Balance of trade
In January 2017, the value of exported goods from Iceland amounted to ISK 37,600 million fob and the value of imported goods amounted to ISK 46,200 million fob (ISK 49,300 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 8,600 million as compared with a trade deficit of ISK 671 million in January 2016, at current rates of exchange.¹

The total value of exports of goods in January 2017 was ISK 8,300 million lower, or 18.1%, than in January the year before at current rates of exchange, mainly due to a fall in marine products exports, caused by fishermen’s strike.

The total value of imports of goods in the first month of 2017 was ISK 338 million lower, or 0.7%, than in the same month the year before, at current rates of exchange, mainly because of decreased consumer goods imports. However, the imports of transport equipment increased.

The value of exports and imports January 2016 and 2017
  Million ISK at current exchange rate Change on prev.
      year at current
  January January exch. rates, %
  2016 2017 Jan.–January
Exports fob, total 45,864.4 37,554.2 -18.1
Marine products 20,389.5 13,719.4 -32.7
Agricultural products 1,373.9 1,580.6 15.0
Manufacturing products 21,346.8 21,449.2 0.5
Other products 2,754.1 804.9 -70.8
Imports fob, total 46,535.4 46,197.3 -0.7
Food and beverages 3,787.1 3,684.8 -2.7
Industrial supplies n.e.s. 12,588.0 12,183.2 -3.2
Fuels and lubricants 4,021.3 4,338.3 7.9
Capital goods (except for transport) 12,179.1 11,250.6 -7.6
Transport equipment 6,157.9 8,222.4 33.5
Consumer goods n.e.s. 7,716.4 6,486.0 -15.9
Goods n.e.s. 85.5 32.0 -62.5
Balance of trade -671.0 -8,643.1 ·

¹ Statistics Iceland does no longer publish trade in goods at constant exchange rates. The breakdown of trade in goods by currencies is available on Statistics Iceland’s website.

Monthly figures of external trade for current year are revised together with the release of figures for new months. Annual figures are published in the first half of the year after the end of the reference year. The figures are considered as final at that point of time.