The value of exported goods from Iceland amounted to 59.6 billion ISK fob in December 2020 and the value of imported goods 61 billion ISK fob (65.3 billion ISK cif). Thus, there was a trade deficit, calculated on fob value, of 1.3 billion ISK as compared with a trade deficit of almost 11.9 billion ISK in December 2019 at current rates of exchange. The trade deficit in December 2020 was therefore 10.6 billion ISK lower than the same time one year ago. For the period January-December 2020, the deficit in balance of trade in goods was 97.8 billion ISK or 20.3 billion ISK lower than for the same period the year before.
Decrease in exports revenue in the year 2020
The value of exported goods in December was 16.7 billion ISK (39.0%) higher than one year ago, increased from 42.9 billion ISK to 59.6 billion ISK. The value of marine products is 6.3 billion higher ISK (37.2%) than one year ago and the value of manufacturing products is 7 billion ISK higher (31.7%) than in December 2019.
In the year 2020, the total value of exports of goods was 620.9 billion ISK, 20.9 billion ISK lower (3.3%) than in the year 2019 at current rates of exchange.1 This decrease in exports is mainly due to exported ships and aircrafts in 2019. Manufacturing products contributed 48.1% of the total exports and their value was 2.8% lower than in the year 2019. Marine products contributed 43.5% of total exported goods or 3.7% higher than in the year 2019.
Value of imports increased by 11.3%
The value of imports of goods in December increased from 54.8 billion ISK in 2019 to 61 billion ISK in December 2020. The value of imports of food and beverages increased by 28.3%, imported fuels and lubricants decreased by 65.1% and the value of consumer goods increased by 40.1% and the value of passenger motor cars (excl. busses) increased by 62.6%
In the year 2020, the total value of imports of goods was 718.7 billion ISK, 41.3 billion ISK lower (5.4%) than in the year 2019 at current rates of exchange. The biggest difference is the contraction in fuel imports.
| The value of exports and imports in January-December 2019 and 2020 | |||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % January-December | ||
| January-December | |||
| 2019 | 2020 | ||
| Exports fob, total | 641,859.7 | 620,938.5 | -3.3 |
| Marine products | 260,370.9 | 269,916.6 | 3.7 |
| Agricultural products including farme | 30,819.0 | 35,371.4 | 14.8 |
| Manufacturing products | 307,540.1 | 298,804.4 | -2.8 |
| Other products | 43,129.7 | 16,846.0 | -60.9 |
| Imports fob, total | 759,975.7 | 718,707.9 | -5.4 |
| Food and beverages | 72,443.4 | 75,088.9 | 3.7 |
| Industrial supplies n.e.s. | 218,771.1 | 214,997.0 | -1.7 |
| Fuels and lubricants | 93,675.8 | 47,707.5 | -49.1 |
| Capital goods (except for transport) | 167,557.1 | 161,976.9 | -3.3 |
| Transport equipment | 102,740.3 | 94,600.0 | -7.9 |
| Consumer goods n.e.s. | 104,350.0 | 123,785.4 | 18.6 |
| Goods n.e.s. | 438.0 | 552.2 | 26.1 |
| Balance of trade | -118,115.9 | -97,769.5 | |
1 Monthly figures of external trade for current year are revised together with the release of figures for new months. Annual figures are published in the first half of the year after the end of the reference year. The figures are considered as final at that point in time unless subject to future revisions.