The value of exported goods from Iceland amounted to 78,5 billion ISK fob in October 2022 and the value of imported goods 131.2 billion ISK cif (127.7 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 52.7 billion ISK as compared with a trade deficit of 12.9 billion ISK in October 2021 at current rates of exchange. The trade balance in October 2022 was therefore 39.8 billion ISK less favourable than at the same month last year. For the last twelve months the deficit in balance of trade in goods was 308.7 billion ISK or 103 billion ISK more than during the previous twelve months.
Value of exported goods increased by 34% in 12-month comparison
The value of exported goods in October was 5.7 billion ISK (7.8%) higher than in the previous year, increasing from 72.8 billion ISK to 78.5 billion ISK. The biggest increase between years was the value of exported marine products, which rose by 3.2 billion ISK or by 12% compared with October 2021, while industrial products, which made up 53.6% of total exports, increased by 1.8 billion ISK or by 4% compared with October 2021
For the 12 months period, from November 2021 to October 2022, the total value of exported goods was 971.6 billion ISK or 246 billion ISK higher (34%) than during the previous twelve months at current rates of exchange. Manufacturing products contributed 57% of the total exports, increasing by 51%. Marine products contributed 35% of total exported goods and increased by 17% from the previous twelve months.
Value of imports increased by 37.5% in 12-month comparison
The value of imports of goods was 131.2 billion ISK in October 2022 compared with 85.7 billion ISK in October 2021. The increase in 2022 was thus 45.4 billion ISK from the previous year (53%). The value of capital goods (except for transport) was 34 billion ISK and increased by 13.5 billion (66%), the value of industrial supplies was 31.5 billion ISK and increased by 8.1 billion ISK (35%), and the value of fuels was 27.9 billion ISK and increased by 19.3 billion ISK (225%).
For the twelve months period, the total value of imports of goods was 1,280.3 billion ISK, 349 billion ISK higher (38%) than during the previous twelve months. The biggest difference is increased value of industrial supplies, fuels and capital goods.
The average value of the exchange rate index for the twelve months period was 189.8, indicating a 3.9% stronger rate of exchange than during the previous twelve months when the average exchange rate index was 197.5. The exchange rate strengthened by 3.8% in October 2022 (189.8) compared with October 2021 (197.3).
The treatment of lease agreements in external trade is under review and the revision will affect both the balance of trade in goods and trade in services.
Please note that the above numbers are preliminary and will be updated at the end of the month. Corrections and additional data can significantly affect the data. At the end of the month, data in tables will be updated.