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.