The trade deficit in Iceland increased to ISK 11.7 billion in October of 2018 from ISK 6.9 billion in the corresponding month of the previous year. Imports advanced 16.6 percent to ISK 73.1 billion, led by higher purchases of industrial supplies (33.5 percent); fuels and lubricants (38.6 percent) and food & beverages (50 percent). Meantime, exports rose 10 percent to ISK 61.4 billion, driven by sales of marine products (27.1 percent) and manufacturing products (13 percent). Balance of Trade in Iceland averaged -705.61 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 -25900.00 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 -13089.00 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.