Please note that this press release was corrected 30 June 2020 at 12:00. While discussing the total value of exports and imports of goods, a reference was made to the first four months of the year instead of the first five.
The value of exported goods from Iceland amounted to 52.9 billion ISK fob in May 2020 and the value of imported goods amounted to 51.1 billion ISK fob (54.7 billion ISK cif). Thus, there was a trade surplus, calculated on fob value, of 1.8 billion ISK as compared with a trade deficit of 2.8 billion ISK in May 2019 at current rates of exchange. The balance of trade in goods without trade in ships and aircraft had 2.7 billion ISK surplus 2020, but had 1.1 billion ISK deficit in May 2019 at current rates of exchange.
Fall in export revenue
The total value of exports of goods in the first five months of 2020 was 38.2 billion ISK lower (13.3%) 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 50% of the total exports and their value was 6.6% lower than in in same period 2019. Marine products contributed 42% of total exported goods and their value was 6.9% lower than in the same period 2019.
Value of imports 38.5 billion ISK lower
The total value of imports of goods in the first five months of 2020 was 38.5 billion ISK lower (12.6%) than in the same period 2019 at current rates of exchange. Imports decreased in every category except in imports of transport equipment and consumer goods.
| The value of exports and imports in January-May 2019 and 2020 | |||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % January-May | ||
| January-May | |||
| 2019 | 2020 | ||
| Exports fob, total | 287,429.6 | 249,239.2 | -13.3 |
| Marine products | 112,471.3 | 104,706.9 | -6.9 |
| Agricultural products | 12,981.5 | 13,690.8 | 5.5 |
| Manufacturing products | 133,448.6 | 124,654.2 | -6.6 |
| Other products | 28,528.2 | 6,187.3 | -78.3 |
| Imports fob, total | 306,368.9 | 267,838.8 | -12.6 |
| Food and beverages | 28,740.3 | 26,347.4 | -8.3 |
| Industrial supplies n.e.s. | 91,252.4 | 76,911.6 | -15.7 |
| Fuels and lubricants | 34,958.8 | 22,325.7 | -36.1 |
| Capital goods (except for transport) | 73,448.2 | 60,672.8 | -17.4 |
| Transport equipment | 36,227.0 | 39,270.6 | 8.4 |
| Consumer goods n.e.s. | 41,579.5 | 42,191.7 | 1.5 |
| Goods n.e.s. | 162.7 | 118.9 | -26.9 |
| Balance of trade | -18,939.2 | -18,599.6 | |
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.