Balance of trade
In the year 2019, the value of exported goods from Iceland amounted to ISK 641.2 billion fob and the value of imported goods amounted to ISK 752.7 billion fob (ISK 804.1 billion cif). Thus, there was a trade deficit, calculated on fob value, of ISK 111.6 billion. This is somewhat less favorable result than the first preliminary figures indicated and were published in beginning of the month. In the year 2018 trade deficit was ISK 177.5 billion, at current rates of exchange1. The trade balance in 2019 was therefore ISK 66.0 billion more favorable than in the year 2018. Excluding ships and aircraft, the deficit of balance of trade in goods was ISK 116.9 billion in the year 2019, but ISK 162.4 billion in 2018.
Exports
The total value of exports of goods in 2019 was ISK 39.1 billion higher (6.5%) than in the same period the year before, at current rates of exchange. Exported manufacturing products contributed 47.9% of total exported goods and their value was 4.3% lower than last year. Marine products contributed 40.6% of the total exports and their value was 8.5% higher than in 20181. The largest increase was due to the exports of marine products, mainly fresh fish and frozen fish fillets. On the other hand there was a decrease in the export of aluminium.
Imports
The total value of imports of goods in the year 2019 was ISK 26.9 billion lower (3.4%) than in 2018, at current rates of exchange. The imports of transport equipment and fuels decreased while the imports of capital goods and food and beverages increased.
| The value of exports and imports in January-December 2018 and 2019 | |||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % January-December | ||
| January-December | |||
| 2018 | 2019 | ||
| Exports fob, total | 602,102.5 | 641,188.8 | 6.5 |
| Marine products | 239,815.1 | 260,089.4 | 8.5 |
| Agricultural products | 20,479.3 | 30,846.1 | 50.6 |
| Manufacturing products | 321,055.8 | 307,259.3 | -4.3 |
| Other products | 20,752.3 | 42,993.9 | 107.2 |
| Imports fob, total | 779,616.2 | 752,741.1 | -3.4 |
| Food and beverages | 63,114.7 | 71,070.8 | 12.6 |
| Industrial supplies n.e.s. | 222,005.6 | 217,420.9 | -2.1 |
| Fuels and lubricants | 115,718.6 | 93,112.0 | -19.5 |
| Capital goods (except for transport) | 160,171.1 | 167,057.6 | 4.3 |
| Transport equipment | 115,869.5 | 101,882.9 | -12.1 |
| Consumer goods n.e.s. | 99,733.8 | 101,787.6 | 2.1 |
| Goods n.e.s. | 3,002.9 | 409.3 | -86.4 |
| Balance of trade | -177,513.7 | -111,552.3 | |
1Statistics 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 in time.