Iceland's trade deficit expanded to 28.3 ISK billion in May of 2022 from 14.7 ISK billion a year ago. Exports surged 50 percent to 93.1 ISK billion, driven by increased sales of manufacturing products (+89 percent) and marine products (+21 percent). At the same time, imports rose by a faster 58 percent on year to 121.4 ISK billion amid increased purchase values of fuels and lubricants (+483 percent), and industrial supplies (+64 percent). source: Statistics Iceland

Balance of Trade in Iceland averaged -2570.12 ISK Million from 1960 until 2022, reaching an all time high of 21093 ISK Million in December of 2008 and a record low of -47445.20 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 July of 2022.

Balance of Trade in Iceland is expected to be -13900.00 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 2023, according to our econometric models.

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Iceland Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-05-09 09:00 AM Apr ISK-13.8B ISK-11.4B ISK -10.4B
2022-06-08 09:00 AM May ISK-28.3B ISK-13.8B ISK-14B
2022-07-07 09:00 AM Jun ISK-28.3B ISK -13.9B


Related Last Previous Unit Reference
Balance of Trade -28298.90 -16926.50 ISK Million May 2022
Imports 121438.90 91775.60 ISK Million May 2022
Exports 93140.00 74849.10 ISK Million May 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-28298.90 -16926.50 21093.00 -47445.20 1960 - 2022 ISK Million Monthly
Current Prices, NSA

News Stream
Iceland Trade Deficit Expands in May
Iceland's trade deficit expanded to 28.3 ISK billion in May of 2022 from 14.7 ISK billion a year ago. Exports surged 50 percent to 93.1 ISK billion, driven by increased sales of manufacturing products (+89 percent) and marine products (+21 percent). At the same time, imports rose by a faster 58 percent on year to 121.4 ISK billion amid increased purchase values of fuels and lubricants (+483 percent), and industrial supplies (+64 percent).
2022-06-08
Iceland Trade Deficit Expands in April
Iceland's trade deficit expanded to 13.8 ISK billion in April of 2022 from 11.4 ISK billion a year ago. Exports surged 25 percent to 76.8 ISK billion, driven by increased sales of manufacturing products (+42 percent) and marine products (+15 percent). At the same time, imports rose by 24 percent on year to a higher 90.6 ISK billion amid increased purchase values of fuels and lubricants (+97 percent), and industrial supplies (+32 percent).
2022-05-09
Iceland Trade Deficit Narrows in March
Iceland's trade deficit narrowed to 11.4 ISK billion in March of 2022 from 19.4 ISK billion a year ago. Exports surged 57.7 percent to 98.4 ISK billion, driven by increased sales of manufacturing products (+91percent) and marine products (+40 percent). At the same time, imports rose by a softer 34.4 percent on year to 109.9 ISK billion amid higher purchases of transport equipment (+138 percent).
2022-04-07