Iceland recorded a trade deficit of ISK 18.8 billion in September of 2021, up from ISK 11.2 billion in the same month of last year. Imports jumped 18.1 percent to ISK 85.7 billion, driven mostly by purchases of capital goods (41.7 percent), industrial supplies (11 percent), fuels & lubricants (59.5 percent), food & beverages (7.0 percent), and consumer goods (6.9 percent). Meantime, exports advanced at a slower 9.0 percent to ISK 66.9 billion, particularly pushed by sales of manufacturing products (45 percent) and other products (37.9 percent), while sales of agricultural products (-28.9 percent) and marine products (-17.0 percent) shrank. source: Statistics Iceland

Balance of Trade in Iceland averaged -2360.48 ISK Million from 1960 until 2021, reaching an all time high of 21093 ISK Million in December of 2008 and a record low of -47658.60 ISK Million in June of 2021. 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 October 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. 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


Calendar GMT Actual Previous Consensus TEForecast
2021-09-07 09:00 AM Aug ISK-36.2B ISK-16.9B
2021-10-07 09:00 AM Sep ISK-18.8B ISK-36.32B ISK -14.7B
2021-11-04 09:00 AM Oct ISK-18.8B


News Stream
Iceland’s Trade Gap Widens in September
Iceland recorded a trade deficit of ISK 18.8 billion in September of 2021, up from ISK 11.2 billion in the same month of last year. Imports jumped 18.1 percent to ISK 85.7 billion, driven mostly by purchases of capital goods (41.7 percent), industrial supplies (11 percent), fuels & lubricants (59.5 percent), food & beverages (7.0 percent), and consumer goods (6.9 percent). Meantime, exports advanced at a slower 9.0 percent to ISK 66.9 billion, particularly pushed by sales of manufacturing products (45 percent) and other products (37.9 percent), while sales of agricultural products (-28.9 percent) and marine products (-17.0 percent) shrank.
2021-10-07
Iceland’s Trade Gap Widens in August
Iceland recorded a trade deficit of ISK 36.2 billion in August of 2021, up from ISK 17.4 billion in the same month of last year. Imports surged 49.7 percent to ISK 92.1 billion, driven mostly by purchases of transport equipment (114.7 percent), fuel & lubricants (89.7 percent), industrial suppliers (59.5 percent), consumer goods (14.9 percent) and food & beverages (17.4 percent), Meanwhile, exports advanced at a slower 26.8 percent to ISK 55.9 billion, particularly pushed by agricultural products ( 73.9 percent) and manufacturing products (45 percent).
2021-09-07
Iceland’s Trade Deficit Widens in May
Iceland recorded a trade deficit of ISK 15.5 billion in May of 2021, up from ISK 4.2 billion in the same month last year. Imports climbed 33.7 percent to ISK 76.8 billion, driven mostly by purchases of food & beverages (50.82 percent), consumer goods (41.1 percent) and industrial suppliers (20 percent). Meantime, exports surged at a slower 15.0 percent to ISK 61.2 billion, particularly lifted by marine products (18.0 percent), agricultural goods (65.2 percent) and manufactured products (8.3 percent)
2021-06-07

Iceland Last Unit Reference Previous Highest Lowest
Balance of Trade -18819.50 ISK Million Sep/21 -36320.40 21093.00 -47658.60
Imports 85703.30 ISK Million Sep/21 92137.10 106393.00 1.21
Exports 66883.70 ISK Million Sep/21 55816.60 76594.10 0.78


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.