The value of exported goods from Iceland amounted to 61.3 billion ISK fob in September 2020 and the value of imported goods amounted to 67.8 billion ISK fob (72.5 billion ISK cif). Thus, there was a trade deficit, calculated on fob value, of 6.5 billion ISK as compared with a trade deficit of 19 billion ISK in September 2019 at current rates of exchange. The trade balance in September 2020 was therefore ISK 12.5 billion more favorable than the same time last year. Trade in ships and aircraft had a negligible impact on the trade balance in September 2020.
Decrease in exports revenue
The total value of exports of goods in the first nine months of 2020 was 33 billion ISK lower (6.9%) than in the same period the year before at current rates of exchange.1 This decrease in exports is mainly due to transactions with ships and aircrafts in January 2019. Manufacturing products contributed 48.4% of the total exports and their value was 6% lower than in the same period 2019. Marine products contributed 43.8% of total exported goods which value was 2.1% higher than in the same period 2019.
Value of imports 70.6 billion ISK lower
The total value of imports of goods in the first nine months of 2020 was 70.6 billion ISK lower (12.2%) than in the same period 2019 at current rates of exchange. Imports decreased in nearly every category, except for consumer goods.
Revision forthcoming on the External Trade data
We remind users that in addition to the traditional publications of preliminary and final data, the procedure of revisions for trade in goods will be as follows: Before the publication of trade in goods for January-October 2020, planned for 30 November, time series will be opened and revised as necessary. Changes due to improved data, newer or revised estimation methods or classifications, will be implemented as necessary. Next benchmark revision is planned for 2024 and every fifth year thereafter.
| The value of exports and imports in January-September 2019 and 2020 | |||
| Million ISK at current exchange rate | Change on prev. year at current exchange rates % January-September | ||
| January-September | |||
| 2019 | 2020 | ||
| Exports fob, total | 480,917.7 | 447,873.2 | -6.9 |
| Marine products | 191,936.5 | 196,010.9 | 2.1 |
| Agricultural products | 20,147.3 | 23,897.8 | 18.6 |
| Manufacturing products | 230,328.8 | 216,605.6 | -6.0 |
| Other products | 38,505.2 | 11,358.9 | -70.5 |
| Imports fob, total | 580,122.2 | 509,469.2 | -12.2 |
| Food and beverages | 54,089.2 | 50,916.1 | -5.9 |
| Industrial supplies n.e.s. | 169,917.8 | 149,741.6 | -11.9 |
| Fuels and lubricants | 73,367.3 | 38,520.6 | -47.5 |
| Capital goods (except for transport) | 128,845.9 | 115,205.7 | -10.6 |
| Transport equipment | 77,606.9 | 70,567.5 | -9.1 |
| Consumer goods n.e.s. | 75,949.4 | 84,029.9 | 10.6 |
| Goods n.e.s. | 345.6 | 487.8 | 41.1 |
| Balance of trade | -99,204.5 | -61,596.0 | |
1 Statistics Iceland does no longer publish trade in goods at constant exchange rates. The breakdown of trade in goods by currencies is available on Statistics Iceland’s website.
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.