The value of exported goods from Iceland amounted to 78.5 billion ISK fob in February 2025 and the value of imported goods 136.4 billion ISK cif (130.9 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit in February, calculated on fob/cif value, of 57.9 billion ISK as compared with a trade deficit of 20.6 billion ISK in February 2024 at current rates of exchange.
The trade balance in February 2025 was therefore 37.4 billion ISK less favourable than during the same period last year. For the last 12 months the deficit in balance of trade in goods was 421.7 billion ISK or 50.4 billion ISK less favourable than during the previous 12 months.
Value of exported goods increased by 3% for the last 12 months
The value of exported goods in February 2025 was 0.7 billion ISK, 1%, lower than in February 2024, decreasing from 79.2 billion ISK to 78.5 billion ISK.
For the last 12 months, the total value of exported goods was 972.3 billion ISK or 31.7 billion ISK higher (3%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 55% of the total exports, their value increasing by 7% compared with the previous 12 months. Marine products contributed 35% of total exported goods and their value decreased by 4% compared with the previous 12 months.
Value of imports increased by 6% for the last 12 months
The value of imports of goods was 136.4 billion ISK in February 2025 compared with 99.7 billion ISK in February 2024. The increase was thus 36.7 billion ISK (37%).
For the last 12 months, the total value of imports of goods was 1,394.0 billion ISK, increased by 82.0 billion ISK (6%) compared with the previous 12 months at current rates of exchange. For larger categories, there was a decrease in the value of transport equipment and fuels and lubricants. On the other hand, there was an increase in the value of most other categories, the highest in capital goods (except for transport) and industrial supplies n.e.s.
The large growth in capital goods can mostly be attributed to the large-scale imports of computer products by companies that run data centers in the country.
The average value of the exchange rate index for the 12 months period was 194.7, weakening by 0.3% (194.1) from the previous 12 months the year before. The exchange rate became stronger by 1.1% in February 2025 (193.1) compared with February 2024 (195.2).
Figures for February are preliminary and the results could change after review at the end of the month.