Iceland Balance of Trade

Last Release

Jan 31, 2025

Actual

-7,568

Units In

ISK Million

-46,651.71

Frequency

Monthly

Next Release

Mar 06, 2025

Time to Release

26 Days 8 Hours

Highest	Lowest	Average	Date Range	Source
21,093 Dec 2008	-58,299.9 Oct 2022	-3,775 ISK Million	1960-2025	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 sharply to ISK 7.6 billion in January 2025 from ISK 19.7 billion in the corresponding month of the previous year. Exports soared 19% year-on-year to ISK 93.9 billion, primarily attributed to higher sales of manufacturing products (35%), farmed fish (22%), and agricultural products (12%). Meanwhile, imports rose at a much softer pace of 3% to ISK 101.5 billion, supported by increased purchases of industrial supplies n.e.s (27%) and transport equipment (14%). However, purchases declined for fuels and lubricants (-25%), consumer goods n.e.s (-10%), and food and beverages (-9%).