The value of exported goods from Iceland amounted to 61.2 billion ISK fob in May 2021 and the value of imported goods 76,8 billion ISK cif (71.3 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 15.6 billion ISK as compared with a trade deficit of nearly 4.2 billion ISK in May 2020 at current rates of exchange. These figures are in line with preliminary figures published on 7 June.
For the period June 2020 to May 2021, the deficit in balance of trade in goods was 166.6 billion ISK or 12,6 billion ISK less than for the previous 12 months.
Value of exported goods increased by 8.7% in 12-month comparison
The value of exported goods in May was 7,9 billion ISK (14,9%) higher than the previous year, increased from 53.2 billion ISK to 61.2 billion ISK. The value of marine products increased by 4.3 billion ISK (18%) and the value of manufacturing products was 2.1 billion ISK higher (8.1%) than in May 2020.
For the period June 2020 to May 2021, the total value of exported goods was 656.6 billion ISK or 52.5 billion ISK higher (8.7%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 47.3% of the total exports, increasing by 4%. Marine products contributed 43.6% of total exported goods and increased by 13% from the previous 12 months. The value of farmed fish increased by 7.7 billion (30.2%) for the same period.
Value of imports increased by 5.1% in 12-month comparison
The value of imports of goods in May increased from 57.4 billion ISK in 2020 to 76.8 billion ISK in 2021. The value of industrial supplies increased by 3,7 billion ISK (20%), the value of food and beverages increased by 2.8 billion ISK (50.8%), the value of consumer goods increased by 3.6 billion ISK (41.2%) and the value of transport equipment increased by 6 billion ISK (85.4%). Other sectors underwent minor changes.
In the last 12 months, the total value of imports of goods was 823.1 billion ISK, 39.9 billion ISK higher (5.1%) 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.
It should be borne in mind that the average exchange rate index rose by 8.4% during this twelve-month period, while the exchange rate strengthened by 5.5% between May 2020 and 2021.
| The value of exports and imports for 12 months period | |||
| Billion ISK at current exchange rate | June 2019-May 2020 | June 2020-May 2021 | Change, % |
| Exports fob, total | 604.1 | 656.6 | 8.7 |
| Marine products | 253.2 | 286.2 | 13.0 |
| Agricultural products including farmed fish | 31.5 | 41.3 | 31.1 |
| Manufacturing products | 298.6 | 310.5 | 4.0 |
| Other products | 20.7 | 18.6 | -10.2 |
| Imports cif, total | 783.3 | 823.1 | 5.1 |
| Food and beverages | 79.3 | 85.4 | 7.7 |
| Industrial supplies n.e.s. | 228.2 | 252.3 | 10.6 |
| Fuels and lubricants | 86.1 | 45.1 | -47.7 |
| Capital goods (except for transport) | 165.0 | 189.7 | 15.0 |
| Transport equipment | 110.4 | 104.5 | -5.4 |
| Consumer goods n.e.s. | 113.8 | 145.5 | 28.0 |
| Goods n.e.s. | 0.4 | 0.6 | 29.9 |
| Balance of trade | -179.2 | -166.6 | |
1 Source: Central Bank of Iceland, Exchange rate index - Narrow trade index.