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Iceland Balance of trade August 2010


Balance of trade: The value of exported goods from Iceland amounted to ISK 363,200 million fob and the value of imported goods amounted to ISK 287,700 million fob (ISK 312,100 million cif) January-August 2010. Thus there was a trade surplus, calculated on fob value, of 75,500 million as compared with a trade surplus of ISK 54,100 million in January-August 2009, at fixed rates of exchange.

Exports: The total value of exports of goods January-August 2010 was ISK 39,000 million or 12.0% higher at constant rates of exchange than in the same period the year before. Marine products were 39.1% of the total exports and their value 3.3% higher than the same period the year before. Exported manufacturing products were 56.7% of total exported goods and their value was 34.9% more than in the same period the year before. Most increase occurred in the export of manufacturing products, mainly aluminium, and there was also an increase in the export of marine products. On the other hand there was a decrease in exports of ships and aircrafts.

Imports: The total value of imports of goods January-August 2010 was ISK 17,500 million or 6.5% higher at constant rates of exchange than in the same period the year before. There was an increase in the import of industrial supplies, capital goods and fuels and lubricants but there was a decrease in the imports of transport equipments. Statistics Iceland

There is as increase in the weight of consumer goods to import total with the rate moving from 12.0% to 15.7% between months. Semi-durable goods increase from a share of 3.8% to 6.1% and non-durable goods from 6.1% to 7.1% while durable goods nudge up from 2.0% to 2.5%, indicating a tendency toward cheaper products. Car imports support this, where the share in total imports drops from 2.4% to 1.3% and import value moved down from 928.1 to 456.7 million. Motor spirit imports decrease from 4.9% to 3.9% or from 1,935.7 to 1,356.5 billion.

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