The value of exported goods from Iceland amounted to 72.4 billion ISK fob in July 2025 and the value of imported goods 116.6 billion ISK cif (110.6 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit in July, calculated on fob/cif value, of 44.2 billion ISK as compared with a trade deficit of 34.1 billion ISK in July 2024 at current rates of exchange.
The trade balance in July 2025 was therefore 10 billion ISK less favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 483.5 billion ISK or 115.5 billion ISK less favourable than during the previous 12 months.
Value of exported goods increased by 3% for the last 12 months
The value of exported goods in July 2025 was 9.7 billion ISK, 12% lower than in July 2024, decreasing from 82.2 billion ISK to 72.4 billion ISK.
For the last 12 months, the total value of exported goods was 971.1 billion ISK or 29.9 billion ISK higher (3%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 54% of the total exports, their value increased by 6% compared with the previous 12 months. Marine products contributed 36% of total exported goods and their value as almost the same compared with the previous 12 months.
Value of imports decreased by 11% for the last 12 months
The value of imports of goods was 116.6 billion ISK in July 2025 compared with 116.3 billion ISK in July 2024, almost the same both years.
For the last 12 months, the total value of imports of goods was 1,454.5 billion ISK, increased by 145.4 billion ISK (11%) compared with the previous 12 months at current rates of exchange. There was a decrease in the value of fuels and lubricants and transport equipments. The most increase was in capital goods, which increased by 40%. The large growth in capital goods can mostly be attributed to the large-scale imports of computer products by companies that run data centers in the country.
The average value of the exchange rate index for the 12 months period was 190.1, strengthened by 1.8% (194.3) from the previous 12 months the year before. The exchange rate became stronger by 6.6% in June 2025 (181.9) compared with July 2024 (194.9).
Figures for July are preliminary and the results could change after review at the end of the month.
Along with the preliminary figures for July, the final figures for June are published. Deviations from the preliminary figures in imports can mostly be attributed to the fact that transit of fuel were imported into the country.