Iceland Balance of Trade

Last Release

Oct 31, 2024

Actual

-49,415.1

Units In

ISK Million

-24,800.5

Frequency

Monthly

Next Release

Dec 10, 2024

Time to Release

1 Months 1 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
21,093 Dec 2008	-58,299.9 Oct 2022	-3,679.82 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 widened to ISK 49.4 billion in October 2024, from ISK 47.5 billion in the same month a year earlier, marking the highest deficit in two years. Imports rose 7% year-on-year to ISK 132.7 billion, driven by higher purchases of industrial supplies (+32%), transport equipment (+40%) and consumer goods (+12%). Meanwhile, exports grew 9% to ISK 83.3 billion, led by higher sales of famed fish (+28%), marine products (+4%) and manufacturing products (+8%).