Iceland recorded a trade deficit of ISK 15.5 billion in May of 2021, up from ISK 4.2 billion in the same month last year. Imports climbed 33.7 percent to ISK 76.8 billion, driven mostly by purchases of food & beverages (50.82 percent), consumer goods (41.1 percent) and industrial suppliers (20 percent). Meantime, exports surged at a slower 15.0 percent to ISK 61.2 billion, particularly lifted by marine products (18.0 percent), agricultural goods (65.2 percent) and manufactured products (8.3 percent) source: Statistics Iceland

Balance of Trade in Iceland averaged -2233.84 ISK Million from 1960 until 2021, reaching an all time high of 21093 ISK Million in December of 2008 and a record low of -33367.10 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 June of 2021.

Balance of Trade in Iceland is expected to be -14700.00 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 -13900.00 in 12 months time. In the long-term, the Iceland Balance of Trade is projected to trend around -13900.00 ISK Million in 2022, according to our econometric models.

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Iceland Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-15541.90 -11170.80 21093.00 -33367.10 1960 - 2021 ISK Million Monthly
Current Prices, NSA


Calendar GMT Actual Previous Consensus TEForecast
2021-03-04 09:00 AM Feb ISK -12.0B ISK -4.8B
2021-04-12 09:00 AM Mar ISK -21.4B ISK -12.0B
2021-05-06 09:00 AM Apr ISK -6.9B ISK -21B ISK -19B
2021-06-07 09:00 AM May ISK-15.5B ISK -11.2B
2021-07-07 09:00 AM Jun ISK-15.5B
2021-08-06 09:00 AM Jul
2021-09-07 09:00 AM Aug
2021-10-07 09:00 AM Sep


News Stream
Iceland’s Trade Deficit Widens in May
Iceland recorded a trade deficit of ISK 15.5 billion in May of 2021, up from ISK 4.2 billion in the same month last year. Imports climbed 33.7 percent to ISK 76.8 billion, driven mostly by purchases of food & beverages (50.82 percent), consumer goods (41.1 percent) and industrial suppliers (20 percent). Meantime, exports surged at a slower 15.0 percent to ISK 61.2 billion, particularly lifted by marine products (18.0 percent), agricultural goods (65.2 percent) and manufactured products (8.3 percent)
2021-06-07
Iceland Trade Deficit Narrows in April
Iceland recorded a trade deficit of ISK 6.9 billion in April of 2021, down from ISK 7.3 billion in the same month last year. Exports jumped 29.9 percent to ISK 61.5 billion, particularly lifted by shipments of marine products (53.5 percent) and manufacturing products (17.3 percent). Meanwhile, imports climbed a slower 25.2 percent to ISK 68.3 billion, driven mostly by purchases of industrial supplies (24.6 percent); transport equipment (83.5 percent), in particular ships; fuels and lubricants (74.7 percent); and consumer goods (22.3 percent).
2021-05-06
Iceland Trade Deficit Widens in February
Iceland recorded a trade deficit of ISK 12 billion in February of 2021, up from ISK 9.3 billion in the same month last year. Exports were 14.0 percent higher to ISK 52.6 billion, particularly boosted by sales of manufacturing products (22.1 percent) and marine products (8.6 percent). Meanwhile, imports increased 16.5 percent to ISK 64.5 billion, driven by a surge in purchases of capital goods (33.0 percent), industrial supplies (13.6 percent), consumer goods (25.9 percent), and transport equipment (4.0 percent) such as ships (6235.2 percent).
2021-03-04
Iceland Posts Trade Surplus in January
Iceland recorded a trade surplus of ISK 1.9 billion in January of 2021, reversing from a ISK 8.7 billion trade gap a year earlier. It is the first trade surplus since January of 2019, as exports increased 4.7 percent to ISK 49.2 billion, boosted by sales of manufacturing products, namely aluminium and aluminium products, and by agricultural exports, mainly farmed fish. Imports fell 15.1 percent to ISK 47.3 billion, dragged by imported fuels & lubricants and transports & equipment, of which mainly ships and parts.
2021-02-04

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.