Iceland's trade deficit decreased to ISK 8.3 billion in December of 2019 from ISK 11.2 billion in the same month of the previous year, according to preliminary estimates. Exports fell 16.9 percent from a year earlier to ISK 44.1 billion, amid a decrease in exports of marine (-20.7 percent) and manufacturing products (-15.6 percent). Meantime, imports dropped at a faster 18.5 percent to ISK 52.4 billion, mainly due to lower purchases of industrial supplies (-23.8 percent) and fuels (-24.7 percent). Considering the full year of 2019, Iceland’s trade gap narrowed to ISK 109.1 billion from ISK 174.4 in the year 2018. Balance of Trade in Iceland averaged -892.71 ISK Million from 1960 until 2019, reaching an all time high of 24138.40 ISK Million in January of 2019 and a record low of -28451.50 ISK Million in June of 2019.
Balance of Trade in Iceland is expected to be -10400.00 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 2020, according to our econometric models.