The value of exported goods from Iceland amounted to 52.6 billion ISK fob in February 2021 and the value of imported goods 64.5 billion ISK cif (59.9 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 11.9 billion ISK as compared with a trade deficit of nearly 9.3 billion ISK in February 2020 at current rates of exchange. For the period March 2020 to February 2021, the deficit in balance of trade in goods was 149.5 billion ISK or 38.9 billion ISK less than for the previous 12 months.
Value of exported goods increased by 2.6% in 12-month comparison
The value of exported goods in February was 6.5 billion ISK (14.0%) higher than the previous year, increased from 46.1 billion ISK to 52.6 billion ISK. The value of manufacturing products was 4.7 billion ISK higher (22.1%) than in February 2020 and the value of marine products increased by 1.7 billion ISK (8.6%).
For the period March 2020 to February 2021, the total value of exported goods was 629.6 billion ISK or 16.0 billion ISK higher (2.6%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 48.5% of the total exports, increasing by 1.5%. Marine products contributed 43% of total exported goods and increased by 5.3% from the previous 12 months. The value of farmed fish increased by 14.6% for the same period.
Value of imports decreased by 2.9% in 12-month comparison
The value of imports of goods in February increased from 55.4 billion ISK in 2020 to 64.5 billion ISK in 2021. The value of capital goods (except for transport) increased by 32.4%% and in February 2021 the value of imported ships amounted to 1.2 billion but was insignificant in February 2020.
In the last 12 months, the total value of imports of goods was 779.1 billion ISK, 22.9 billion ISK lower (2.9%) than in the previous 12 months at current rates of exchange. The biggest difference is a contraction in fuel imports.
|The value of exports and imports for 12 months period|
|Billion ISK at current exchange rate||March 2019 - February 2020||March 2020 - February 2021||Change, %|
|Exports fob, total||613.6||629.6||2.6|
|Agricultural products including farmed fish||31.8||36.7||15.5|
|Imports cif, total||802.0||779.1||-2.9|
|Food and beverages||78.9||81.9||3.7|
|Industrial supplies n.e.s.||229.5||240.9||5.0|
|Fuels and lubricants||98.4||46.4||-52.9|
|Capital goods (except for transport)||169.5||179.4||5.9|
|Consumer goods n.e.s.||113.3||135.5||19.6|
|Balance of trade||-188.4||-149.5|