Iceland Trade Deficit Narrows in March

Iceland's trade deficit widened to ISK 64.9 billion in April 2026, reaching a historic high, from ISK 54.1 billion deficit in in the same month a year earlier. Exports declined 11% year-on-year to ISK 73.2 billion, mainly due to a decrease in shipments of manufacturing goods (-22%). However, exports of farmed fish increased 103% and agricultural products rose 41%. Imports edged up 1% to ISK 138.1 billion, supported by strong increases in fuel and lubricants imports (66%) and transport equipment (31%), although partly offset by lower imports of industrial supplies (-15%) and food products (-18%). Over the last twelve months, Iceland's trade deficit stood at ISK 429.6 billion.

Iceland’s trade deficit narrowed to ISK 37.9 billion in March 2026 from ISK 42.2 billion in the corresponding month of the previous year. Exports advanced by 22% year-on-year to ISK 93.1 billion, driven by higher shipments of farmed fish (+103%), marine products (+53%), and agricultural products (+12%). However, exports declined for manufactured goods (-3%) and other products (-30%). Meanwhile, imports rose 11% to ISK 131 billion, supported by increased purchases of capital goods (+65%), food and beverages (+29%), fuels and lubricants (+8%), and consumer goods (+6%). Over the past twelve months, Iceland’s trade deficit stood at ISK 421.3 billion.

Iceland’s trade deficit narrowed sharply to ISK 9.9 billion in February 2026 from ISK 59.5 billion in the same month a year earlier. Exports rose 2% year-on-year to ISK 78 billion, driven by increased shipments of marine products (13.1%) and agricultural products (3.3%). Meanwhile, imports fell 35.2% to ISK 88 billion, weighed down by declines in capital goods excluding transport (-65.6%), transport equipment (-30.6%), and fuels and lubricants (-26.9%).