Iceland's trade deficit narrowed slightly to ISK 13.2 billion in March 2019 from ISK 13.5 billion in the same month of the previous year. Exports surged 14.5 percent to ISK 49.6 billion, driven by shipments of manufactured products (5.6 percent); marine products (22.7 percent) and agricultural products (78.6 percent). At the same time, imports advanced at a softer 10.7 percent to ISK 62.9 billion, boosted by purchases of industrial supplies (2.4 percent); capital goods, except transport (39.3 percent); consumer goods (19.7 percent) and fuels & lubricants (17.6 percent). In contrast, imports of transport equipment declined (-22.5 percent). Balance of Trade in Iceland averaged -775.97 ISK Million from 1960 until 2019, reaching an all time high of 24063.60 ISK Million in December of 2008 and a record low of -25843.30 ISK Million in December of 2006.

Balance of Trade in Iceland is expected to be -19400.00 ISK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Iceland to stand at -10400.00 in 12 months time. In the long-term, the Iceland Balance of Trade is projected to trend around -13900.00 ISK Million in 2020, according to our econometric models.

Iceland Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-01-09 09:00 AM Balance of Trade ISK -10.7M ISK -18.8K
2019-02-06 09:00 AM Balance of Trade ISK 4.6M ISK -11M ISK -5.5B
2019-03-06 09:00 AM Balance of Trade ISK -15.3M ISK 7M ISK -13.8B
2019-04-04 09:00 AM Balance of Trade ISK-13.2M ISK-15.1M ISK-11.7B
2019-05-07 09:00 AM Balance of Trade ISK-13.2M
2019-06-06 09:00 AM Balance of Trade
2019-07-04 09:00 AM Balance of Trade ISK-19.4B


Iceland Trade Last Previous Highest Lowest Unit
Balance of Trade -13200.00 -15059.90 24063.60 -25843.30 ISK Million [+]
Current Account 0.30 75.13 99.57 -137.24 ISK Billion [+]
Current Account to GDP 3.30 7.50 7.50 -23.00 percent [+]
Imports 62900.00 59783.80 73176.80 1.21 ISK Million [+]
Exports 49600.00 44723.90 63354.30 0.78 ISK Million [+]
External Debt 2317.03 2352.01 15748.53 280.59 ISK Billion [+]
Capital Flows 40.23 91.74 414.27 -418.16 ISK Billion [+]
Gold Reserves 2.00 2.00 2.00 1.84 Tonnes [+]
Remittances 1518.00 1404.00 2448.00 18.00 ISK Million [+]
Terrorism Index 0.06 0.13 1.22 0.00 [+]
Tourist Arrivals 199626.00 231681.00 291344.00 10592.00 [+]
Foreign Direct Investment 26.12 -44.05 199.98 -553.03 ISK Billion [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Iceland Balance of Trade

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. 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 - actual data, historical chart and calendar of releases - was last updated on April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-13200.00 -15059.90 24063.60 -25843.30 1960 - 2019 ISK Million Monthly
Current Prices, NSA




Country Last Previous
Argentina 460.00 Feb/19
Australia 4801.00 Feb/19
Brazil 4990.00 Mar/19
Canada -2894.80 Feb/19
China 326.47 Mar/19
Euro Area 17938.00 Feb/19
France -4002.00 Feb/19
Germany 17900.00 Feb/19
India -10890.00 Mar/19
Indonesia 540.20 Mar/19
Italy 3267.83 Feb/19
Japan 528.50 Mar/19
Mexico 1222.00 Feb/19
Netherlands 5130.00 Feb/19
Russia 15671.00 Feb/19
Saudi Arabia 180059.00 Dec/18
Singapore 3615.50 Mar/19
South Africa 3990.00 Feb/19
South Korea 5222.00 Mar/19
Spain -4483276.00 Jan/19
Switzerland 2494.00 Mar/19
Turkey -2134.33 Feb/19
United Kingdom -4860.00 Feb/19
United States -49382.00 Feb/19


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