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.