Iceland Faces Trade Deficit of 397.7 Billion ISK in 2024
Overview of Trade Figures
Iceland’s economic landscape in 2024 reveals a trade deficit of 397.7 billion ISK. This figure arises from a total export value of 959.0 billion ISK (fob) juxtaposed against a staggering import value of 1,356.7 billion ISK (cif), which translates to 1,286.1 billion ISK (fob). Compared to the 365.8 billion ISK deficit recorded in 2023, this represents a noticeable deterioration in Iceland’s trade balance.
Growth in Export Value
The total value of goods exported in 2024 saw an increase of 20.9 billion ISK from the previous year. Notably, manufacturing products comprised 54% of total exports, experiencing a 3% increase compared to 2023. Aluminium and its products stood out, contributing around 33% to industrial product exports.
Analysis of Marine Product Exports
Marine products accounted for 36% of the total export value in 2024, although this category saw a 2% decline from 2023. Within marine products, fresh fish and frozen fish fillets were the most significant, making up 27% and 25%, respectively. The primary export partners included the Netherlands, the United States, and the United Kingdom, with a substantial 77% of exports directed towards EEA countries.
Import Dynamics
In 2024, imports surged by 52.9 billion ISK compared to the previous year. Noteworthy shifts included a 15% increase in investment goods, while transport equipment and fuels/lubricants saw declines of 12% and 10%, respectively. Raw and consumable goods and investment goods represented the largest portions of imports, accounting for 27% and 26% of the total import value.
Key Trading Partners
The main countries exporting goods to Iceland in 2024 included Norway, Germany, the United States, and China. Impressively, imports from EEA countries made up 60% of total imports.
Further Information
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