Balance of trade
In 2017, the value of exported goods from Iceland amounted to ISK 517,600 million fob and the value of imported goods amounted to ISK 695,900 million fob (ISK 741,200 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 178,300 million (161,900 million excluding ships and aircraft) as compared with a trade deficit of ISK 108,200 million (79,900 million excluding ships and aircraft) in the year 2016, at current rates of exchange.¹
Exports
The total value of exports of goods in 2017 was ISK 19,800 million lower, or 3.7%, than the year before at current rates of exchange. Exported manufacturing products contributed 54.1% of total exported goods and their value was 3.5% higher than the year before, mainly due to increases in aluminium prices. Marine products contributed 38.1% of the total exports and their value was 15.1% lower than the year before.
Imports
The total value of imports of goods in 2017 was ISK 50,300 million higher, or 7.8%, than the year before, at current rates of exchange. The increase is mainly because imports of industrial supplies, ships and transport equipment.
| The value of exports and imports January–December 2016 and 2017 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January- | January– | year at current | |
| December | December | exch. rates, % | |
| 2016 | 2017 | Jan.– Dec. | |
| Exports fob, total | 537,444.8 | 517,648.6 | -3.7 |
| Marine products | 232,237.9 | 197,091.4 | -15.1 |
| Agricultural products | 16,844.5 | 19,838.2 | 17.8 |
| Manufacturing products | 270,407.9 | 279,930.9 | 3.5 |
| Other products | 17,954.6 | 20,788.1 | 15.8 |
| Imports fob, total | 645,611.6 | 695,907.9 | 7.8 |
| Food and beverages | 57,418.8 | 56,758.1 | -1.2 |
| Industrial supplies n.e.s. | 168,494.0 | 186,716.6 | 10.8 |
| Fuels and lubricants | 69,867.6 | 79,842.5 | 14.3 |
| Capital goods (except for transport) | 140,651.0 | 148,745.2 | 5.8 |
| Transport equipment | 120,118.3 | 131,104.8 | 9.1 |
| Consumer goods n.e.s. | 88,542.6 | 92,378.2 | 4.3 |
| Goods n.e.s. | 519.4 | 362.5 | -30.2 |
| Balance of trade | -108,166.8 | -178,259.3 | . |
Final data for the year 2017 will be published in May 2018.
¹Statistics 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.