Iceland Balance of Trade

Last Release

Aug 31, 2024

Actual

-33,144.7

Units In

ISK Million

-35,538.8

Frequency

Monthly

Next Release

Oct 09, 2024

Time to Release

27 Days 1 Hours

Highest	Lowest	Average	Date Range	Source
21,093 Dec 2008	-58,299.9 Oct 2022	-3,594.06 ISK Million	1960-2024	Statistics Iceland

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.

Latest Updates

Iceland’s trade deficit narrowed to ISK 33.1 billion in August 2024, from ISK 44.4 billion in the corresponding month of the previous year. This was the smallest trade gap since May, as exports increased while imports dropped. Year-on-year, exports rose by 2% to ISK 70.9 billion, driven by higher sales of manufacturing products (6%) and farmed fish (65%). Meanwhile, imports fell by 9% to ISK 104 billion, primarily due to lower purchases of capital goods (-14%) and transport equipment (-63%).