The value of exports in 2025 amounted to 923.2 billion ISK (FOB), compared to 932.1 billion ISK the year before, representing a year-on-year decrease of 1.0%. At the same time, the value of imports increased by 3.9% and amounted to 1,408.9 billion ISK in 2025. The deficit in trade in goods therefore amounted to 485.7 billion ISK in 2025, compared with 424.5 billion ISK in the previous year. It was thus 61.2 billion ISK larger in 2025 than in the previous year, calculated at the exchange rates of each respective year.
Value of exports 9.0 billion ISK lower than last year
The value of goods exports in 2025 was 9.0 billion ISK lower than in 2024, based on the exchange rates of each respective year. Manufacturing products accounted for 51.7% of total export value, and their value decreased by 1.9% compared with 2024. Aluminium and aluminium products had the largest share of manufacturing exports in 2025, accounting for 34.5% of total export value. The value of exported marine products accounted for 38.9% of total export value and increased by 3.6% from the previous year. Fresh fish 27.2% and frozen fillets 29.4% accounted for the largest shares in marine product export value in 2025. The main trading partners for goods exports in 2025 were the Netherlands, the United Kingdom and the United States.
The value of imports 52.2 billion ISK higher than last year
In 2025, the value of goods imports was 52.2 billion ISK higher than in 2024, based on the exchange rates of each respective year. The value of imports of capital goods increased by 19.4% year-on-year, mainly due to increased imports related to data centre activities. The value of imports of transport equipment increased by 6.5%; within this category, the value of passenger car imports nearly doubled, increasing by 85.2%. At the same time, the value of imports of fuels and lubricants decreased by 18.1% year-on-year. Largest share of import value in 2025 was due to capital good at 30.4% and intermediate goods at 25.8%. Consumer goods accounted for 13.2% of total imports while transport equipment accounted for 12.8% . Fuel and lubricants made up 9.1%, and food and beverages accounted for 8.7% of total imports. The main trading partners for goods imports in 2025 were China, Norway and Germany.
Iceland’s exports to the United States declined in 2025
Iceland´s export to the United States amounted to 85.5 billion ISK FOB price in 2025, corresponding to an approximately 10% decrease from the previous year. For comparison, exports totalled around 85.7 billion ISK FOB price in 2023. The decline in 2025 can be attributed to a contraction in exports of marine products and manufacturing products, both in terms of value and volume.
The export value of marine product decreased by 11.7% year-on-year. The largest contribution to this decline was the reduction in export of fresh fish, with export value falling by 12.8%. In addition, export of fish oil declined by 48.5%. The export value of manufacturing products decreased by 16.3% year-on-year. The largest decline was in other manufacturing products, where exported value fell by 31.2%, while the export value of ferrosilicon decreased by 25.7%. In contrast, exports of farmed fish increased, both in terms of value and volume. The export value of farmed fish increased by 24.9% year-on-year.