Iceland recorded a trade deficit of 21400 ISK Million in March of 2021. source: Statistics Iceland

Balance of Trade in Iceland averaged -2205.03 ISK Million from 1960 until 2021, reaching an all time high of 21093 ISK Million in December of 2008 and a record low of -33367.10 ISK Million in June of 2019. 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 - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.

Balance of Trade in Iceland is expected to be -14700.00 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 -13900.00 in 12 months time. In the long-term, the Iceland Balance of Trade is projected to trend around -13900.00 ISK Million in 2022, according to our econometric models.

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Iceland Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-21400.00 -11925.70 21093.00 -33367.10 1960 - 2021 ISK Million Monthly
Current Prices, NSA

Calendar GMT Actual Previous Consensus TEForecast
2021-01-14 09:00 AM Dec ISK 1.0B ISK -10.8B
2021-02-04 09:00 AM Jan ISK 1.9B ISK -5.7B
2021-03-04 09:00 AM Feb ISK -12.0B ISK -4.8B
2021-04-12 09:00 AM Mar ISK -21.4B ISK -12.0B
2021-05-06 09:00 AM Apr ISK -21.4B
2021-06-07 09:00 AM May
2021-07-07 09:00 AM Jun
2021-08-06 09:00 AM Jul

News Stream
Iceland Trade Deficit Widens in February
Iceland recorded a trade deficit of ISK 12 billion in February of 2021, up from ISK 9.3 billion in the same month last year. Exports were 14.0 percent higher to ISK 52.6 billion, particularly boosted by sales of manufacturing products (22.1 percent) and marine products (8.6 percent). Meanwhile, imports increased 16.5 percent to ISK 64.5 billion, driven by a surge in purchases of capital goods (33.0 percent), industrial supplies (13.6 percent), consumer goods (25.9 percent), and transport equipment (4.0 percent) such as ships (6235.2 percent).
Iceland Posts Trade Surplus in January
Iceland recorded a trade surplus of ISK 1.9 billion in January of 2021, reversing from a ISK 8.7 billion trade gap a year earlier. It is the first trade surplus since January of 2019, as exports increased 4.7 percent to ISK 49.2 billion, boosted by sales of manufacturing products, namely aluminium and aluminium products, and by agricultural exports, mainly farmed fish. Imports fell 15.1 percent to ISK 47.3 billion, dragged by imported fuels & lubricants and transports & equipment, of which mainly ships and parts.
Iceland Posts Trade Surplus for 1st Time in Near 2 Years
Iceland recorded a trade surplus of ISK 1 billion in December of 2020, reversing from a ISK 11.9 billion trade gap a year earlier. It is the first surplus since January of 2019, as exports jumped 36.5 percent to ISK 58.6 billion, boosted by sales of manufacturing products and marine products. Imports went up 5.2 percent to ISK 57.6 billion, due to industrial supplies and consumer goods while purchases of fuels declined. Considering full 2020, the country recorded a trade deficit of ISK 95 billion, compared to a ISK 118.1 billion a year earlier. Exports decreased 3 percent and imports 6 percent.
Iceland Trade Balance Shifts to Deficit in October
Iceland recorded a trade gap of ISK 0.4 billion in October of 2020 compared to a surplus of ISK 0.3 billion in the corresponding month of the previous year, according to preliminary estimates. Exports fell 5.5 percent to ISK 61.5 billion, mainly due to lower shipments of marine products. Meantime, imports decreased 4.5 percent to ISK 61.9 billion, amid reduced purchases of fuels.

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.