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.