The value of exported goods from Iceland amounted to 61.5 billion ISK fob in March 2021 and the value of imported goods 82.5 billion ISK cif (76.4 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 21 billion ISK. These figures are in full accordance with preliminary figures published on 12 April.

The trade deficit was 19.4 billion ISK in March 2020 at current rates of exchange. For the period April 2020 to March 2021, the deficit in balance of trade in goods was 151.2 billion ISK or 43.3 billion ISK (22.3%) less than for the previous 12 months.

Value of exported goods increased by 2.8% in 12-month comparison
The value of exported goods in March was 5 billion ISK (8.8%) higher than the previous year, increased from 56.5 billion ISK to 61.5 billion ISK. The value of manufacturing products was 483.7 million ISK higher (1.8%) than in March 2020, which include medicine and medical product which increased 66.6%. The value of marine products increased by 1.7 billion ISK (6.7%) and agricultural products increased by 82.9%.

For the period April 2020 to March 2021, the total value of exported goods was 634.6 billion ISK or 17.2 billion ISK higher (2.8%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 48.2% of the total exports, increasing by 1.1%. Marine products contributed 42.9% of total exported goods and increased by 4.3% from the previous 12 months. The value of farmed fish increased by 19.9% for the same period.

Value of imports decreased by 3.2% in 12-month comparison
The value of imports of goods in March increased from 76 billion ISK in 2020 to 82.5 billion ISK in 2021. The value of capital goods (except for transport) decreased by 36.6% and in March 2021 the value of consumer goods increased by 42.5%.

In the last 12 months, the total value of imports of goods was 785.8 billion ISK, 26.1 billion ISK lower (3.2%) than in the previous 12 months at current rates of exchange. The biggest difference is a contraction in fuel imports.

The value of exports and imports for 12 months period
Billion ISK at current exchange rateApril 2019 - March 2020April 2020 - March 2021Change, %
Exports fob, total617.3 634.6 2.8
Marine products261.1 272.3 4.3
Agricultural products including farmed fish32.6 39.4 21.0
Manufacturing products302.5 305.9 1.1
Other products21.2 17.0 -19.9
Imports cif, total811.9 785.8 -3.2
Food and beverages80.6 83.2 3.2
Industrial supplies n.e.s.233.7 244.2 4.5
Fuels and lubricants97.3 43.9 -54.9
Capital goods (except for transport)168.1 184.2 9.5
Transport equipment117.9 89.6 -24.0
Consumer goods n.e.s.113.8 140.1 23.1
Goods n.e.s.0.4 0.6 47.5
Balance of trade-194.6 -151.2