The value of exported goods from Iceland in 2022 amounted to 1,001.6 billion ISK fob and the value of imported goods amounted to 1,304.6 billion ISK cif (926.5 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 303.0 ISK billion in 2022 compared with a trade deficit of 214.7 billion ISK in 20211 at current rates of exchange.
Value of manufacturing products 43.9% higher than in 2021
The total value of exports of goods in 2022 was 239.2 billion ISK higher (31.4%) than in 2021 at current rates of exchange. Exports of aluminium and aluminium products had the largest share in exported manufacturing products or 40.2% of total exports. Marine products contributed to 34.9% of the total exports and their value was 17.9% higher than in 2021. Fresh fish and frozen fish fillets had the largest share in marine products. Fresh fish was 8.7% of total exports and frozen fish fillets were 8.6% of total exports. Largest trading countries in export of goods were the Netherlands, United Kingdom and the United States while 71% of all exports went to EEA countries.
Increased import in all categories
The total value of imports of goods in 2022 was 327.5 billion ISK higher (33.5%) than in 2021 at current rates of exchange. The increase is mainly in fuel and industrial supplies. The largest import categories were industrial supplies (27.8%) and capital goods (22.6%). The largest trading countries in imports of goods for the year 2022 were Norway, China and Germany. Over 57% of total value of import came from EEA countries.
1 Data for 2022 were revised in May 2023