Iceland’s trade deficit widened to ISK 46.7 billion in December 2024, from ISK 28 billion in the same month a year earlier. Imports advanced by 32% year-on-year to ISK 133.2 billion, driven by higher purchases of capital goods (102%), industrial supplies (41%), and food & beverages (28%). Meanwhile, exports rose by 19% to ISK 86.6 billion, mainly due to increased sales of agricultural products (133%), farmed fish (62%), and marine products (30%). source: Statistics Iceland

Iceland recorded a trade deficit of 46651.71 ISK Million in December of 2024. Balance of Trade in Iceland averaged -3602.83 ISK Million from 1960 until 2024, reaching an all time high of 21093.00 ISK Million in December of 2008 and a record low of -54833.10 ISK Million in October of 2022. 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 January of 2025.

Iceland recorded a trade deficit of 46651.71 ISK Million in December of 2024. Balance of Trade in Iceland is expected to be -25000.00 ISK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-12-10 09:00 AM
Balance of Trade
Nov ISK-31.6B ISK-48.6B ISK-50.0B
2025-01-08 09:00 AM
Balance of Trade
Dec ISK-46.7B ISK-31.6B ISK-25.0B
2025-02-06 09:00 AM
Balance of Trade
Jan ISK-46.7B


Related Last Previous Unit Reference
Balance of Trade -46651.71 -31930.44 ISK Million Dec 2024
Capital Flows 38731.00 -50839.00 ISK Million Sep 2024
Current Account 45741.00 -38255.00 ISK Million Sep 2024
Current Account to GDP 1.10 -2.10 percent of GDP Dec 2023
Exports 86597.32 83348.94 ISK Million Dec 2024
Exports by Category
Exports by Country
External Debt 3404193.00 3363245.00 ISK Million Sep 2024
Foreign Direct Investment 37419.00 7671.00 ISK Million Sep 2024
Gold Reserves 1.98 1.98 Tonnes Sep 2024
Imports 133249.00 115279.40 ISK Million Dec 2024
Imports by Category
Imports by Country
Remittances 2917.00 2718.00 ISK Million Sep 2024
Terrorism Index 0.23 0.00 Points Dec 2023
Tourist Arrivals 162273.00 212867.00 Nov 2024

Iceland Balance of Trade
Iceland's trade deficit widened to ISK 231.8 billion in 2021 from ISK 145.3 billion in 2020. The total value of exports of goods increased by 21.8% to ISK 136.2 billion. Exports of aluminum and aluminum products had the largest share in exported manufacturing products or 37.3% of total exports. Marine products contributed to 38.8% of the total exports and their value was 7.4% higher than in 2020. Fresh fish and frozen fish fillets had the largest share in marine products. The largest trading countries in the export of goods were the Netherlands, Spain and United Kingdom but 68.8% of all exports went to EEA countries. Meanwhile, imports rose at a faster 28.9% to ISK 222.8 billion. The increase was mainly in transport equipment and capital goods. The largest import categories were industrial supplies (28.8%) and capital goods (22.2%). The largest trading countries in imports of goods for the year 2021 were Norway, China and Germany. Over 58% of total value of import came from EEA countries.
Actual Previous Highest Lowest Dates Unit Frequency
-46651.71 -31930.44 21093.00 -54833.10 1960 - 2024 ISK Million Monthly
Current Prices, NSA


News Stream
Iceland Trade Gap Widens in December
Iceland’s trade deficit widened to ISK 46.7 billion in December 2024, from ISK 28 billion in the same month a year earlier. Imports advanced by 32% year-on-year to ISK 133.2 billion, driven by higher purchases of capital goods (102%), industrial supplies (41%), and food & beverages (28%). Meanwhile, exports rose by 19% to ISK 86.6 billion, mainly due to increased sales of agricultural products (133%), farmed fish (62%), and marine products (30%).
2025-01-08
Iceland Trade Gap Rises in November
Iceland’s trade deficit widened to ISK 31.6 billion in November 2024, from ISK 21.2 billion in the same month a year earlier. Imports rose 4% year-on-year to ISK 114.9 billion, driven by higher purchases of capital goods (+47%), and consumer goods (+7%). Meanwhile, exports fell 7% to ISK 83.3 billion, due to lower sales of marine products (-19%), and farmed fish (-32%).
2024-12-10
Iceland Trade Deficit Highest in 2 Years
Iceland’s trade deficit widened to ISK 49.4 billion in October 2024, from ISK 47.5 billion in the same month a year earlier, marking the highest deficit in two years. Imports rose 7% year-on-year to ISK 132.7 billion, driven by higher purchases of industrial supplies (+32%), transport equipment (+40%) and consumer goods (+12%). Meanwhile, exports grew 9% to ISK 83.3 billion, led by higher sales of famed fish (+28%), marine products (+4%) and manufacturing products (+8%).
2024-11-06