Balance of trade
In the first five months of 2017, the value of exported goods from Iceland amounted to ISK 199,200 million fob and the value of imported goods amounted to ISK 266,400 million fob (ISK 284,300 million cif). Thus there was a trade deficit, calculated on fob value, of ISK 67,200 million as compared with a trade deficit of ISK 49,500 million in the first five months of 2016, at current rates of exchange.¹
Exports
The total value of exports of goods the first five months of 2017 was ISK 27,400 million lower, or 12.1%, than in the same period the year before at current rates of exchange. Exported manufacturing products contributed 55.3% of total exported goods and their value was 3.0% lower than in the same period the year before, mainly because of medicine and medical products. However the exports of aluminium increased. Marine products contributed 38.1% of the total exports and their value was 22.9% lower than in the same period the year before, mainly because of fresh fish and frozen fish fillets.
Imports
The total value of imports of goods in the first five months of 2017 was ISK 9.600 million lower, or 3.5%, than in the same period the year before, at current rates of exchange, mainly because of airplanes and consumer goods. However, the imports of ships, fuels, passenger cars and industrial supplies increased.
| The value of exports and imports January–May 2016 and 2017 | |||
| Million ISK at current exchange rate | Change on prev. | ||
| January– | January– | year at current | |
| May | May | exch. rates, % | |
| 2016 | 2017 | Jan.–May | |
| Exports fob, total | 226,579.5 | 199,201.6 | -12.1 |
| Marine products | 98,293.0 | 75,826.9 | -22.9 |
| Agricultural products | 7,066.8 | 8,403.8 | 18.9 |
| Manufacturing products | 113,527.7 | 110,125.5 | -3.0 |
| Other products | 7,692.0 | 4,845.5 | -37.0 |
| Imports fob, total | 276,067.0 | 266,442.2 | -3.5 |
| Food and beverages | 23,298.8 | 21,570.7 | -7.4 |
| Industrial supplies n.e.s. | 71,045.9 | 74,166.5 | 4.4 |
| Fuels and lubricants | 21,943.6 | 25,830.4 | 17.7 |
| Capital goods (except for transport) | 61,555.9 | 61,364.1 | -0.3 |
| Transport equipment | 60,653.8 | 49,563.9 | -18.3 |
| Consumer goods n.e.s. | 37,333.2 | 33,821.6 | -9.4 |
| Goods n.e.s. | 235.8 | 125.1 | -47.0 |
| Balance of trade | -49,487.5 | -67,240.5 | · |
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.
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.