The value of exported goods from Iceland amounted to 87.2 billion ISK fob in September 2024 and the value of imported goods 114.6 billion ISK cif (108.3 billion ISK fob) according to preliminary figures. Thus, there was a trade deficit, calculated on fob/cif value, of 27.5 billion ISK as compared with a trade deficit of 13.9 billion ISK in September 2023 at current rates of exchange.
The trade balance in September 2024 was therefore 13.6 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 377.7 billion ISK or 2.4 billion ISK less favourable than during the previous 12 months.
Value of exported goods decreased by 2% for the last 12 months
The value of exported goods in September was 3 billion ISK (3%) lower than in September 2023, decreasing from 90.1 billion ISK to 87.2 billion ISK.
For the last 12 months, the total value of exported goods was 940.3 billion ISK or 21.7 billion ISK lower (2%) than during the previous 12 months at current rates of exchange. Manufacturing products contributed 53% of the total exports, their value decreasing by 4%. Marine products contributed 37% of total exported goods and their value also decreased by 4% compared with the previous 12 months.
Value of imports increased by 1% for the last 12 months
The value of imports of goods was 144.6 billion ISK in September 2024 compared with 104 billion ISK in September 2023. The increase was thus 10.7 billion ISK from August 2023 (10%).
For the last 12 months, the total value of imports of goods was 1,318 billion ISK, 19.3 billion ISK (1%) lower than during the previous 12 months. 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 other categories.
The average value of the exchange rate index for the 12 months period was 195.9, indicating a 0.4% weaker rate of exchange than during the previous 12 months when the average exchange rate index was 195.1. The exchange rate weakened by 4.7% in September 2024 (198.0) compared with September 2023 (189.1).