The value of exported goods from Iceland amounted to 61.5 billion ISK fob in April 2021 and the value of imported goods 72.6 billion ISK cif (67.6 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 11.2 billion ISK as compared with a trade deficit of nearly 7.3 billion ISK in April 2020 at current rates of exchange. Trade in goods in April is therefore 4 billion ISK less favorable than according to preliminary figures published at the beginning of the month. This difference is explained almost exclusively by the increased value of ship imports, which amounted to a total of 5 billion ISK in April. For the period May 2020 to April 2021, the deficit in balance of trade in goods was 154.3 billion ISK or 27.5 billion ISK less than for the previous 12 months.

Value of exported goods increased by 5.6% in 12-month comparison
The value of exported goods in April was 14.1 billion ISK (29.8%) higher than the previous year, increased from 47.3 billion ISK to 61.5 billion ISK. The value of marine products increased by 9.5 billion ISK (53.5%) and the value of manufacturing products is 2.6 billion ISK higher (9.6%) than in April 2020.

For the period May 2020 to April 2021, the total value of exported goods was 648.7 billion ISK or 34.3 billion ISK higher (5.6%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 47.5% of the total exports, increasing by 1.5%. Marine products contributed 43.4% of total exported goods and increased by 9.4% from the previous 12 months. The value of farmed fish increased by 6.2 billion (23.7%) for the same period.

Value of imports increased by 0.8% in 12-month comparison
The value of imports of goods in April increased from 54.6 billion ISK in 2020 to 72.6 billion ISK in 2021. The value of industrial supplies increased by 24.5%, the value of fuel increased by 1.5 billion ISK from April 2020 and the value of consumer goods n.e.s. increased by 2 billion ISK. Also, ships were imported for 5 billion ISK this April (compared with 1 billion in preliminary numbers at the beginning of the month). Other sectors underwent minor changes.

In the last 12 months, the total value of imports of goods was 803.0 billion ISK, 6.7 billion ISK higher (0.8%) than in the previous 12 months at current rates of exchange. The biggest difference is increased value in industrial supplies and consumer goods and on the other hand the contraction in fuel imports and transport equipment.

It should be borne in mind that the average exchange rate index1 rose by 10.1% during this twelve-month period, while the exchange rate strengthened by 4.5% between April 2020 and 2021.

The value of exports and imports for 12 months period
Billion ISK at current exchange rateMay 2019-April 2020May 2020-April 2021Change, %
Exports fob, total614.4 648.7 5.6
Marine products257.5 281.8 9.4
Agricultural products including farmed fish32.1 40.0 24.6
Manufacturing products303.8 308.4 1.5
Other products21.0 18.4 -12.2
Imports cif, total796.3 803.0 0.8
Food and beverages80.6 82.6 2.5
Industrial supplies n.e.s.226.3 248.5 9.8
Fuels and lubricants92.0 45.4 -50.7
Capital goods (except for transport)167.8 186.2 11.0
Transport equipment115.1 97.8 -15.0
Consumer goods n.e.s.114.1 141.9 24.4
Goods n.e.s.0.4 0.6 38.7
Balance of trade-181.9 -154.3

1 Source: Central Bank of Iceland, Exchange rate index - Narrow trade index.