exchange than during the previous twelve months when the average exchange rate index was 192.5. The exchange rate weakened by 6.1% in May 2023 (196.6) compared with May 2022 (185.3).
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.