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.

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Iceland Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-8300.00 -4367.40 24138.40 -28451.50 1960 - 2019 ISK Million Monthly
Current Prices, NSA



Calendar GMT Actual Previous Consensus TEForecast
2019-10-04 09:00 AM Sep ISK-17.1B ISK-12.0B ISK-14.8B
2019-11-06 09:00 AM Oct ISK2.7B ISK-17.5B ISK-14.2B
2019-12-06 09:00 AM Nov ISK-3.1B ISK0.4B ISK-12B
2020-01-10 09:00 AM Dec ISK-8.3B ISK-4.4B ISK -13.3B
2020-02-06 09:00 AM Jan


News Stream
2019-12-06
Iceland Trade Gap Narrows Markedly in November
Iceland's trade deficit decreased to ISK 3.1 billion in May 2019 from ISK 18.8 billion in the same month of the previous year, according to preliminary estimates. Exports fell 3.2 percent from a year earlier to ISK 52.1 billion, amid a decrease in exports of manufacturing products. Meantime, imports dropped at a faster 24 percent to ISK 55.2 billion, mainly due to lower purchases of industrial supplies and fuels.

2019-11-06
Iceland Posts First Trade Surplus since 2016
Iceland recorded a trade surplus of ISK 2.7 billion in October 2019 from a ISK 12.1 billion in the corresponding month of the previous year, according to preliminary estimates. It was the first monthly trade surplus since October 2016, as imports fell 14.7 percent to ISK 62.4 billion mostly due to lower purchases of industrial supplies (-23.2 percent); fuels & lubricants (-34.5 percent) and transport equipment (-13.1 percent). In contrast, exports rose 6.8 percent to ISK 65.1 billion, boosted by marine products (18.8 percent).

2019-08-07
Iceland Trade Gap Widens Slightly in July
Iceland’s trade deficit increased to ISK 18.6 billion in July of 2019 from ISK 18.5 billion in the corresponding month of the previous year, according to preliminary estimates. Exports rose 2.2 percent from a year earlier to ISK 51.6 billion, boosted by higher sales of marine products. Meantime, imports went up at a softer 1.8 percent to ISK 70.2 billion, mainly due to an increase in capital goods (except for transport).

2019-07-04
Iceland Trade Gap Widens 12.8% YoY in June
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.

2019-06-06
Iceland Trade Gap Narrows Slightly in May
Iceland's trade deficit decreased to ISK 16.4 billion in May 2019 from ISK 16.9 billion in the same month of the previous year, according to preliminary estimates. Exports went up 20.5 percent from a year earlier to ISK 63.2 billion, boosted by higher sales of manufacturing products. Meanwhile, imports went up at a softer 14.7 percent to ISK 79.5 billion, mainly due to an increase in the imports of transport equipment.

2019-05-07
Iceland Trade Gap Widens in April
Iceland’s trade deficit widened to ISK 15.9 billion in April of 2019 from ISK 15.6 billion in the corresponding month of the previous year, according to preliminary estimates. Exports rose 7.8 percent from a year earlier to ISK 50.2 billion, boosted by higher sales of marine products. Meanwhile, imports went up at a softer 6.3 percent to ISK 66.1 billion, mainly due to an increase in the imports of industrial supplies.


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.

Iceland Trade Last Previous Highest Lowest Unit
Balance of Trade -8300.00 -4367.40 24138.40 -28451.50 ISK Million [+]
Current Account 63.04 15.01 99.98 -137.24 ISK Billion [+]
Current Account to GDP 2.80 3.30 7.50 -23.00 percent [+]
Imports 52400.00 56452.30 74470.20 1.21 ISK Million [+]
Exports 44100.00 52084.88 76557.87 0.78 ISK Million [+]
External Debt 2408.15 2331.41 15748.53 280.59 ISK Billion [+]
Capital Flows 114.33 28.61 414.27 -418.16 ISK Billion [+]
Gold Reserves 1.98 1.98 2.00 1.84 Tonnes [+]
Terrorism Index 0.03 0.06 1.22 0.00 [+]
Tourist Arrivals 131054.00 163093.00 291344.00 10592.00 [+]
Remittances 1747.00 1526.00 2448.00 18.00 ISK Million [+]
Foreign Direct Investment 8.41 1.38 199.98 -553.03 ISK Billion [+]