Iceland Balance of Trade

Last Release

May 31, 2025

Actual

-63,394.6

Units In

ISK Million

-53,889.4

Frequency

Monthly

Next Release

Jul 07, 2025

Time to Release

29 Days 2 Hours

Highest	Lowest	Average	Date Range	Source
21,093 Dec 2008	-63,394.6 May 2025	-4,024.8 ISK Million	1960-2025	Statistics Iceland

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.

Latest Updates

Iceland’s trade deficit expanded significantly to ISK 63.4 billion in May 2025 from ISK 20.9 billion in the same month last year, reaching a historic high. Imports rose sharply by 30% year-on-year to ISK 143.2 billion, driven by a surge in purchases of capital goods (+121%)—due to the large-scale imports of computer products by companies that run data centres in the country—and transport equipment (48%). Conversely, purchases declined in fuels and lubricants (-14%) and food and beverages (-10%). Meanwhile, exports declined by 10% from a year earlier to ISK 79.8 billion, driven by lower supplies of agricultural products (-20%), marine products (-17%), farmed fish (-14%), and manufacturing products (-6%). For the last twelve months, Iceland's trade deficit increased to ISK 479.5 billion from ISK 381.8 billion in the previous period.