The value of exported goods from Iceland amounted to 55.8 billion ISK fob in August 2021 and the value of imported goods 92,1 billion ISK cif (86.4 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 36.3 billion ISK as compared with a trade deficit of 17.5 billion ISK in August 2020 at current rates of exchange. For the period September 2020 to August 2021, the deficit in balance of trade in goods was 206.4 billion ISK or 41.8 billion ISK more than for the previous 12 months.
Value of exported goods increased by 17.5% in 12-month comparison
The value of exported goods in August was 11.8 billion ISK (26.7%) higher than in the previous year, increased from 44.1 billion ISK to 55.8 billion ISK. The value of manufacturing products was 9.5 billion ISK higher (45%) than in August 2020 and the value of marine products increased by over a billion ISK (5.3%).
For the period September 2020 to August 2021, the total value of exported goods was 702.7 billion ISK or 104.5 billion ISK higher (17.5%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 48.8% of the total exports, increasing by 17.8%. Marine products contributed 41.5% of total exported goods and increased by 12.4% from the previous 12 months. The value of farmed fish increased by 11 billion (42.3%) for the same period and was 5.3% of the total export value of the last 12 months.
Value of imports increased by 19.2% in 12-month comparison
The value of imports of goods in August increased from 92.1 billion ISK in 2020 to 61.5 billion ISK in 2021. The value of transport equipment increased by 7.2 billion ISK (114.7%), industrial supplies increased by 10.2 billion ISK (59.6%) and the value of fuels increased by 4.4 billion ISK (87%).
In the last 12 months, the total value of imports of goods was 909.1 billion ISK, 146.3 billion ISK higher (19.2%) than in the previous 12 months at current rates of exchange. The biggest difference is increased value of industrial supplies and consumer goods and on the other hand a contraction in imports of fuel and transport equipment.
The average exchange rate index for the last 12 months was 199.7 and was 3.9% weaker than in the previous 12-month period when the average exchange rate index was 192.2. The exchange rate, on the other hand, strengthened by 7% in August (193.8) compared with August 2020 (208.5).
| The value of exports and imports for 12 months period | |||
| Billion ISK at current exchange rate | September 2019-August 2020 | September 2020-August 2021 | Change, % |
| Exports fob, total | 598.2 | 702.7 | 17.5 |
| Marine products | 259.2 | 291.3 | 12.4 |
| Agricultural products including farmed fish | 32.0 | 45.6 | 42.6 |
| Manufacturing products | 290.9 | 342.8 | 17.8 |
| Other products | 16.1 | 23.0 | 42.6 |
| Imports cif, total | 762.8 | 909.1 | 19.2 |
| Food and beverages | 80.5 | 87.7 | 8.8 |
| Industrial supplies n.e.s. | 225.6 | 269.6 | 19.5 |
| Fuels and lubricants | 68.1 | 56.4 | -17.2 |
| Capital goods (except for transport) | 164.3 | 202.9 | 23.5 |
| Transport equipment | 103.9 | 141.1 | 35.8 |
| Consumer goods n.e.s. | 119.7 | 151.1 | 26.3 |
| Goods n.e.s. | 0.6 | 0.3 | -59.3 |
| Balance of trade | -164.6 | -206.4 | |