The trade deficit in Iceland fell to ISK 10.7 billion in December of 2018 from ISK 23.6 billion in the corresponding month of the previous year, preliminary figures showed. Exports surged 26.1 percent from a year earlier to ISK 11.3 billion, mainly due to higher sales of seafood products. Additionally, imports went down 2.5 percent to ISK 1.7 billion. Balance of Trade in Iceland averaged -734.12 ISK Million from 1960 until 2018, 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 -8700.00 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 -24400.00 in 12 months time. In the long-term, the Iceland Balance of Trade is projected to trend around -22100.00 ISK Million in 2020, according to our econometric models.