Balance of trade
In the first seven months of 2018, the value of exported goods from Iceland amounted to ISK 337,500 million fob and the value of imported goods amounted to ISK 433,900 million fob (ISK 463,000 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 96,400 million as compared with a trade deficit of ISK 105,800 million in the first seven months of 2017, at current rates of exchange.1 The deficit of balance of trade in goods was ISK 81,800 million excluding ships and aircraft, compared with ISK 94,100 million in the same period the year before.
Exports
The total value of exports of goods in the first seven months of 2018 was ISK 51,300 million higher (17.9%) 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 15.2% higher than in the same period the year before. The increase can be linked to aluminum export. Marine products contributed 39.5% of the total exports and their value was 26.4% higher than in the same period the year before. The increase in marine product exports can be linked to a fisherman strike in early 2017 among others.
Imports
The total value of imports of goods in the first seven months of 2018 was ISK 42,000 million higher (10.7%) than in the same period the year before, at current rates of exchange, mainly because of increased imports of fuels and aircraft investment.
| The value of exports and imports in January - July 2017 and 2018 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| Jan - Jul | year at current | ||
| exch. rates, % | |||
| 2017 | 2018 | Jan - Jul | |
| Exports fob, total | 286,113.6 | 337,463.4 | 17.95 |
| Marine products | 105,540.9 | 133,382.9 | 26.38 |
| Agricultural products | 11,108.2 | 11,227.8 | 1.08 |
| Manufacturing products | 156,829.7 | 180,612.6 | 15.16 |
| Other products | 12,634.7 | 12,240.1 | - 3.12 |
| Imports fob, total | 391,853.2 | 433,870.4 | 10.72 |
| Food and beverages | 32,456.8 | 34,853.9 | 7.39 |
| Industrial supplies n.e.s. | 103,755.3 | 115,712.1 | 11.52 |
| Fuels and lubricants | 40,749.3 | 60,302.1 | 47.98 |
| Capital goods (except for transport) | 84,052.0 | 91,882.4 | 9.32 |
| Transport equipment | 81,197.2 | 75,406.2 | - 7.13 |
| Consumer goods n.e.s. | 49,481.1 | 52,850.9 | 6.81 |
| Goods n.e.s. | 161.5 | 2,862.7 | 1,672.26 |
| Balance of trade | -105,739.6 | -96,407.0 | - 0.09 |
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.