Balance of trade
In the first two months of 2017, the value of exported goods from Iceland amounted to ISK 69,100 million fob and the value of imported goods amounted to ISK 90,500 million fob (ISK 96,500 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 21,400 million as compared with a trade deficit of ISK 3,500 million in the first two months of 2016, at current rates of exchange.¹
Exports
The total value of exports of goods the first two months of 2017 was ISK 19,300 million lower, or 21.8%, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 61.0% of total exported goods and their value was 2.8% lower than in the same period the year before. Marine products contributed 31.7% of the total exports and their value was 43.3% lower than in the same period the year before, due to lower prices in marine products exports, also, the impact of the fishermen’s strike might still be present.
Imports
The total value of imports of goods in the first two months of 2017 was ISK 1.400 million lower, or 1.6%, than in the same period the year before, at current rates of exchange, mainly because of capital goods and consumer goods. However, the imports of transport equipment increased.
| The value of exports and imports January–February 2016 and 2017 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January– | January– | year at current | |
| February | February | exch. rates, % | |
| 2016 | 2017 | Jan.–February | |
| Exports fob, total | 88,374.2 | 69,111.3 | -21.8 |
| Marine products | 38,651.0 | 21,933.0 | -43.3 |
| Agricultural products | 2,924.1 | 3,425.9 | 17.2 |
| Manufacturing products | 43,362.6 | 42,137.4 | -2.8 |
| Other products | 3,436.4 | 1,614.9 | -53.0 |
| Imports fob, total | 91,904.4 | 90,478.4 | -1.6 |
| Food and beverages | 8,147.4 | 7,529.0 | -7.6 |
| Industrial supplies n.e.s. | 24,518.9 | 24,712.8 | 0.8 |
| Fuels and lubricants | 7,650.1 | 7,565.8 | -1.1 |
| Capital goods (except for transport) | 23,630.4 | 21,767.5 | -7.9 |
| Transport equipment | 13,716.3 | 16,269.0 | 18.6 |
| Consumer goods n.e.s. | 14,141.4 | 12,570.2 | -11.1 |
| Goods n.e.s. | 99.8 | 64.1 | -35.8 |
| Balance of trade | -3,530.2 | -21,367.2 | · |
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 of time.