The value of exported goods from Iceland amounted to 88.9 billion ISK fob in May 2024 and the value of imported goods 109.7 billion ISK cif (103.4 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 20.8 billion ISK as compared with a trade deficit of 35.3 billion ISK in May 2023 at current rates of exchange. The trade balance in May 2024 was therefore 14.5 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 386.9 billion ISK or 53.7 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 9% for the last 12 months
The value of exported goods in May was 6.1 billion ISK (7%) higher than in May 2023, increasing from 82.8 billion ISK to 88.9 billion ISK.
For the last 12 months, the total value of exported goods was 925.8 billion ISK or 86.5 billion ISK lower (9%) 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 2% for the last 12 months
The value of imports of goods was 109.7 billion ISK in May 2024 compared with 118.1 billion ISK in May 2023. The decrease was thus 8.4 billion ISK from May 2023 (7%).
For the last 12 months, the total value of imports of goods was 1.312.7 billion ISK, 32.8 billion ISK lower than during the previous 12 months. For larger categories, the biggest difference is increased value of capital good, food and beverages and other consumers goods. 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 194.0, same rate the previous 12. The exchange rate strengthened by 0.4% in May 2024 (195.8) compared with May 2023 (196.6).
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 result.