Iceland’s trade deficit narrowed sharply to ISK 0.3 billion in January 2026 from ISK 7.8 billion in the corresponding month of the previous year. This marked the smallest trade deficit since a surplus recorded in January 2019, as exports fell less than imports. Exports declined by 20.9% year-on-year to ISK 72.4 billion, weighed down by lower shipments of manufactured goods (-36.6%) and other products (-49%). Imports also fell by 26.8% to ISK 72.7 billion, driven by a notable drop in purchases of industrial supplies (-35.8%), fuels and lubricants (-41.2%), capital goods (-35.2%), and transport equipment (-23.5%). source: Statistics Iceland

Iceland recorded a trade deficit of 312.20 ISK Million in January of 2026. Balance of Trade in Iceland averaged -4195.30 ISK Million from 1960 until 2026, reaching an all time high of 21093.00 ISK Million in December of 2008 and a record low of -63120.60 ISK Million in May of 2025. 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 February of 2026.

Iceland recorded a trade deficit of 312.20 ISK Million in January of 2026. Balance of Trade in Iceland is expected to be -35700.00 ISK Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Iceland Balance of Trade is projected to trend around -46500.00 ISK Million in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-08 09:00 AM
Balance of Trade
Dec ISK-40.8B ISK-32.4B ISK -49B
2026-02-06 09:00 AM
Balance of Trade
Jan ISK-0.3B ISK-40.4B ISK-32.0B
2026-03-06 09:00 AM
Balance of Trade
Feb ISK-0.3B


Related Last Previous Unit Reference
Balance of Trade -312.20 -40356.00 ISK Million Jan 2026
Capital Flows 375430.00 -107520.00 ISK Million Sep 2025
Current Account 26939.00 -110393.00 ISK Million Sep 2025
Current Account to GDP -3.60 -2.80 percent of GDP Dec 2025
Exports 72437.20 74632.10 ISK Million Jan 2026
Exports by Category
Exports by Country
External Debt 3559115.00 3556161.00 ISK Million Sep 2025
Foreign Direct Investment -113622.00 -6739.00 ISK Million Sep 2025
Gold Reserves 1.98 1.98 Tonnes Dec 2025
Imports 72749.40 114988.10 ISK Million Jan 2026
Imports by Category
Imports by Country
Remittances 3245.00 3043.00 ISK Million Sep 2025
Terrorism Index 0.12 0.23 Points Dec 2024
Tourist Arrivals 119942.00 141100.00 Dec 2025


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
-312.20 -40356.00 21093.00 -63120.60 1960 - 2026 ISK Million Monthly
Current Prices, NSA

News Stream
Iceland Trade Gap Narrows Sharply in January
Iceland’s trade deficit narrowed sharply to ISK 0.3 billion in January 2026 from ISK 7.8 billion in the corresponding month of the previous year. This marked the smallest trade deficit since a surplus recorded in January 2019, as exports fell less than imports. Exports declined by 20.9% year-on-year to ISK 72.4 billion, weighed down by lower shipments of manufactured goods (-36.6%) and other products (-49%). Imports also fell by 26.8% to ISK 72.7 billion, driven by a notable drop in purchases of industrial supplies (-35.8%), fuels and lubricants (-41.2%), capital goods (-35.2%), and transport equipment (-23.5%).
2026-02-06
Iceland Trade Deficit Narrows in December
Iceland’s trade deficit narrowed to ISK 40.8 billion in December 2025 from ISK 45.9 billion in the corresponding month of the previous year, as both exports and imports contracted. Exports fell 12.3% year-on-year to ISK 74.2 billion, weighed down by lower shipments of manufactured goods (-25.1%) and other products (-55%). Imports also declined 11.9% to ISK 115.0 billion, driven by sharp drops in food and beverages (-11.2%), industrial supplies (-27.0%), and capital goods (-55.3%).
2026-01-08
Iceland Trade Deficit Narrows in November
Iceland’s trade deficit narrowed to ISK 31.4 billion in November 2025 from ISK 37.6 billion in the corresponding month of the previous year, as both exports and imports contracted. Exports fell 12.5% year-on-year to ISK 71.1 billion, weighed down by lower shipments of marine products (-0.8%), farmed fish (-16.9%) and manufactured goods (-17.5%). Imports also declined 13.8% to ISK 102.5 billion, with sharp drops in fuel and lubricants (-38.4%) and capital goods (-46.3%).
2025-12-08