The value of exported goods from Iceland amounted to 46.8 billion ISK fob in July 2020 and the value of imported goods amounted to 58.4 billion ISK fob (62.6 billion ISK cif). Thus, there was a trade deficit, calculated on fob value, of 11.6 billion ISK as compared with a trade deficit of nearly 20.1 billion ISK in June 2019 at current rates of exchange. Trade in ships and aircraft had a negligible impact on the trade balance in July 2020, but the balance of trade in goods without trade in ships and aircraft was negative by 18.3 billion ISK in July 2019 at current rates of exchange.
Decrease in export revenue
The total value of exports of goods in the first seven months of 2020 was 42.1 billion ISK lower (11.0%) than in the same period the year before at current rates of exchange.1 This decrease in export is mainly due to transactions with ships and aircrafts in January 2019. Manufacturing products contributed 49.6% of the total exports and their value was 7.1% lower than in the same period 2019. Marine products contributed 42.7% of total exported goods which value was 3.5% lower than in the same period 2019.
Value of imports 66.6 billion ISK lower
The total value of imports of goods in the first seven months of 2020 was 66.6 billion ISK lower (14.7%) than in the same period 2019 at current rates of exchange. Imports decreased in nearly every category.
| The value of exports and imports in January-July 2019 and 2020 | |||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % January-July | ||
| January-July | |||
| 2019 | 2020 | ||
| Exports fob, total | 384,626.8 | 342,498.7 | -11.0 |
| Marine products | 151,394.8 | 146,107.5 | -3.5 |
| Agricultural products | 16,268.9 | 17,569.0 | 8.0 |
| Manufacturing products | 182,851.5 | 169,826.0 | -7.1 |
| Other products | 34,111.6 | 8,996.2 | -73.6 |
| Imports fob, total | 452,606.2 | 386,006.8 | -14.7 |
| Food and beverages | 43,077.2 | 39,109.6 | -9.2 |
| Industrial supplies n.e.s. | 133,078.6 | 113,530.3 | -14.7 |
| Fuels and lubricants | 52,606.2 | 27,088.1 | -48.5 |
| Capital goods (except for transport) | 103,243.2 | 88,414.8 | -14.4 |
| Transport equipment | 61,854.2 | 55,835.7 | -9.7 |
| Consumer goods n.e.s. | 58,455.5 | 61,591.7 | 5.4 |
| Goods n.e.s. | 291.3 | 436.8 | 49.9 |
| Balance of trade | -67,979.4 | -43,508.1 | |
Revision forthcoming on the External Trade data
The National Accounts are implementing a new procedure regarding data revision (Benchmark revision) as mentioned in a press release on 28 February 2020. As the External Trade data is used in the calculation of National Accounts, consistency is desirable and therefore the same procedure will be implemented in the calculation of trade in goods and services. In addition to the traditional publications of preliminary and final data, the procedure of revisions for trade in goods will be as follows: Before the publication of trade in goods for January-October 2020, planned for 30 November, time series will be opened and revised as necessary. Changes due to improved data, newer or revised estimation methods or classifications, will be implemented as necessary. Next benchmark revision is planned for 2024 and every fifth year thereafter.
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 in time unless subject to future revisions.