Iceland Balance of Trade

Last Release

Jun 30, 2025

Actual

-41,700

Units In

ISK Million

-63,394.6

Frequency

Monthly

Next Release

Aug 08, 2025

Time to Release

30 Days 8 Hours

Highest	Lowest	Average	Date Range	Source
21,093 Dec 2008	-63,394.6 May 2025	-4,072.73 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 narrowed to ISK 41.7 billion in June 2025 from ISK 43.2 billion in the same month last year. Exports declined by 10% year-on-year to ISK 68.7 billion, driven by reduced supplies of manufacturing products (-10%) and other products (-86%). Conversely, higher sales were seen for agricultural products (92%), farmed fish (51%), and marine products (10%). Meanwhile, imports fell at a much softer pace of 7% to ISK 100.4 billion, attributed to the decrease in purchases of transport equipment (-29%), fuels and lubricants (-16%), capital goods (-12%), and industrial supplies (-6%). Over the first seven months of the year, Iceland’s trade deficit grew to ISK 477.7 billion from ISK 378.3 billion in the previous period.