Iceland’s trade deficit widened to ISK 22.8 billion in June of 2019 from ISK 20.2 billion in the corresponding month of the previous year, according to preliminary estimates. Exports fell 7.9 percent from a year earlier to ISK 46.5 billion, dragged down by lower sales of manufacturing products. Meantime, imports dropped 1.9 percent to ISK 69.3 billion, mainly due to a decrease in imports of lubricants and consumer goods. Balance of Trade in Iceland averaged -799.12 ISK Million from 1960 until 2019, reaching an all time high of 24202.30 ISK Million in January of 2019 and a record low of -25843.30 ISK Million in December of 2006.
Balance of Trade in Iceland is expected to be -14800.00 ISK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Iceland to stand at -10400.00 in 12 months time. In the long-term, the Iceland Balance of Trade is projected to trend around -13900.00 ISK Million in 2020, according to our econometric models.