Balance of trade
The value of exported goods from Iceland amounted to ISK 85,100 million fob and the value of imported goods amounted to almost ISK 67,000 million fob (ISK 72,100 million cif) January-February 2011. Thus there was a trade surplus, calculated on fob value, of 18,100 million as compared with a trade surplus of ISK 17,800 million in January-February 2010, at fixed rates of exhange¹.
Exports
The total value of exports of goods January-February 2011 was ISK 9,700 million or 12.9% higher at constant rates of exchange than in the same period the year before. Marine products were 35.3% of the total exports and their value 11.9% higher than the same period the year before. Exported manufacturing products were 60% of total exported goods and their value was 12.7% more than in the same period the year before. Most increase occurred in the export of manufacturing products, mainly aluminium, and there was also an increase in the export of marine products.
Imports
The total value of imports of goods January-February 2011 was ISK 9,400 million or 16.3% higher at constant rates of exchange than in the same period the year before. There was an increase in the import of fuels, capital goods and industrial supplies.
| Balance of trade in February 2011 | |||||
| Change on previous year at constant exchange rates, % January-February | |||||
| Million ISK at fixed exchange rate | |||||
| February | January-February | ||||
| 2010 | 2011 | 2010 | 2011 | ||
| Exports fob, total | 40,858 | 42,738 | 75,388 | 85,085 | 12.9 |
| Imports fob, total | 28,053 | 32,413 | 57,603 | 66,976 | 16.3 |
| Balance of trade | 12,805 | 10,325 | 17,785 | 18,109 | . |
| The value of exports and imports January-February 2010 and 2011 | |||
| Change on previous year at constant exchange rates 1) % January-February | |||
| Million ISK at current exchange rate | |||
| January-February | January-February | ||
| 2010 | 2011 | ||
| Exports fob, total | 82,871.5 | 85,085.1 | 12.9 |
| Marine products | 29,486.9 | 30,016.4 | 11.9 |
| Agricultural products | 1,242.5 | 1,887.0 | 67.0 |
| Manufacturing products | 49,519.4 | 50,757.7 | 12.7 |
| Other products | 2,622.7 | 2,424.0 | 1.6 |
| Imports fob, total | 63,320.9 | 66,975.8 | 16.3 |
| Food and beverages | 5,956.2 | 5,758.4 | 6.3 |
| Industrial supplies n.e.s. | 23,325.3 | 23,526.4 | 10.9 |
| Fuels and lubricants | 6,422.2 | 9,137.8 | 56.4 |
| Capital goods (except for transport) | 14,588.4 | 16,445.0 | 23.9 |
| Transport equipment | 3,514.9 | 3,432.2 | 7.3 |
| Consumer goods n.e.s. | 9,422.6 | 8,611.6 | 0.5 |
| Goods n.e.s. | 91.4 | 64.5 | -22.4 |
| Balance of trade | 19,550.6 | 18,109.2 | . |
¹Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year -9.0%. In February 2011, foreign currency prices were 7.7% lower than in February 2010.
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.
Statistics