The value of exported goods from Iceland amounted to 83.3 billion ISK fob in November 2024 and the value of imported goods 114.9 billion ISK cif (109.3 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 31.6 billion ISK as compared with a trade deficit of 21.2 billion ISK in November 2023 at current rates of exchange.
The trade balance in November 2024 was therefore 10.4 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 388.3 billion ISK or 36.8 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 2% for the last 12 months
The value of exported goods in November 2024 was 5.9 billion ISK, 7%, lower than in November 2023, decreasing from 89.2 billion ISK to 83.3 billion ISK.
For the last 12 months, the total value of exported goods was 944.4 billion ISK or 22.9 billion ISK lower (2%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 54% of the total exports, their value decreasing by 1% compared with the previous 12 months. Marine products contributed 36% of total exported goods and their value decreased by 7% compared with the previous 12 months.
Value of imports increased by 1% for the last 12 months
The value of imports of goods was 114.9 billion ISK in November 2024 compared with 110.5 billion ISK in November 2023. The increase was thus 4.5 billion ISK from November 2023 (4%).
For the last 12 months, the total value of imports of goods was 1,332.7 billion ISK, increased by 13.8 billion ISK (1%) compared with the previous 12 months at current rates of exchange. For larger categories, there was a decrease in the value of transport equipments and fuels and lubricants. On the other hand, there was a increase in the value of other categories, mostly in capital goods (except for transport).
The average value of the exchange rate index for the 12 months period was 195.7, indicating a 0.2% weaker rate of exchange than during the previous 12 months when the average exchange rate index was 195.4. The exchange rate became stronger by 2.6% in November 2024 (192.4) compared with November 2023 (197.5).
Each month, Statistics Iceland receives information from Iceland postal services about the value of imports through postal shipments. Statistics Iceland has recently received information indicating that these imports have been overestimated throughout the year 2024. The overestimation amounts to nearly one billion ISK per month on average and will be corrected before the release of final figures at the beginning of January.