NEWS RELEASE EXTERNAL TRADE 29 JULY 2016

Balance of trade
In the first six months of 2016, the value of exported goods from Iceland amounted to ISK 274,900 million fob and the value of imported goods amounted to ISK 338,100 million fob (ISK 359,600 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 63,200 million as compared with a trade deficit of ISK 4,200 million in the first six months of 2015, at current rates of exchange.1

Exports
The total value of exports of goods the first six months of 2016 was ISK 57,900 million lower, or 17.4%, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed to 43.2% of total exported goods and their value was 15.0% lower than in the same period the year before, mainly due to decreases in aluminium price. Marine products contributed 50.6% of the total exports and their value was 22.4% lower than in the same period the year before.

Imports
The total value of imports of goods in the first six months of 2016 was ISK 1,100 million lower, or 0.3%, than in the same period the year before, at current rates of exchange, mainly because of fuels and industrial supplies. However, the imports of capital goods and transport equipment increased.

The value of exports and imports January–June 2015 and 2016
  Million ISK at current exchange rate Change on prev.
  January– January– year at current
  June June exch. rates, %
  2015 2016 Jan.–June
       
Exports fob, total 332,821.1 274,892.8 -17.4
Marine products 139,869.6 118,820.3 -15.0
Agricultural products 6,393.3 8,173.2 27.8
Manufacturing products 179,377.3 139,171.3 -22.4
Other products 7,180.8 8,728.0 21.5
       
Imports fob, total 336,995.9 338,106.2 0.3
Food and beverages 32,371.1 28,705.2 -11.3
Industrial supplies n.e.s. 101,515.5 85,716.0 -15.6
Fuels and lubricants 41,038.1 30,090.0 -26.7
Capital goods (except for transport) 64,906.3 73,638.4 13.5
Transport equipment 58,087.2 74,938.0 29.0
Consumer goods n.e.s. 38,392.0 44,707.3 16.4
Goods n.e.s. 685.8 311.1 -54.6
       
Balance of trade -4,174.8 -63,213.4 ·

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.

Statistics

Further Information

For further information please contact 528 1100 , email upplysingar@hagstofa.is

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