The value of exported goods from Iceland amounted to 71 billion ISK fob in May 2026 and the value of imported goods 127.6 billion ISK cif (121.2 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 56.6 billion ISK as compared with a trade deficit of 63.1 billion ISK in May 2025 at current rates of exchange.
The trade balance in May 2026 was therefore 6.5 billion ISK more favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 426 billion ISK or 79.6 billion ISK more favourable than during the previous 12 months.
Value of exported goods decreased by 6% for the last 12 months
The value of exported goods in May 2026 was 8.8 billion ISK, 11% lower than in May 2025, decreasing from 79.8 billion ISK to 71 billion ISK, mainly due to decreased exports of manufacturing goods.
For the last 12 months, the total value of exported goods was 906.8 billion ISK or 55.6 billion ISK lower (6%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 48% of the total exports, their value decreasing by 15% compared with the previous 12 months. Marine products contributed 41% of total exported goods and their value increased by 7% compared with the previous 12 months.
Value of imported goods decreased by 9% for the last 12 months
The value of imports of goods was 127.6 billion ISK in May 2026 compared with 142.9 billion ISK in May 2025. The decrease was thus 15.3 billion ISK (11%). The decrease was mainly due to the decreased imports of capital goods but there was also a decrease in industrial supplies and transport equipment. The largest increase was in the import of food and beverages.
For the last 12 months, the total value of imports of goods was 1,332.8 billion ISK, decreased by 135.2 billion ISK (9%) compared with the previous 12 months at current rates of exchange. For larger categories, the largest decrease was in the value of investment goods, industrial supplies and fuels and lubricants but there was also decrease in the import of transport equipment. The largest increase was in the import of consumer goods.
The average value of the exchange rate index for the 12 months period was 185.1, stronger by 4% from the previous 12 months the year before. The exchange rate became stronger by 1.5% in May 2026 (185,6) compared with May 2025 (188.4).
This press release includes preliminary data of May 2026 which might change.