The value of exported goods from Iceland amounted to 72,9 billion ISK fob in October 2021 and the value of imported goods 85.7 billion ISK cif (80 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 12.8 billion ISK as compared with a trade deficit of 9.5 billion ISK in October 2020 at current rates of exchange. For the period November 2020 to October 2021, the deficit in balance of trade in goods was 211.2 billion ISK or 54.7 billion ISK more than for the previous 12 months.
Value of exported goods increased by 19.1% in 12-month comparison
The value of exported goods in October was 11.5 billion ISK (18.7%) higher than in the previous year, increased from 61.4 billion ISK to 72.9 billion ISK. The value of manufacturing products was 11 billion ISK higher (37.6%) than in October.
For the period November 2020 to October 2021, the total value of exported goods was 720.8 billion ISK or 115.8 billion ISK higher (19.1%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 50.7% of the total exports, increasing by 24.1%. Marine products contributed 37.7% of total exported goods and increased by 9.7% from the previous 12 months. The value of farmed fish increased by 8.6 billion (30.4%) for the same period and was 5.1% of the total export value of the last 12 months.
Value of imports increased by 22.4% in 12-month comparison
The value of imports of goods in October increased from 70.9 billion ISK in 2020 to 85.7 billion ISK in 2021. The value of capital goods increased by 5.1 billion ISK (32.3%), the value of fuels increased by 4.9 billion ISK (133.4%) and the value of transport equipment increased by 3.2 billion (41%).
In the last 12 months, the total value of imports of goods was 932 billion ISK, 170.5 billion ISK higher (22.4%) than in the previous 12 months at current rates of exchange. The biggest difference is increased value of industrial supplies, capital goods and transport equipment.
The average exchange rate index for the last 12 months was 197.6 and was 0.3% weaker than in the previous 12-month period when the average exchange rate index was 197. The exchange rate, on the other hand, strengthened by 5.9% in October (198.4) compared with October 2020 (210.7).
| The value of exports and imports for 12 months period | |||
| Billion ISK at current exchange rate | November 2019-October 2020 | November 2020-October 2021 | Change, % |
| Exports fob, total | 605.0 | 720.8 | 19.1 |
| Marine products | 260.7 | 285.9 | 9.7 |
| Agricultural products including farmed fish | 34.3 | 45.5 | 32.5 |
| Manufacturing products | 294.5 | 365.5 | 24.1 |
| Other products | 15.5 | 23.9 | 54.2 |
| Imports cif, total | 761.5 | 932.0 | 22.4 |
| Food and beverages | 80.0 | 88.0 | 10.0 |
| Industrial supplies n.e.s. | 230.2 | 268.3 | 16.6 |
| Fuels and lubricants | 57.8 | 64.4 | 11.4 |
| Capital goods (except for transport) | 166.9 | 212.8 | 27.5 |
| Transport equipment | 101.4 | 144.9 | 42.9 |
| Consumer goods n.e.s. | 124.6 | 153.3 | 23.1 |
| Goods n.e.s. | 0.6 | 0.3 | -57.2 |
| Balance of trade | -156.5 | -211.2 | |