Iceland Balance of Trade

Last Release

Mar 31, 2025

Actual

-38,632.4

Units In

ISK Million

-57,271.1

Frequency

Monthly

Next Release

May 08, 2025

Time to Release

26 Days 10 Hours

Highest	Lowest	Average	Date Range	Source
21,093 Dec 2008	-58,299.9 Oct 2022	-3,885.29 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 widened to ISK 38.6 billion in March 2025 from ISK 29.1 billion in the same month last year. Imports rose 27% year-on-year to ISK 118.2 billion, driven by a surge in purchases of capital goods (+39%), industrial supplies (+38%), consumer goods (+7%), and transport equipment (+25%). Meanwhile, exports increased at a slightly slower pace of 24% to ISK 79.6 billion, supported by higher sales of manufactured products (+29%) and marine products (+23%). Considering the first three months of the year, the trade deficit rose to ISK 101.5 billion from ISK 69.3 billion in the same period a year earlier.