Iceland’s trade deficit narrowed to ISK 56.6 billion in May 2026 from a revised ISK 63.1 billion in the corresponding month a year earlier. Exports fell 11% year-on-year to ISK 71 billion, primarily due to lower shipments of agricultural products (-36.3%), manufacturing goods (-17.0%), and pharmaceutical products (-35.1%). Meanwhile, imports also declined 11% to ISK 127.6 billion, driven by reduced purchases of capital goods (-28.5%), transport equipment (-6.6%), and fuels and lubricants other than petroleum products (-41.3%). In contrast, imports of food and beverages increased by 33.1%. Over the last twelve months, Iceland’s trade deficit totaled ISK 426 billion. Exports decreased 6%, largely reflecting a 15% decline in manufacturing goods, which accounted for 48% of total exports, while imports fell 9%, mainly due to lower purchases of capital goods and industrial supplies. source: Statistics Iceland

Iceland recorded a trade deficit of 56598.30 ISK Million in May of 2026. Balance of Trade in Iceland averaged -4386.58 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 -65845.60 ISK Million in April of 2026. 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 June of 2026.

Iceland recorded a trade deficit of 56598.30 ISK Million in May 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 -43500.00 ISK Million in 2027 and -43900.00 ISK Million in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-08 09:00 AM
Balance of Trade
Apr ISK-64.9B ISK-35.4B ISK-32.0B
2026-06-08 09:00 AM
Balance of Trade
May ISK-56.6B ISK-65.8B ISK-56.0B
2026-07-07 09:00 AM
Balance of Trade
Jun ISK-56.6B ISK -35.7B


Related Last Previous Unit Reference
Balance of Trade -56598.30 -65845.60 ISK Million May 2026
Capital Flows 27460.00 -57866.00 ISK Million Mar 2026
Current Account -32060.00 -39097.00 ISK Million Mar 2026
Current Account to GDP -3.60 -3.20 percent of GDP Dec 2025
Exports 70991.70 73204.50 ISK Million May 2026
Exports by Category
Exports by Country
External Debt 3641020.00 3669995.00 ISK Million Mar 2026
Foreign Direct Investment 53958.00 56763.00 ISK Million Mar 2026
Gold Reserves 1.98 1.98 Tonnes Mar 2026
Imports 127590.00 139050.10 ISK Million May 2026
Imports by Category
Imports by Country
Remittances 2516.00 3180.00 ISK Million Mar 2026
Terrorism Index 0.06 0.12 Points Dec 2025
Tourist Arrivals 163802.00 148898.00 May 2026


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
-56598.30 -65845.60 21093.00 -65845.60 1960 - 2026 ISK Million Monthly
Current Prices, NSA

News Stream
Iceland Trade Deficit Narrows in May
Iceland’s trade deficit narrowed to ISK 56.6 billion in May 2026 from a revised ISK 63.1 billion in the corresponding month a year earlier. Exports fell 11% year-on-year to ISK 71 billion, primarily due to lower shipments of agricultural products (-36.3%), manufacturing goods (-17.0%), and pharmaceutical products (-35.1%). Meanwhile, imports also declined 11% to ISK 127.6 billion, driven by reduced purchases of capital goods (-28.5%), transport equipment (-6.6%), and fuels and lubricants other than petroleum products (-41.3%). In contrast, imports of food and beverages increased by 33.1%. Over the last twelve months, Iceland’s trade deficit totaled ISK 426 billion. Exports decreased 6%, largely reflecting a 15% decline in manufacturing goods, which accounted for 48% of total exports, while imports fell 9%, mainly due to lower purchases of capital goods and industrial supplies.
2026-06-08
Iceland Trade Deficit Hits a Record High
Iceland's trade deficit widened to ISK 64.9 billion in April 2026, reaching a historic high, from ISK 54.1 billion deficit in in the same month a year earlier. Exports declined 11% year-on-year to ISK 73.2 billion, mainly due to a decrease in shipments of manufacturing goods (-22%). However, exports of farmed fish increased 103% and agricultural products rose 41%. Imports edged up 1% to ISK 138.1 billion, supported by strong increases in fuel and lubricants imports (66%) and transport equipment (31%), although partly offset by lower imports of industrial supplies (-15%) and food products (-18%). Over the last twelve months, Iceland's trade deficit stood at ISK 429.6 billion.
2026-05-08
Iceland Trade Deficit Narrows in March
Iceland’s trade deficit narrowed to ISK 37.9 billion in March 2026 from ISK 42.2 billion in the corresponding month of the previous year. Exports advanced by 22% year-on-year to ISK 93.1 billion, driven by higher shipments of farmed fish (+103%), marine products (+53%), and agricultural products (+12%). However, exports declined for manufactured goods (-3%) and other products (-30%). Meanwhile, imports rose 11% to ISK 131 billion, supported by increased purchases of capital goods (+65%), food and beverages (+29%), fuels and lubricants (+8%), and consumer goods (+6%). Over the past twelve months, Iceland’s trade deficit stood at ISK 421.3 billion.
2026-04-10