The value of exported goods from Iceland amounted to 78.9 billion ISK fob in November 2022 and the value of imported goods 120.9 billion ISK cif (110.6 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 42.0 billion ISK as compared with a trade deficit of 28.5 billion ISK in November 2021 at current rates of exchange. The trade balance in November 2022 was therefore 13.5 billion ISK less favourable than at the same month last year. For the last twelve months the deficit in balance of trade in goods was 327.8 billion ISK or 108.7 billion ISK more than during the previous twelve months.
Value of exported goods increased by 31% in 12-month comparison
The value of exported goods in November was 6.8 billion ISK (9.5%) higher than in the previous year, increasing from 72.1 billion ISK to 78.9 billion ISK. The biggest increase between years was the value of exported industrial products, which made up 53.4% of total exports, increased by 4.5 billion ISK or by 12% compared with November 2021. Value of exported farmed fish increased by 3.0 billion or 121% compared with November 2021.
For the 12 months period, from December 2021 to November 2022, the total value of exported goods was 977.3 billion ISK or 231.1 billion ISK higher (31.0%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 57% of the total exports, increasing by 47%. Marine products contributed 35% of total exported goods and increased by 15.3% from the previous twelve months.
Value of imports increased by 35.2% in 12-month comparison
The value of imports of goods was 120.9 billion ISK in November 2022 compared with 100.6 billion ISK in November 2021. The increase in 2022 was thus 20.3 billion ISK from the previous year (20.2%). The value of capital goods (except for transport) was 32.6 billion ISK and increased by 9.0 billion (38.3%), the value of industrial supplies was 29.2 billion ISK and increased by 0.9 billion ISK (3.1%) and the value of fuels was 15.0 billion ISK and increased by 6.5 billion ISK (77%).
For the twelve months period, the total value of imports of goods was 1,305.2 billion ISK, 339.8 billion ISK higher (35.2%) 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 189.7, indicating a 3.4% stronger rate of exchange than during the previous twelve months when the average exchange rate index was 196.0. The exchange rate strengthened by 0.6% in November 2022 (196.5) compared with November 2021 (197.2).
The treatment of lease agreements in external trade is under review and the revision will 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. At the end of the month, data in tables will be updated.