Iceland recorded a trade gap of ISK 0.4 billion in October of 2020 compared to a surplus of ISK 0.3 billion in the corresponding month of the previous year, according to preliminary estimates. Exports fell 5.5 percent to ISK 61.5 billion, mainly due to lower shipments of marine products. Meantime, imports decreased 4.5 percent to ISK 61.9 billion, amid reduced purchases of fuels. source: Statistics Iceland

Balance of Trade in Iceland averaged -973.03 ISK Million from 1960 until 2020, reaching an all time high of 24063.60 ISK Million in December of 2008 and a record low of -28988.51 ISK Million in June of 2019. 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 November of 2020.

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. Looking forward, we estimate Balance of Trade in Iceland to stand at -14700.00 in 12 months time. In the long-term, the Iceland Balance of Trade is projected to trend around -13900.00 ISK Million in 2021, according to our econometric models.

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Iceland Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-394.42 -6510.57 24063.60 -28988.51 1960 - 2020 ISK Million Monthly
Current Prices, NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-08-07 09:00 AM Jul ISK-12.4B ISK-12.9B ISK-15B
2020-09-04 09:00 AM Aug ISK-11.2B ISK-12.4B
2020-10-06 09:00 AM Sep ISK-3.8B ISK-11.2B ISK -10.4B
2020-11-05 09:00 AM Oct ISK -0.4B ISK-6.5B
2020-12-04 09:00 AM Nov ISK -0.4B
2021-01-11 09:00 AM Dec
2021-02-05 09:00 AM Jan
2021-03-05 09:00 AM Feb


News Stream
Iceland Trade Balance Shifts to Deficit in October
Iceland recorded a trade gap of ISK 0.4 billion in October of 2020 compared to a surplus of ISK 0.3 billion in the corresponding month of the previous year, according to preliminary estimates. Exports fell 5.5 percent to ISK 61.5 billion, mainly due to lower shipments of marine products. Meantime, imports decreased 4.5 percent to ISK 61.9 billion, amid reduced purchases of fuels.
2020-11-05
Iceland Trade Deficit Narrows Sharply in August
Iceland’s trade gap narrowed sharply to ISK 3.8 billion in August of 2020 from ISK 19.0 billion in the corresponding month of the previous year, according to preliminary estimates. Exports jumped 22.2 percent from a year earlier to ISK 61.6 billion, as sales in all sectors increased. Meanwhile, imports dropped 5.8 percent to ISK 65.4 billion, due to lower purchases of fuels.
2020-10-06
Iceland Trade Deficit Shrinks in July
Iceland’s trade gap narrowed to ISK 12.4 billion in July of 2020 from ISK 20.1 billion in the corresponding month of the previous year, according to preliminary estimates. Exports fell 9.2 percent from a year earlier to ISK 46.8 billion, mainly due to a decrease in sales of marine products. Imports declined at a faster 17.3 percent to ISK 59.2 billion, dragged down by less purchases of fuels and capital goods.
2020-08-07
Iceland Trade Deficit Narrows in June
Iceland’s trade gap narrowed to ISK 12.5 billion in June of 2020 from ISK 29 billion in the corresponding month of the previous year, according to preliminary estimates. Exports rose 2.4 percent from a year earlier to ISK 46.8 billion, boosted by higher sales of marine products. Imports slid 20.6 percent to ISK 59.3 billion, mainly due to a decrease in imports of transport equipment and fuels and lubricants.
2020-07-06

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.