The value of exported goods from Iceland amounted to 83.8 billion ISK fob in September 2023 and the value of imported goods 107.6 billion ISK cif (102.2 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 23.7 billion ISK as compared with a trade deficit of 42.7 billion ISK in September 2022 at current rates of exchange. The trade balance in September 2023 was therefore 19.0 billion ISK more favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 388.9 billion ISK or 135.0 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 2% for the last 12 months
The value of exported goods in September was 7.5 billion ISK (8%) lower than in September 2022, decreased from 91.4 billion ISK to 83.8 billion ISK.
For the last 12 months, the total value of exported goods was 945.6 billion ISK or 20.5 billion ISK lower (2%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 55% of the total exports, their value decreased by 5%. Marine products contributed 37% of total exported goods and their value increased by 2% from the previous 12 months.
Value of imports increased by 9% for the last 12 months
The value of imports of goods was 107.6 billion ISK in September 2023 compared with 134.1 billion ISK in September 2022. The decrease was thus 26.5 billion ISK from September 2022 (20%). The value of capital goods (except for transport) was 25.2 billion ISK and decreased by 0.8 billion (3%), the value of industrial supplies was 26.3 billion ISK and decreased by 8.4 billion ISK (24%), and the value of fuels and lubricants was 16.4 billion ISK, decreasing by 15.9 billion ISK (49%) from September 2022.
For the last 12 months, the total value of imports of goods was 1,334.5 billion ISK, 114.5 billion ISK higher (9%) than during the previous 12 months. For big categories the biggest difference is increased value of fuels, capital goods and transport equipment.
The average value of the exchange rate index for the 12 months period was 195.1 indicating a 2.4% weaker rate of exchange than during the previous 12 months when the average exchange rate index was 190.5. The exchange rate weakened by 0.2% in September 2023 (189.1) compared with September 2022 (188.8).
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.