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.

Iceland Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-06 09:00 AM Balance of Trade ISK -14.5B ISK -13.0B ISK -7.5B
2018-10-04 09:00 AM Balance of Trade ISK -15.1B ISK -17B ISK -20.1B
2018-11-06 09:00 AM Balance of Trade ISK -11.7K ISK -14.1B ISK -13.5B
2018-12-06 09:00 AM Balance of Trade ISK -11.7K ISK -14.1B


Iceland Trade Last Previous Highest Lowest Unit
Balance of Trade -11700.00 -14060.30 24063.60 -25843.30 ISK Million [+]
Exports 61400.00 48654.20 63354.30 0.78 ISK Million [+]
Imports 73100.00 62714.50 73176.80 1.21 ISK Million [+]
Current Account 1.65 3.20 99.98 -137.24 ISK Billion [+]
Current Account to GDP 3.30 7.50 7.50 -23.00 percent [+]
External Debt 2322.08 2271.48 15748.53 280.59 ISK Billion [+]
Capital Flows 14.49 56.86 414.27 -418.16 ISK Billion [+]
Gold Reserves 2.00 2.00 2.00 1.84 Tonnes [+]
Remittances 1145.00 1103.00 2448.00 18.00 ISK Million [+]
Terrorism Index 0.13 0.25 1.22 0.00 [+]
Tourist Arrivals 231681.00 291344.00 291344.00 10592.00 [+]
Foreign Direct Investment -7.17 -22.48 199.98 -550.71 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 November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-11700.00 -14060.30 24063.60 -25843.30 1960 - 2018 ISK Million Monthly
Current Prices, NSA




Country Last
Argentina 314.00 Sep/18
Australia 3017.00 Sep/18
Brazil 6121.36 Oct/18
Canada -416.30 Sep/18
China 340.16 Oct/18
Euro Area 13141.70 Sep/18
France -5663.00 Sep/18
Germany 18395.00 Sep/18
India -17130.00 Oct/18
Indonesia -1819.90 Oct/18
Italy 1274.37 Sep/18
Japan -449.26 Oct/18
Mexico -194.00 Sep/18
Netherlands 4949.00 Sep/18
Russia 18485.00 Sep/18
Saudi Arabia 162782.00 Jun/18
Singapore 4520.91 Oct/18
South Africa -2950.00 Sep/18
South Korea 6552.00 Oct/18
Spain -3057300.00 Aug/18
Switzerland 2637.00 Oct/18
Turkey -1869.47 Sep/18
United Kingdom -27.00 Sep/18
United States -54019.00 Sep/18


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