The value of exported goods from Iceland amounted to 72.1 billion ISK fob in December 2023 and the value of imported goods 101.6 billion ISK cif (96.4 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 29.5 billion ISK as compared with a trade deficit of 12.1 billion ISK in December 2022 at current rates of exchange.
The trade balance in December 2023 was therefore 17.4 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 393.7 billion ISK or 92.5 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 December was 29.2 billion ISK (29%) lower than in December 2022, decreasing from 101.3 billion ISK to 72.1 billion ISK.
For the last 12 months, the total value of exported goods was 913.9 billion ISK or 90.4 billion ISK lower (9%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 54% of the total exports, their value decreased by 13%. Marine products contributed 37% of total exported goods and their value decreased by 4% compared with the previous 12 months.
Value of imports remained almost the same for the last 12 months
The value of imports of goods was 101.6 billion ISK in December 2023 compared with 113.4 billion ISK in December 2022. The decrease was thus 11.8 billion ISK from December 2022 (10%). The value of capital goods (except for transport) was 24.8 billion ISK and decreased by 1.8 billion (7%), the value of industrial supplies was 26 billion ISK and decreased by 6 billion ISK (19%), and the value of fuels and lubricants was 11.2 billion ISK, decreasing by 1.5 billion ISK (12%) from December 2022.
For the last 12 months, the total value of imports of goods was 1,307.6 billion ISK, 2.1 billion ISK higher than during the previous 12 months. For big categories the biggest difference is increased value of capital goods, transport equipment and food and beverages. On the other hand, there was a decrease in the value of imports of industrial supplies and fuels and lubricants.
The average value of the exchange rate index for the 12 months period was 195.2, indicating a 2.6% weaker rate of exchange than during the previous 12 months when the average exchange rate index was 190.2. The exchange rate strengthened by 1.3% in December 2023 (197.1) compared with November 2022 (199.6).
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. Data for past months in tables has been updated.