Iceland’s trade gap narrowed to ISK 12.5 billion in June of 2020 from ISK 29 billion in the corresponding month of the previous year, according to preliminary estimates. Exports rose 2.4 percent from a year earlier to ISK 46.8 billion, boosted by higher sales of marine products. Imports slid 20.6 percent to ISK 59.3 billion, mainly due to a decrease in imports of transport equipment and fuels and lubricants.

Balance of Trade in Iceland averaged -935.84 ISK Million from 1960 until 2020, reaching an all time high of 24063.60 ISK Million in December of 2008 and a record low of -28988.51 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. Iceland Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.

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
-12500.00 1820.10 24063.60 -28988.51 1960 - 2020 ISK Million Monthly
Current Prices, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-04-06 09:00 AM Mar ISK-9.2B ISK-1.8B ISK -10.4B
2020-05-07 09:00 AM Apr ISK-0.8B ISK-13B ISK -10.4B
2020-06-05 09:00 AM May ISK1.7B ISK-0.4B ISK-12B
2020-07-06 09:00 AM Jun ISK-12.5B ISK1.8B ISK -10.4B
2020-08-07 09:00 AM Jul ISK-12.5B ISK-15B
2020-09-04 09:00 AM Aug
2020-10-06 09:00 AM Sep ISK -10.4B
2020-11-05 09:00 AM Oct


News Stream
Iceland Trade Deficit Narrows in June
Iceland’s trade gap narrowed to ISK 12.5 billion in June of 2020 from ISK 29 billion in the corresponding month of the previous year, according to preliminary estimates. Exports rose 2.4 percent from a year earlier to ISK 46.8 billion, boosted by higher sales of marine products. Imports slid 20.6 percent to ISK 59.3 billion, mainly due to a decrease in imports of transport equipment and fuels and lubricants.
2020-07-06
Iceland Trade Balance Swings to Surplus in May
Iceland recorded a trade surplus of ISK 1.7 billion in May of 2020 compared to a deficit of ISK 2.8 billion in the corresponding month of the previous year, according to preliminary estimates. It was the first trade surplus since last October and the widest since January of 2019. Imports slumped 22.4 percent from a year earlier to ISK 51.2 billion, dragged down by lower purchases of fuels & lubricants (-64.1 percent); capital goods, except transport (-18.7 percent); transport equipment (-41.1 percent); food & beverages (-24.2 percent) and consumer goods (-6 percent). Meantime, exports fell at a softer 16.1 percent to ISK 53 billion, due to reduced shipments of manufactured products (-16.2 percent); marine products (-15.7 percent) and agricultural products (-23.1 percent).
2020-06-05
Iceland Posts Smallest Trade Gap in Over 4 Years
Iceland's trade deficit narrowed sharply to ISK 1.9 billion in February 2020 from ISK 15.6 billion in the same month of the previous year, according to preliminary estimates. It was the smallest trade gap since January 2016, as exports increased 7.4 percent from a year earlier to ISK 48 billion, boosted by sales of seafood (14.2 percent), agricultural (47.8 percent) and other products (70 percent). Meantime, imports dropped 17.2 percent to ISK 49.9 billion, mainly due to lower purchases of capital goods except for transport (-28 percent), raw materials & consumables (-28.8 percent) and fuel & lubricant oils (-32 percent).
2020-03-05
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 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.