The value of exported goods from Iceland amounted to 61.5 billion ISK fob in March 2021 and the value of imported goods 83 billion ISK cif (76.8 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 21.4 billion ISK as compared with a trade deficit of nearly 19.4 billion ISK in March 2020 at current rates of exchange. For the period March 2020 to March 2021, the deficit in balance of trade in goods was 151.5 billion ISK or 43 billion ISK less than for the previous 12 months.
Value of exported goods increased by 2.8% in 12-month comparison
The value of exported goods in March was 5 billion ISK (8.8%) higher than the previous year, increased from 56.5 billion ISK to 61.5 billion ISK. The value of manufacturing products is 579 million ISK higher (2.2%) than in March 2020 and the value of marine products increased by 1.1 billion ISK (4.2%) but the value of agricultural products increased by 103.4% (3.4 billion ISK), starting with 3,2 billion in March 2021 and increased to 6.3 billion in March 2021. This is explained almost exclusively by a large increase of farmed fish, or 100.3% (2.7 billion ISK), starting with 2.7 billion in March 2020 and increased to 5.5 billion in March 2021.
For the period March 2020 to March 2021, the total value of exported goods was 634.6 billion ISK or 17.3 billion ISK higher (2.8%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 48% of the total exports, increasing by 1.2%. Marine products contributed 43% of total exported goods and increased by 4% from the previous 12 months. The value of farmed fish increased by 22.4% for the same period.
Value of imports decreased by 3.2% in 12-month comparison
The value of imports of goods in March increased from 83 billion ISK in 2020 to 76 billion ISK in 2021. The value of food and beverages increased by 18.8% and consumer goods n.e.s. increased by 41.2%. The value of industrial supplies n.e.s. increased by 14,3% though other sectors decreased. Meanwhile, vehicle fuels including aviation fuel increased by 5,6%.
In the last 12 months, the total value of imports of goods was 786.1 billion ISK, 25.8 billion ISK lower (3.2%) than in the previous 12 months at current rates of exchange. The biggest difference is the contraction in fuel imports.
Please note that the above numbers are preliminary numbers and will be updated at the end of the month. Corrections and additional data can significantly affect the data.
| The value of exports and imports for 12 months period | |||
| ISK billion at current exchange rate, preliminary figures | April 2019 - March 2020 | April 2020 - March 2021 | Change from prev. period(%) |
| Exports fob, total | 617.3 | 634.6 | 2.8 |
| Marine products | 261.1 | 271.6 | 4.0 |
| Agricultural products including farmed fish | 32.6 | 40.1 | 23.1 |
| Manufacturing products | 302.5 | 306.0 | 1.2 |
| Other products | 21.2 | 16.9 | -20.2 |
| Imports cif, total | 811.9 | 786.1 | -3.2 |
| Food and beverages | 80.6 | 83.2 | 3.2 |
| Industrial supplies n.e.s. | 233.7 | 244.2 | 4.5 |
| Fuels and lubricants | 97.3 | 43.9 | -54.8 |
| Capital goods (except for transport) | 168.1 | 184.2 | 9.6 |
| Transport equipment | 117.9 | 90.1 | -23.6 |
| Consumer goods n.e.s. | 113.8 | 139.8 | 22.8 |
| Goods n.e.s. | 0.4 | 0.6 | 46.8 |
| Balance of trade | -194.6 | -151.5 | |