Iceland Trade Deficit Narrows in May

2026-06-08 09:38 By Mariene Camarillo 1 min. read

Iceland’s trade deficit narrowed to ISK 56.6 billion in May 2026 from a revised ISK 63.1 billion in the corresponding month a year earlier.

Exports fell 11% year-on-year to ISK 71 billion, primarily due to lower shipments of agricultural products (-36.3%), manufacturing goods (-17.0%), and pharmaceutical products (-35.1%).

Meanwhile, imports also declined 11% to ISK 127.6 billion, driven by reduced purchases of capital goods (-28.5%), transport equipment (-6.6%), and fuels and lubricants other than petroleum products (-41.3%).

In contrast, imports of food and beverages increased by 33.1%.

Over the last twelve months, Iceland’s trade deficit totaled ISK 426 billion.

Exports decreased 6%, largely reflecting a 15% decline in manufacturing goods, which accounted for 48% of total exports, while imports fell 9%, mainly due to lower purchases of capital goods and industrial supplies.



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Iceland Trade Deficit Narrows in May
Iceland’s trade deficit narrowed to ISK 56.6 billion in May 2026 from a revised ISK 63.1 billion in the corresponding month a year earlier. Exports fell 11% year-on-year to ISK 71 billion, primarily due to lower shipments of agricultural products (-36.3%), manufacturing goods (-17.0%), and pharmaceutical products (-35.1%). Meanwhile, imports also declined 11% to ISK 127.6 billion, driven by reduced purchases of capital goods (-28.5%), transport equipment (-6.6%), and fuels and lubricants other than petroleum products (-41.3%). In contrast, imports of food and beverages increased by 33.1%. Over the last twelve months, Iceland’s trade deficit totaled ISK 426 billion. Exports decreased 6%, largely reflecting a 15% decline in manufacturing goods, which accounted for 48% of total exports, while imports fell 9%, mainly due to lower purchases of capital goods and industrial supplies.
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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.
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