Balance of trade
January-September 2017, the value of exported goods from Iceland amounted to ISK 371,500 million fob and the value of imported goods amounted to ISK 507,700 million fob (ISK 541,100 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 136,200 million as compared with a trade deficit of ISK 90,100 million in the same time the year before.


The total value of exports of goods January-September 2017 was ISK 34,300 million lower, or 8.4%, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 54.7% of total exported goods and their value was 0.5% lower than in the same period the year before, mainly because of medicine and medical products. However, exports of aluminium increased. Marine products contributed 38.8% of the total exports and their value was 18.5% lower than in the same period the year before, mainly because of frozen fish fillets and fresh fish.


The total value of imports of goods January-September 2017 was ISK 11,800 million higher, or 2.4%, than in the same period the year before, at current rates of exchange. The import of industrial supplies, ships and passenger cars increased while the import of airplanes decreased.


The value of exports and imports January–September 2016 and 2017
  Million ISK at current exchange rate Change on prev.
  January- January– year at current
  September September exch. rates, %
  2016 2017 Jan.–September
Exports fob, total 405,756.9 371,482.6 -8.4
Marine products 176,751.0 144,057.8 -18.5
Agricultural products 11,538.5 14,075.0 22.0
Manufacturing products 204,306.8 203,283.3 -0.5
Other products 13,160.6 10,066.6 -23.5
Imports fob, total 495,894.9 507,700.9 2.4
Food and beverages 44,309.3 42,369.7 -4.4
Industrial supplies n.e.s. 128,194.1 135,927.0 6.0
Fuels and lubricants 52,923.0 58,196.6 10.0
Capital goods (except for transport) 107,165.2 109,341.8 2.0
Transport equipment 97,163.3 97,533.8 0.4
Consumer goods n.e.s. 65,768.7 64,117.2 -2.5
Goods n.e.s. 371.3 214.9 -42.1
Balance of trade -90,138.0 -136,218.2 .

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 of time.