The value of exported goods from Iceland amounted to 67.6 billion ISK fob in September 2021 and the value of imported goods 85,9 billion ISK cif (79.9 billion ISK fob). Thus, there was a trade deficit, calculated on fob/cif value, of 18.4 billion ISK as compared with a trade deficit of 11.6 billion ISK in September 2020 at current rates of exchange. For the period October 2020 to September 2021, the deficit in balance of trade in goods was 207.6 billion ISK or 55.4 billion ISK more than for the previous 12 months.
Value of exported goods increased by 16.5% in 12-month comparison
The value of exported goods in September was 6.6 billion ISK (10.8%) higher than in the previous year, increased from 61 billion ISK to 67.5 billion ISK. The value of manufacturing products was 11.7 billion ISK higher (46.2%) than in September 2020 and the value of marine products decreased by 5 billion ISK (17%).
For the period October 2020 to September 2021, the total value of exported goods was 709.3 billion ISK or 100.6 billion ISK higher (16.5%) than in the 12 months prior at current rates of exchange. Manufacturing products contributed 50% of the total exports, increasing by 21%. Marine products contributed 40.4% of total exported goods and increased by 7.8% from the previous 12 months. The value of farmed fish increased by 7.2 billion (25.2%) for the same period and was about 5.1% of the total export value of the last 12 months.
Value of imports increased by 20.5% in 12-month comparison
The value of imports of goods in September increased from 72.6 billion ISK in 2020 to 85.9 billion ISK in 2021. The value of capital goods increased by 6 billion ISK (41.4%), the value of fuels increased by 2.8 billion ISK (59.9%) and the value of Industrial supplies increased by 2.6 billion (10.9%).
In the last 12 months, the total value of imports of goods was 916.9 billion ISK, 156 billion ISK higher (20.5%) than in the previous 12 months at current rates of exchange. The biggest difference is increased value of industrial supplies, capital goods and transport equipment.
The average exchange rate index for the last 12 months was 198.6 and was 2.1% weaker than in the previous 12-month period when the average exchange rate index was 194.5. The exchange rate, on the other hand, strengthened by 5.9% in September (197.2) compared with September 2020 (209.5).
| The value of exports and imports for 12 months period | |||
| Billion ISK at current exchange rate | October 2019-September 2020 | October 2020-September 2021 | Change, % |
| Exports fob, total | 608.7 | 709.3 | 16.5 |
| Marine products | 265.4 | 286.2 | 7.8 |
| Agricultural products including farmed fish | 34.5 | 44.3 | 28.3 |
| Manufacturing products | 293.1 | 354.5 | 21.0 |
| Other products | 15.7 | 24.3 | 54.4 |
| Imports cif, total | 760.9 | 916.9 | 20.5 |
| Food and beverages | 80.4 | 88.1 | 9.6 |
| Industrial supplies n.e.s. | 225.6 | 267.4 | 18.5 |
| Fuels and lubricants | 62.2 | 59.3 | -4.6 |
| Capital goods (except for transport) | 165.8 | 207.7 | 25.3 |
| Transport equipment | 103.8 | 141.7 | 36.6 |
| Consumer goods n.e.s. | 122.6 | 152.4 | 24.4 |
| Goods n.e.s. | 0.6 | 0.3 | -58.4 |
| Balance of trade | -152.2 | -207.6 | |