Iceland’s trade deficit narrowed to 12.8 ISK billion in December of 2022, from 18.04 ISK billion a year earlier. It was the smallest trade gap in eleven months. Exports surged 32.9 percent to 101.24 ISK billion, mainly driven by increased sales of farmed fish (75 percent) and industrial products (28.2 percent). At the same time, imports increased by 21 percent on year to 114 ISK billion, boosted by purchases of transport equipment (41.7 percent), capital goods except for transport (37.1 percent), and industrial supplies (4.4 percent). source: Statistics Iceland

Balance of Trade in Iceland averaged -2849.90 ISK Million from 1960 until 2022, reaching an all time high of 21093.00 ISK Million in December of 2008 and a record low of -58299.90 ISK Million in October of 2022. 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 February of 2023.

Balance of Trade in Iceland is expected to be -38500.00 ISK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland Balance of Trade is projected to trend around -12250.00 ISK Million in 2024 and -16500.00 ISK Million in 2025, according to our econometric models.

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Iceland Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-12-07 09:00 AM Nov ISK-42B ISK-58.3B ISK-50B
2023-01-05 09:00 AM Dec ISK-12.8B ISK-42B ISK -13.9B
2023-02-07 09:00 AM Jan ISK-12.8B ISK-25.0B


Related Last Previous Unit Reference
Balance of Trade -12767.00 -41995.00 ISK Million Dec 2022
Imports 114000.80 121009.70 ISK Million Dec 2022
Exports 101233.60 78433.70 ISK Million Dec 2022

Iceland Balance of Trade
Iceland's trade deficit widened to ISK 231.8 billion in 2021 from ISK 145.3 billion in 2020. The total value of exports of goods increased by 21.8% to ISK 136.2 billion. Exports of aluminum and aluminum products had the largest share in exported manufacturing products or 37.3% of total exports. Marine products contributed to 38.8% of the total exports and their value was 7.4% higher than in 2020. Fresh fish and frozen fish fillets had the largest share in marine products. The largest trading countries in the export of goods were the Netherlands, Spain and United Kingdom but 68.8% of all exports went to EEA countries. Meanwhile, imports rose at a faster 28.9% to ISK 222.8 billion. The increase was mainly in transport equipment and capital goods. The largest import categories were industrial supplies (28.8%) and capital goods (22.2%). The largest trading countries in imports of goods for the year 2021 were Norway, China and Germany. Over 58% of total value of import came from EEA countries.
Actual Previous Highest Lowest Dates Unit Frequency
-12767.00 -41995.00 21093.00 -58299.90 1960 - 2022 ISK Million Monthly
Current Prices, NSA

News Stream
Iceland Trade Deficit Smallest in Almost a Year
Iceland’s trade deficit narrowed to 12.8 ISK billion in December of 2022, from 18.04 ISK billion a year earlier. It was the smallest trade gap in eleven months as exports surged 32.9 percent to 101.24 ISK billion, mainly driven by increased sales of farmed fish (75 percent) and industrial products (28.2 percent). At the same time, imports increased by 21 percent on year to 114 ISK billion, boosted by purchases of transport equipment (41.7 percent), capital goods except for transport (37.1 percent), and industrial supplies (4.4 percent).
2023-01-05
Iceland Trade Deficit Expands in November
Iceland's trade deficit widened to 42 ISK billion in November of 2022 from 28.5 ISK billion a year ago. Exports surged 10 percent to 79 ISK billion, driven by increased sales of farmed fish (121 percent) and manufacturing products (12 percent). At the same time, imports rose by 20 percent on year to 121 ISK billion boosted by purchases of fuels & lubricants (77 percent) and capital goods except for transport (38 percent).
2022-12-07
Iceland Posts Largest Trade Deficit on Record
Iceland's trade deficit widened to ISK 52.7 billion in October of 2022 from ISK 12.9 billion in the corresponding month of the previous year. It was the largest deficit since records began in 1960 as imports jumped 53 percent to a near record high of ISK 131.2 billion, boosted by purchases of fuels and lubricants (225 percent), capital goods except for transport (66 percent), and industrial supplies (35 percent). Meanwhile, exports rose at a slower 8 percent to ISK 78.5 billion, led by increased sales of marine products (12 percent).
2022-11-07