The value of exported goods from Iceland amounted to 83.3 billion ISK fob in October 2024 and the value of imported goods 132.7 billion ISK cif (125.3 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 49.4 billion ISK as compared with a trade deficit of 47.5 billion ISK in October 2023 at current rates of exchange.
The trade balance in October 2024 was therefore 1.9 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 378.7 billion ISK or 10.8 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 1% for the last 12 months
The value of exported goods in October 2024 was 7 billion ISK, 9% higher than in October 2023, increasing from 76.3 billion ISK to 83.3 billion ISK.
For the last 12 months, the total value of exported goods was 946.4 billion ISK or 10.9 billion ISK lower (1%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 53% of the total exports, their value decreasing by 3%. Marine products contributed 37% of total exported goods and their value also decreased by 3% compared with the previous 12 months.
Value of imports unchanged for the last 12 months
The value of imports of goods was 132.7 billion ISK in October 2024 compared with 123.8 billion ISK in October 2023. The increase was thus 8.9 billion ISK from October 2023 (7%).
For the last 12 months, the total value of imports of goods was 1,325.1 billion ISK, and therefore unchanged during the previous 12 months at current rates of exchange. For larger categories, there was a decrease in the value of fuels and lubricants. On the other hand, there was an increase in the value of other categories, mostly in industrial supplies n.e.s.
The average value of the exchange rate index for the 12 months period was 195.3, indicating a 0.4% weaker rate of exchange than during the previous 12 months when the average exchange rate index was 196.1. The exchange rate weakened by 1.4% in October 2024 (194.7) compared with October 2023 (192.0).