The value of exported goods from Iceland amounted to 72.2 billion ISK fob in November 2021 and the value of imported goods 100.8 billion ISK cif (93.5 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 28.6 billion ISK as compared with a trade deficit of 15.8 billion ISK in November 2020 at current rates of exchange. For the period December 2020 to November 2021, the deficit in balance of trade in goods was 224 billion ISK or 62.8 billion ISK more than for the previous 12 months.
Value of exported goods increased by 23% in 12-month comparison
The value of exported goods in November was 21.5 billion ISK (42.4%) higher than in the previous year, increased from 50.7 billion ISK to 72.2 billion ISK. The value of manufacturing products was 14 billion ISK higher (59.4%) than in November.
For the period December 2020 to November 2021, the total value of exported goods was 742.3 billion ISK or 138.8 billion ISK higher (23%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 51% of the total exports, increasing by 30.2%. Marine products contributed 39% of total exported goods and increased by 10.6% from the previous 12 months. The value of farmed fish increased by 9.4 billion (34.3%) for the same period and was about 5% of the total export value of the last 12 months.
Value of imports increased by 26.4% in 12-month comparison
The value of imports of goods in November increased from 66.5 billion ISK in 2020 to 100.8 billion ISK in 2021. The value of capital goods increased by 7.2 billion ISK (44.2%), the value of fuels increased by 4.7 billion ISK (128.9%) and the value of transport equipment increased by 9.5 billion (156.2%).
In the last 12 months, the total value of imports of goods was 966.4 billion ISK, 201.6 billion ISK higher (26.4%) than in the previous 12 months at current rates of exchange. The biggest difference is increased value of industrial supplies, capital goods and transport equipment.
The average exchange rate index for the last 12 months was 196.5 and was 1.4% stronger than in the previous 12-month period when the average exchange rate index was 199.3. The exchange rate, on the other hand, strengthened by 5.7% in November (197.2) compared with November 2020 (209.1).
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.
| The value of exports and imports for 12 months period | |||
| ISK billion at current exchange rate, preliminary figures | December 2019 - November 2020 | December 2020 - November 2021 | Change from prev. Period, % |
| Exports fob, total | 603.6 | 742.3 | 23.0 |
| Marine products | 263.6 | 291.5 | 10.6 |
| Agricultural products including farmed fish | 33.4 | 46.0 | 37.8 |
| Manufacturing products | 291.5 | 379.6 | 30.2 |
| Other products | 15.1 | 25.2 | 66.9 |
| Imports cif, total | 764.8 | 966.4 | 26.4 |
| Food and beverages | 80.5 | 89.8 | 11.5 |
| Industrial supplies n.e.s. | 231.6 | 278.2 | 20.2 |
| Fuels and lubricants | 54.5 | 60.5 | 10.9 |
| Capital goods (except for transport) | 169.7 | 220.0 | 29.7 |
| Transport equipment | 98.7 | 154.5 | 56.4 |
| Consumer goods n.e.s. | 129.2 | 154.5 | 19.6 |
| Goods n.e.s. | 0.6 | 0.3 | -57.5 |
| Balance of trade | -161.2 | -224.0 | |