The value of exported goods from Iceland amounted to 58.7 billion ISK fob in June 2021 and the value of imported goods 88.9 billion ISK cif (83.2 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 30.2 billion ISK as compared with a trade deficit of 23.3 billion ISK in June 2020 at current rates of exchange. These figures are in line with preliminary figures published on 7 July. For the period July 2020 to June 2021, the deficit in balance of trade in goods was 173.5 billion ISK or 4.4 billion ISK more than for the previous 12 months.
Value of exported goods increased by 10.5% in 12-month comparison
The value of exported goods in June was 11.9 billion ISK (25.5%) higher than the previous year, increased from 46.8 billion ISK to 58.7 billion ISK. The value of manufacturing products was 5.8 billion ISK higher (28.6%) than in June 2020 and the value of marine products increased by 4.1 billion ISK (18.2%).
For the period July 2020 to June 2021, the total value of exported goods was 668.5 billion ISK or 63.4 billion ISK higher (10.5%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 47.3% of the total exports, increasing by 7.5%. Marine products contributed 43.4% of total exported goods and increased by 11.5% from the previous 12 months. The value of farmed fish increased by 8.3 billion (31.5%) for the same period.
Value of imports increased by 8.8% in 12-month comparison
The value of imports of goods in June increased from 70.1 billion ISK in 2020 to 88.9 billion ISK in 2021. The value of transport equipment (including ships and aircrafts increased by 5.2 billion ISK (43.8%), industrial supplies increased by 4,1 billion ISK. (18.7%) and the value of fuels increased by 3.1 billion ISK (110.7%), Other sectors underwent minor changes.
In the last 12 months, the total value of imports of goods was 842 billion ISK, 67.8 billion ISK higher (8.8%) 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 a contraction in imports of fuel and transport equipment.
The average exchange rate index1 on period from July 2019 to June 2020 was 188,0946 but rose to 202,0216 on next period and weakened by 7.4%, while the exchange rate strengthened by 3.9% if compared to June 2020 (198,9264) and 2021 (191,07).
| The value of exports and imports for 12 months period | |||
| Billion ISK at current exchange rate | July 2019-June 2020 | July 2020-June 2021 | Change, % |
| Exports fob, total | 605.1 | 668.5 | 10.5 |
| Marine products | 260.4 | 290.3 | 11.5 |
| Agricultural products including farmed fish | 32.3 | 42.8 | 32.5 |
| Manufacturing products | 294.3 | 316.2 | 7.5 |
| Other products | 18.1 | 19.2 | 6.4 |
| Imports cif, total | 774.2 | 842.1 | 8.8 |
| Food and beverages | 80.0 | 86.5 | 8.2 |
| Industrial supplies n.e.s. | 225.9 | 256.5 | 13.6 |
| Fuels and lubricants | 79.9 | 48.2 | -39.7 |
| Capital goods (except for transport) | 167.1 | 192.5 | 15.1 |
| Transport equipment | 105.3 | 109.7 | 4.2 |
| Consumer goods n.e.s. | 115.6 | 148.1 | 28.1 |
| Goods n.e.s. | 0.4 | 0.5 | 22.2 |
| Balance of trade | -169.1 | -173.5 | |
1Source: Central Bank of Iceland, Exchange rate index - Narrow trade index