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.

Iceland Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-04 09:00 AM Balance of Trade ISK-13.2M ISK-15.1M ISK-11.7B
2019-05-07 09:00 AM Balance of Trade ISK-15.9B ISK-8.8B ISK-15.8B
2019-06-06 09:00 AM Balance of Trade ISK-16.4B ISK-15.1B ISK-16.5B
2019-07-04 09:00 AM Balance of Trade ISK-22.8B ISK-2.6B ISK-19.4B
2019-08-07 09:00 AM Balance of Trade ISK-22.8B
2019-09-05 09:00 AM Balance of Trade
2019-10-04 09:00 AM Balance of Trade ISK-14.8B


Iceland Trade Last Previous Highest Lowest Unit
Balance of Trade -22800.00 -2600.00 24202.30 -25843.30 ISK Million [+]
Current Account 35.10 0.80 99.57 -137.24 ISK Billion [+]
Current Account to GDP 2.80 3.30 7.50 -23.00 percent [+]
Imports 69300.00 79500.00 79500.00 1.21 ISK Million [+]
Exports 46500.00 63200.00 76557.90 0.78 ISK Million [+]
External Debt 2317.03 2352.01 15748.53 280.59 ISK Billion [+]
Capital Flows 97.70 45.80 414.27 -418.16 ISK Billion [+]
Gold Reserves 2.00 2.00 2.00 1.84 Tonnes [+]
Remittances 1518.00 1404.00 2448.00 18.00 ISK Million [+]
Terrorism Index 0.06 0.13 1.22 0.00 [+]
Tourist Arrivals 120306.00 170177.00 291344.00 10592.00 [+]
Foreign Direct Investment -40.59 28.72 199.98 -553.03 ISK Billion [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



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. 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 - actual data, historical chart and calendar of releases - was last updated on July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-22800.00 -2600.00 24202.30 -25843.30 1960 - 2019 ISK Million Monthly
Current Prices, NSA




Country Last Previous
Argentina 1373.00 May/19
Australia 5745.00 May/19
Brazil 5020.00 Jun/19
Canada 762.30 May/19
China 509.76 Jun/19
Euro Area 15671.60 Apr/19
France -3278.00 May/19
Germany 20600.00 May/19
India -15280.00 Jun/19
Indonesia 196.00 Jun/19
Italy 2884.57 Apr/19
Japan -967.11 May/19
Mexico 1030.71 May/19
Netherlands 5579.00 May/19
Russia 11823.00 May/19
Saudi Arabia 131636.00 Mar/19
Singapore 3962.64 May/19
South Africa 1737.21 May/19
South Korea 4168.00 Jun/19
Spain -1605300.00 Apr/19
Switzerland 1654.00 May/19
Turkey -1837.83 May/19
United Kingdom -2324.00 May/19
United States -55520.00 May/19


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