Iceland Trade Gap Narrows Sharply in January

2026-02-06 09:56 By Erika Ordonez 1 min. read

Iceland’s trade deficit narrowed sharply to ISK 0.3 billion in January 2026 from ISK 7.8 billion in the corresponding month of the previous year.

This marked the smallest trade deficit since a surplus recorded in January 2019, as exports fell less than imports.

Exports declined by 20.9% year-on-year to ISK 72.4 billion, weighed down by lower shipments of manufactured goods (-36.6%) and other products (-49%).

Imports also fell by 26.8% to ISK 72.7 billion, driven by a notable drop in purchases of industrial supplies (-35.8%), fuels and lubricants (-41.2%), capital goods (-35.2%), and transport equipment (-23.5%).



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Iceland Trade Gap Narrows Sharply in January
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