Iceland’s trade deficit increased to ISK 18.6 billion in July of 2019 from ISK 18.5 billion in the corresponding month of the previous year, according to preliminary estimates. Exports rose 2.2 percent from a year earlier to ISK 51.6 billion, boosted by higher sales of marine products. Meantime, imports went up at a softer 1.8 percent to ISK 70.2 billion, mainly due to an increase in capital goods (except for transport). Balance of Trade in Iceland averaged -837.45 ISK Million from 1960 until 2019, reaching an all time high of 24129 ISK Million in January of 2019 and a record low of -28563.10 ISK Million in June of 2019.

Balance of Trade in Iceland is expected to be -14800.00 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 -10400.00 in 12 months time. In the long-term, the Iceland Balance of Trade is projected to trend around -13900.00 ISK Million in 2020, according to our econometric models.

Iceland Balance of Trade
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Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-07 09:00 AM Balance of Trade Apr ISK-15.9B ISK-8.8B ISK-15.8B
2019-06-06 09:00 AM Balance of Trade May ISK-16.4B ISK-15.1B ISK-16.5B
2019-07-04 09:00 AM Balance of Trade Jun ISK-22.8B ISK-2.6B ISK-19.4B
2019-08-07 09:00 AM Balance of Trade Jul ISK-18.6B ISK-28.6B ISK-21.5B
2019-09-05 09:00 AM Balance of Trade Aug ISK-18.6B
2019-10-04 09:00 AM Balance of Trade Sep ISK-14.8B
2019-11-06 09:00 AM Balance of Trade Oct


Iceland Trade Last Previous Highest Lowest Unit
Balance of Trade -18600.00 -28563.10 24129.00 -28563.10 ISK Million [+]
Current Account 35.10 0.80 99.57 -137.24 ISK Billion [+]
Current Account to GDP 2.80 3.30 7.50 -23.00 percent [+]
Imports 70200.00 74569.00 74569.00 1.21 ISK Million [+]
Exports 51600.00 46006.00 76557.90 0.78 ISK Million [+]
External Debt 2317.03 2352.01 15748.53 280.59 ISK Billion [+]
Capital Flows 97.70 45.80 414.27 -418.16 ISK Billion [+]
Gold Reserves 2.00 2.00 2.00 1.84 Tonnes [+]
Remittances 1518.00 1404.00 2448.00 18.00 ISK Million [+]
Terrorism Index 0.06 0.13 1.22 0.00 [+]
Tourist Arrivals 231281.00 194912.00 291344.00 10592.00 [+]
Foreign Direct Investment -40.59 28.72 199.98 -553.03 ISK Billion [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



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. 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 - actual data, historical chart and calendar of releases - was last updated on August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-18600.00 -28563.10 24129.00 -28563.10 1960 - 2019 ISK Million Monthly
Current Prices, NSA




Country Last Previous
Argentina 1061.00 Jun/19
Australia 8036.00 Jun/19
Brazil 2290.00 Jul/19
Canada 135.80 Jun/19
China 450.50 Jul/19
Euro Area 20611.70 Jun/19
France -5187.00 Jun/19
Germany 16821.00 Jun/19
India -13430.00 Jul/19
Indonesia -60.00 Jul/19
Italy 5728.50 Jun/19
Japan -249.59 Jul/19
Mexico 2561.00 Jun/19
Netherlands 5158.00 Jun/19
Russia 12508.00 Jun/19
Saudi Arabia 131636.00 Mar/19
Singapore 2831.10 Jul/19
South Africa 4419.50 Jun/19
South Korea 2441.00 Jul/19
Spain -2110200.00 May/19
Switzerland 2671.16 Jul/19
Turkey -3177.27 Jun/19
United Kingdom 1779.00 Jun/19
United States -55154.00 Jun/19


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