The value of exported goods from Iceland amounted to 50.7 billion ISK fob in November 2020 and the value of imported goods amounted to 61.5 billion ISK fob (66.2 billion ISK cif). Thus, there was a trade deficit, calculated on fob value, of 10.8 billion ISK as compared with a trade deficit of almost 7 billion ISK in November 2019 at current rates of exchange.
The trade balance in November 2020 was therefore ISK 3.8 billion less favorable than the same time last year. Trade in ships and aircraft had a negligible impact on the trade balance in November 2020.
For the period January-November 2020, the deficit in balance of trade in goods was 95.9 billion or 10.3 billion lower than for the same period the year before.
Decrease in exports revenue
The value of exported goods in November was ISK 1.5 billion (2.8%) lower than one year ago, decreased from ISK 52.2 billion to ISK 50.7 billion. The value of marine products was ISK 2.9 billion higher (14.9%) than the year before while the value of manufacturing products was ISK 3 billion lower (11.4%) than in November 2019.
In the first eleven months of 2020, the total value of exports of goods was 561.3 billion ISK, 37.7 billion ISK lower (6.3%) than in the same period the year before at current rates of exchange.1 This decrease in exports is mainly due to transactions with ships and aircrafts in January 2019. Manufacturing products contributed 48.1% of the total exports and their value was 5.5% lower than in the same period in 2019. Marine products contributed 43.9% of total exported goods or 1.3% higher than in the same period in 2019.
Value of imports increased by 4%
The value of imports of goods in November increased from ISK 59.2 billion in 2019 to ISK 61.5 billion in November 2020. The value of fuels and lubricants decreased by 48%, and the value of consumer goods increased by 43%.
In the first eleven months of 2020, the total value of imports of goods was 657.2 billion ISK, almost 48 billion ISK lower (6.8%) than in the same period in 2019 at current rates of exchange. Imports decreased in nearly every category, except for consumer goods.
It should be noted that the exchange rate of foreign currencies increased on average by 15.8% in the period November 2019 to November 2020.
| The value of exports and imports in January-November 2019 and 2020 | |||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % January-November | ||
| January-November | |||
| 2019 | 2020 | ||
| Exports fob, total | 598,961.0 | 561,288.7 | -6.3 |
| Marine products | 243,439.4 | 246,681.9 | 1.3 |
| Agricultural products including farmed | 28,075.0 | 30,635.4 | 9.1 |
| Manufacturing products | 285,406.1 | 269,818.2 | -5.5 |
| Other products | 42,040.6 | 14,153.2 | -66.3 |
| Imports fob, total | 705,194.4 | 657,212.7 | -6.8 |
| Food and beverages | 67,374.9 | 68,569.9 | 1.8 |
| Industrial supplies n.e.s. | 202,023.4 | 194,351.7 | -3.8 |
| Fuels and lubricants | 87,709.8 | 45,626.8 | -48.0 |
| Capital goods (except for transport) | 155,398.5 | 148,067.5 | -4.7 |
| Transport equipment | 95,950.6 | 87,930.7 | -8.4 |
| Consumer goods n.e.s. | 96,347.7 | 112,126.8 | 16.4 |
| Goods n.e.s. | 389.4 | 539.4 | 38.5 |
| Balance of trade | -106,233.3 | -95,924.0 | |
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.