Balance of trade
In the first eleven months of 2018, the value of exported goods from Iceland amounted to ISK 549,000 million fob and the value of imported goods amounted to ISK 713,000 million fob (ISK 760,400 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 163,900 million as compared with a trade deficit of ISK 152,800 million in the first eleven months of 2017, at current rates of exchange.1 The deficit of balance of trade in goods was ISK 148,600 million excluding ships and aircraft, compared with ISK 141,400 million in the same period the year before.
Exports
The total value of exports of goods in the first eleven months of 2018 was ISK 72,600 million higher (15.2%) than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 53.5% of total exported goods and their value was 15.1% higher than in the same period the year before. The increase between years can be linked to aluminum export. Marine products contributed 39.8% of the total exports and their value was 19.2% higher than in the same period the year before. The increase in marine product exports can partly be linked to a fisherman strike in early 2017.
Imports
The total value of imports of goods in the first eleven months of 2018 was ISK 83,700 million higher (13.3%) than in the same period the year before, at current rates of exchange, mainly because of increased imports of fuels and processed industrial supplies.
| The value of exports and imports in January - November 2017 and 2018 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January - November | year at current | ||
| exch. rates, % | |||
| 2017 | 2018 | Jan - Nov | |
| Exports fob, total | 476.400,8 | 549.030,6 | 15,2 |
| Marine products | 183.253,6 | 218.414,1 | 19,2 |
| Agricultural products | 18.010,1 | 18.423,4 | 2,3 |
| Manufacturing products | 255.048,5 | 293.471,4 | 15,1 |
| Other products | 20.088,5 | 18.721,7 | -6,8 |
| Imports fob, total | 629.219,2 | 712.956,6 | 13,3 |
| Food and beverages | 52.628,2 | 58.585,3 | 11,3 |
| Industrial supplies n.e.s. | 166.751,9 | 200.437,1 | 20,2 |
| Fuels and lubricants | 73.274,0 | 108.007,2 | 47,4 |
| Capital goods (except for transport) | 135.790,9 | 145.977,0 | 7,5 |
| Transport equipment | 115.523,3 | 108.015,1 | -6,5 |
| Consumer goods n.e.s. | 84.985,5 | 88.926,2 | 4,6 |
| Goods n.e.s. | 265,4 | 3.008,8 | 1033,6 |
| Balance of trade | -152.818,4 | -163.926,1 | 7,3 |
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.