The value of exported goods from Iceland amounted to 86.6 billion ISK fob in December 2024 and the value of imported goods 133.2 billion ISK cif (127.5 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 46.7 billion ISK as compared with a trade deficit of 28.1 billion ISK in December 2023 at current rates of exchange. The trade balance in December 2024 was therefore 18,6 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 397.6 billion ISK or 29.3 billion ISK less favourable than during the previous 12 months.
Value of exported goods increased by 2% for the last 12 months
The value of exported goods in December 2024 was 13.7 billion ISK, 19%, higher than in December 2023, increasing from 72,9 billion ISK to 86,6 billion ISK.
For the last 12 months, the total value of exported goods was 958.1 billion ISK or 20 billion ISK higher (2%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 54% of the total exports, their value increasing by 3% compared with the previous 12 months. Marine products contributed 36% of total exported goods and their value decreased by 2% compared with the previous 12 months.
Value of imports increased by 4% for the last 12 months
The value of imports of goods was 133.2 billion ISK in December 2024 compared with 101.0 billion ISK in December 2023. The increase was thus 32.3 billion ISK from December 2023 (32%).
For the last 12 months, the total value of imports of goods was 1,355.7 billion ISK, increased by 49.3 billion ISK (4%) compared with the previous 12 months at current rates of exchange. For larger categories, there was a decrease in the value of transport equipments and fuels and lubricants. On the other hand, there was a increase in the value of most other categories, mostly in capital goods (except for transport).
The average value of the exchange rate index for the 12 months period was 195.2, unchanged from the previous 12 months the year before. The exchange rate became stronger by 3.1% in December 2024 (191.1) compared with December 2023 (197.1).
Each month, Statistics Iceland receives information from Iceland postal services about the value of imports through postal shipments. Statistics Iceland received information late in 2024, indicating that these imports have been overestimated throughout the year 2024 to nearly one billion ISK per month on average. This import has now been corrected.
Figures for trade in goods in November 2024 have been updated alongside this release.