Iceland's trade surplus narrowed sharply to ISK 2.5 billion in January of 2020 from ISK 24.1 billion in the corresponding month of the previous year, according to preliminary estimates. Exports dropped 32.4 percent from a year earlier to ISK 51.8 billion, mostly due to lower sales of manufacturing products (-17.8 percent) and agricultural (-6.5 percent). Imports fell at a softer 5.7 percent to ISK 49.4 billion, as purchases of industrial supplies (-28.1 percent), capital goods (-18.8 percent) and food & beverages (-26.2 percent) declined.

Balance of Trade in Iceland averaged -892.71 ISK Million from 1960 until 2019, reaching an all time high of 24138.40 ISK Million in January of 2019 and a record low of -28451.50 ISK Million in June of 2019. This page provides the latest reported value for - Iceland Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Balance of Trade in Iceland is expected to be -10400.00 ISK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Iceland to stand at -14700.00 in 12 months time. In the long-term, the Iceland Balance of Trade is projected to trend around -13900.00 ISK Million in 2021, according to our econometric models.


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Iceland Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
2500.00 -8300.00 24138.40 -28451.50 1960 - 2020 ISK Million Monthly
Current Prices, NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-11-06 09:00 AM Oct ISK2.7B ISK-17.5B ISK-14.2B
2019-12-06 09:00 AM Nov ISK-3.1B ISK0.4B ISK-12B
2020-01-10 09:00 AM Dec ISK-8.3B ISK-4.4B ISK -13.3B
2020-02-06 09:00 AM Jan ISK2.5B ISK-8.3B
2020-03-05 09:00 AM Feb ISK2.5B
2020-04-06 09:00 AM Mar ISK -10.4B
2020-05-07 09:00 AM Apr
2020-06-05 09:00 AM May


News Stream
Iceland Trade Surplus Narrows Sharply in January
Iceland's trade surplus narrowed to ISK 2.5 billion in January of 2020 from ISK 24.1 billion in the corresponding month of the previous year, according to preliminary estimates. Exports dropped 32.4 percent from a year earlier to ISK 51.8 billion, mostly due to lower sales of manufacturing products (-17.8 percent) and agricultural (-6.5 percent). Imports fell at a softer 5.7 percent to ISK 49.4 billion, as purchases of industrial supplies (-28.1 percent), capital goods (-18.8 percent) and food & beverages (-26.2 percent) declined.
2020-02-06
Iceland Trade Gap Narrows Markedly in December
Iceland's trade deficit decreased to ISK 8.3 billion in December of 2019 from ISK 11.2 billion in the same month of the previous year, according to preliminary estimates. Exports fell 16.9 percent from a year earlier to ISK 44.1 billion, amid a decrease in exports of marine (-20.7 percent) and manufacturing products (-15.6 percent). Meantime, imports dropped at a faster 18.5 percent to ISK 52.4 billion, mainly due to lower purchases of industrial supplies (-23.8 percent) and fuels (-24.7 percent). Considering the full year of 2019, Iceland’s trade gap narrowed to ISK 109.1 billion from ISK 174.4 in the year 2018.
2020-01-10
Iceland Trade Gap Narrows Markedly in November
Iceland's trade deficit decreased to ISK 3.1 billion in May 2019 from ISK 18.8 billion in the same month of the previous year, according to preliminary estimates. Exports fell 3.2 percent from a year earlier to ISK 52.1 billion, amid a decrease in exports of manufacturing products. Meantime, imports dropped at a faster 24 percent to ISK 55.2 billion, mainly due to lower purchases of industrial supplies and fuels.
2019-12-06
Iceland Posts First Trade Surplus since 2016
Iceland recorded a trade surplus of ISK 2.7 billion in October 2019 from a ISK 12.1 billion in the corresponding month of the previous year, according to preliminary estimates. It was the first monthly trade surplus since October 2016, as imports fell 14.7 percent to ISK 62.4 billion mostly due to lower purchases of industrial supplies (-23.2 percent); fuels & lubricants (-34.5 percent) and transport equipment (-13.1 percent). In contrast, exports rose 6.8 percent to ISK 65.1 billion, boosted by marine products (18.8 percent).
2019-11-06

Iceland Balance of Trade
In 2017, Iceland's trade deficit widened sharply by 65 percent from the previous year to ISK 178 billion. Imports jumped 8 percent mainly boosted by higher purchases of industrial supplies, ships and transport equipment, while exports fell 4 percent due to a steep decline in marine products sales. The largest trade deficits were recorded with China, Norway, Germany, Denmark and Sweden; while the biggest trade surpluses were recorded with the Netherlands, Spain and France.