Further data validation on May data revealed that in the import on transport equipment a record in the Customs data existed that does not comply with the trade in goods methodology. The preliminary figures for May 2019 are therefore republished.
According to preliminary figures for May 2019 the value of exported goods amounted to ISK 63,100 million fob and the value of imported goods amounted to ISK 64,200 million fob. Thus, there was a trade deficit, calculated on fob value, of ISK 1,100 million as compared with a trade deficit of ISK 16,900 million in May 2018, at current rates of exchange. According to the latest observations, therefore, trade in ships and aircrafts had no impact on the balance of trade in May 2019 compared to a deficit of ISK 14,500 million in May 2018.
In May 2019 the value of exported goods was ISK 10,700 million higher than in May 2018 or 20.5% at current exchange rate. The increase was mainly due to exports in manufacturing products.
The value of imported goods in May 2019 was ISK 5,100 million lower than in May 2018 or 7.4% at current exchange rate. There was an increase in the imports of capital goods, but it was offset by a decrease in the imports of industrial supplies and transport equipment.
It should be borne in mind that these are preliminary figures that may change due to regular revision.