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.