Balance of trade
In 2016, the value of exported goods from Iceland amounted to ISK 537,300 million fob and the value of imported goods amounted to ISK 645,700 million fob (ISK 687,800 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 108,400 million as compared with a trade deficit of ISK 30,600 million in the year 2015, at current rates of exchange.1
Exports
The total value of exports of goods in 2016 was ISK 88,700 million lower, or 14.2%, than the year before at current rates of exchange. Exported manufacturing products contributed 50.3% of total exported goods and their value was 18.3% lower than the year before, mainly due to decreases in aluminium prices. Marine products contributed 43.1% of the total exports and their value was 12.4% lower than the year before.
Imports
The total value of imports of goods in 2016 was ISK 10.900 million lower, or 1.7%, than the year before, at current rates of exchange, mainly because of fuels and industrial supplies. However, the imports of transport equipment increased.
| The value of exports and imports January–December 2015 and 2016 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January– | January– | year at current | |
| December | December | exch. rates, % | |
| 2015 | 2016 | Jan.–December | |
| Exports fob, total | 626,091.9 | 537,342.1 | -14.2 |
| Marine products | 264,665.4 | 231,847.2 | -12.4 |
| Agricultural products | 13,267.6 | 17,125.9 | 29.1 |
| Manufacturing products | 331,060.2 | 270,416.5 | -18.3 |
| Other products | 17,098.7 | 17,952.4 | 5.0 |
| Imports fob, total | 656,661.9 | 645,721.4 | -1.7 |
| Food and beverages | 65,036.8 | 57,421.3 | -11.7 |
| Industrial supplies n.e.s. | 184,882.8 | 168,490.4 | -8.9 |
| Fuels and lubricants | 83,123.8 | 69,867.6 | -15.9 |
| Capital goods (except for transport) | 137,382.1 | 140,637.1 | 2.4 |
| Transport equipment | 103,893.4 | 120,139.6 | 15.6 |
| Consumer goods n.e.s. | 81,398.8 | 88,631.9 | 8.9 |
| Goods n.e.s. | 944.2 | 533.4 | -43.5 |
| Balance of trade | -30,570.1 | -108,379.3 | · |
Final data for the year will be published on May 24th 2017.
¹Statistics 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 of time.