The value of exported goods from Iceland amounted to 79.8 billion ISK fob in May 2025 and the value of imported goods 143.2 billion ISK cif (137.0 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit in May, calculated on fob/cif value, of 63.4 billion ISK as compared with a trade deficit of 20.9 billion ISK in May 2024 at current rates of exchange.
The trade balance in May 2025 was therefore 42.5 billion ISK less favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 479.5 billion ISK or 97.8 billion ISK less favourable than during the previous 12 months.
Value of exported goods increased by 7% for the last 12 months
The value of exported goods in May 2025 was 9.3 billion ISK, 10% lower than in May 2024, decreasing from 89.1 billion ISK to 79.8 billion ISK.
For the last 12 months, the total value of exported goods was 988.1 billion ISK or 62.9 billion ISK higher (7%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 55% of the total exports, their value increasing by 10% compared with the previous 12 months. Marine products contributed 35% of total exported goods and their value increased by 1% compared with the previous 12 months.
Value of imports increased by 12% for the last 12 months
The value of imports of goods was 143.2 billion ISK in May 2025 compared with 110.0 billion ISK in May 2024. The increase was thus 33.2 billion ISK (30%).
For the last 12 months, the total value of imports of goods was 1,467.6 billion ISK, increased by 160.7 billion ISK (12%) compared with the previous 12 months at current rates of exchange. For larger categories, there was a decrease in the value of fuels and lubricants. On the other hand, there was an increase in the value of most other categories, the highest in capital goods (except for transport).
The large growth in capital goods can mostly be attributed to the large-scale imports of computer products by companies that run data centers in the country.
The average value of the exchange rate index for the 12 months period was 192.9, strengthened by 0.6% (194.0) from the previous 12 months the year before. The exchange rate became stronger by 3.8% in May 2025 (188.4) compared with May 2024 (195.8).
Figures for May are preliminary and the results could change after review at the end of the month.