Iceland recorded a trade deficit of 45544.70 ISK Million in September of 2025. This dataset 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.

Key information about Iceland's Trade Balance

• Iceland's Trade Balance recorded a deficit of 8.4 USD mn in Jan 2025, compared with a deficit of 275.3 USD mn in the previous month
• Iceland's Trade Balance data is updated monthly, available from Jan 1957 to Jan 2025, with an averaged value of -4.3 USD mn
• The data reached an all-time high of 204.7 USD mn in Jan 2019 and a record low of -372.6 USD mn in Dec 2006

• In the latest reports, Iceland's Total Exports reached 558.6 USD mn in Feb 2025, a decrease of 36.8% YoY (year-on-year)
• Total Imports recorded 970.8 USD mn in Feb 2025, an increase of 36.8% YoY (year-on-year)

The statistic shows Iceland's trade balance of goods from 2014 to 2024. Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2024, Iceland's trade deficit amounted to around **** billion U.S. dollars.

Graph and download economic data for International Merchandise Trade Statistics: Trade Balance: Commodities for Iceland (XTNTVA01ISQ664N) from Q1 1957 to Q2 2025 about Iceland, trade, Net, and goods.

Iceland: Trade balance as percent of GDP: The latest value from 2024 is -1.14 percent, a decline from 0.15 percent in 2023. In comparison, the world average is -3.07 percent, based on data from 134 countries. Historically, the average for Iceland from 1970 to 2024 is -0.15 percent. The minimum value, -16.73 percent, was reached in 2006 while the maximum of 9.85 percent was recorded in 2010.

Historical dataset showing Iceland trade balance by year from 1970 to 2023.

Iceland IS: Trade Balance: Services: Romania data was reported at 14.900 ISK mn in 2023. This records an increase from the previous number of -113.800 ISK mn for 2022. Iceland IS: Trade Balance: Services: Romania data is updated yearly, averaging -131.950 ISK mn from Dec 2013 (Median) to 2023, with 10 observations. The data reached an all-time high of 66.800 ISK mn in 2016 and a record low of -1,099.500 ISK mn in 2014. Iceland IS: Trade Balance: Services: Romania data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual.

Graph and download economic data for International Merchandise Trade Statistics: Trade Balance: Commodities for Iceland (XTNTVA01ISM664N) from Jan 1957 to Aug 2025 about Iceland, trade, Net, and goods.

Iceland's total Imports in 2024 were valued at US$9.84 Billion, according to the United Nations COMTRADE database on international trade. Iceland's main import partners were: Norway, China and the United States. The top three import commodities were: Machinery, nuclear reactors, boilers; Mineral fuels, oils, distillation products and Electrical, electronic equipment. Total Exports were valued at US$6.95 Billion. In 2024, Iceland had a trade deficit of US$2.89 Billion.

Iceland IS: Trade Balance: Services: Singapore data was reported at 1,670.300 ISK mn in 2023. This records an increase from the previous number of -2,204.700 ISK mn for 2022. Iceland IS: Trade Balance: Services: Singapore data is updated yearly, averaging 895.200 ISK mn from Dec 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 23,236.600 ISK mn in 2013 and a record low of -2,204.700 ISK mn in 2022. Iceland IS: Trade Balance: Services: Singapore data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual.

Iceland's total Exports in 2024 were valued at US$6.95 Billion, according to the United Nations COMTRADE database on international trade. Iceland's main export partners were: the Netherlands, the United States and the United Kingdom. The top three export commodities were: Fish, crustaceans, molluscs, aquatics invertebrates; Aluminum and Optical, photo, technical, medical apparatus. Total Imports were valued at US$9.84 Billion. In 2024, Iceland had a trade deficit of US$2.89 Billion.

Iceland IS: Trade Balance: Services: USD: Taiwan data was reported at 21.300 USD mn in 2023. This records an increase from the previous number of 4.300 USD mn for 2022. Iceland IS: Trade Balance: Services: USD: Taiwan data is updated yearly, averaging 12.600 USD mn from Dec 2013 (Median) to 2023, with 10 observations. The data reached an all-time high of 37.800 USD mn in 2017 and a record low of -3.100 USD mn in 2013. Iceland IS: Trade Balance: Services: USD: Taiwan data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: USD: by Country: OECD Member: Annual.

Iceland IS: Trade Balance: Services: Oceania data was reported at 14,634.000 ISK mn in 2019. This records a decrease from the previous number of 16,139.700 ISK mn for 2018. Iceland IS: Trade Balance: Services: Oceania data is updated yearly, averaging 13,666.300 ISK mn from Dec 2013 (Median) to 2019, with 7 observations. The data reached an all-time high of 16,139.700 ISK mn in 2018 and a record low of 9,515.500 ISK mn in 2013. Iceland IS: Trade Balance: Services: Oceania data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: by Country: OECD Member: Annual. Oceania includes American Samoa, Antarctica, Argentinian Antarctic Territory, British Antarctic Territory, Chilean Antarctic Territory, Cook Islands, Fiji, French Polynesia, French Southern and Antarctic Territory, Guam, Johnston and Sand Islands, Kiribati, Marshall Islands, Federated States of Micronesia, Micronesia, Melanesia, Midway Islands, Nauru, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Norfolk Island, Oceania and Antarctica, Polynesia (excluding Hawaii) nec, Polynesia (excluding Hawaii), United States Pacific Islands n.i.e., Palau, Pitcairn, Papua New Guinea, Queen Maud Land (Norway), Ross Dependency (New Zealand), Samoa, Samoa American, Solomon Islands, Tokelau, Tonga, Tuvalu, United States Miscellaneous Island, Vanuatu, Wake Island and Wallis and Futuna. Oceania includes American Samoa, Antarctica, Argentinian Antarctic Territory, British Antarctic Territory, Chilean Antarctic Territory, Cook Islands, Fiji, French Polynesia, French Southern and Antarctic Territory, Guam, Johnston and Sand Islands, Kiribati, Marshall Islands, Federated States of Micronesia, Micronesia, Melanesia, Midway Islands, Nauru, New Caledonia, New Zealand, Niue, Northern Mariana Islands, Norfolk Island, Oceania and Antarctica, Polynesia (excluding Hawaii) nec, Polynesia (excluding Hawaii), United States Pacific Islands n.i.e., Palau, Pitcairn, Papua New Guinea, Queen Maud Land (Norway), Ross Dependency (New Zealand), Samoa, Samoa American, Solomon Islands, Tokelau, Tonga, Tuvalu, United States Miscellaneous Island, Vanuatu, Wake Island and Wallis and Futuna.

Iceland IS: Trade Balance: Services: USD: Bulgaria data was reported at -3.700 USD mn in 2023. This records a decrease from the previous number of 1.500 USD mn for 2022. Iceland IS: Trade Balance: Services: USD: Bulgaria data is updated yearly, averaging -3.700 USD mn from Dec 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 1.700 USD mn in 2019 and a record low of -38.300 USD mn in 2014. Iceland IS: Trade Balance: Services: USD: Bulgaria data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: USD: by Country: OECD Member: Annual.

Iceland IS: Trade Balance: Advanced Economies: Germany data was reported at -369.890 USD mn in 2017. This records a decrease from the previous number of -262.597 USD mn for 2016. Iceland IS: Trade Balance: Advanced Economies: Germany data is updated yearly, averaging -7.300 USD mn from Dec 1948 (Median) to 2017, with 70 observations. The data reached an all-time high of 422.803 USD mn in 2011 and a record low of -369.890 USD mn in 2017. Iceland IS: Trade Balance: Advanced Economies: Germany data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Iceland – Table IS.IMF.DOT: Trade Balance: by Country: Annual.

Iceland IS: Trade Balance: Services: USD: Slovenia data was reported at 2.200 USD mn in 2023. This records a decrease from the previous number of 2.900 USD mn for 2022. Iceland IS: Trade Balance: Services: USD: Slovenia data is updated yearly, averaging 1.000 USD mn from Dec 2013 (Median) to 2023, with 10 observations. The data reached an all-time high of 2.900 USD mn in 2022 and a record low of -1.000 USD mn in 2017. Iceland IS: Trade Balance: Services: USD: Slovenia data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: USD: by Country: OECD Member: Annual.

Iceland IS: Trade Balance: Services: USD: Ecuador data was reported at 0.100 USD mn in 2023. This records an increase from the previous number of -0.100 USD mn for 2021. Iceland IS: Trade Balance: Services: USD: Ecuador data is updated yearly, averaging -0.100 USD mn from Dec 2013 (Median) to 2023, with 7 observations. The data reached an all-time high of 0.100 USD mn in 2023 and a record low of -0.300 USD mn in 2013. Iceland IS: Trade Balance: Services: USD: Ecuador data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: USD: by Country: OECD Member: Annual.

Iceland IS: Trade Balance: Services: USD: Trinidad and Tobago data was reported at 1.400 USD mn in 2023. This records an increase from the previous number of 0.900 USD mn for 2022. Iceland IS: Trade Balance: Services: USD: Trinidad and Tobago data is updated yearly, averaging 0.250 USD mn from Dec 2014 (Median) to 2023, with 10 observations. The data reached an all-time high of 1.400 USD mn in 2023 and a record low of -0.400 USD mn in 2014. Iceland IS: Trade Balance: Services: USD: Trinidad and Tobago data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: USD: by Country: OECD Member: Annual.

Iceland IS: Trade Balance: Services: USD: South Africa data was reported at 3.400 USD mn in 2023. This records an increase from the previous number of 2.600 USD mn for 2022. Iceland IS: Trade Balance: Services: USD: South Africa data is updated yearly, averaging 1.800 USD mn from Dec 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 3.900 USD mn in 2018 and a record low of 0.300 USD mn in 2020. Iceland IS: Trade Balance: Services: USD: South Africa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: USD: by Country: OECD Member: Annual.

Iceland IS: Trade Balance: USD: All Services: Manufacturing Services On Physical Inputs Owned By Others data was reported at -0.800 USD mn in 2023. This records an increase from the previous number of -7.800 USD mn for 2022. Iceland IS: Trade Balance: USD: All Services: Manufacturing Services On Physical Inputs Owned By Others data is updated yearly, averaging 56.500 USD mn from Dec 2013 (Median) to 2023, with 7 observations. The data reached an all-time high of 413.200 USD mn in 2013 and a record low of -7.800 USD mn in 2022. Iceland IS: Trade Balance: USD: All Services: Manufacturing Services On Physical Inputs Owned By Others data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Iceland – Table IS.OECD.TISP: Trade in Services: Trade Balance: USD: by Services: OECD Member: Annual. Manufacturing services on physical inputs owned by others includes activities such as processing, assembly, labelling and packing that are undertaken by enterprises that do not own the goods. Examples include oil refining, liquefaction of natural gas and assembly of clothing and electronics. Excluded are the assembly of prefabricated construction (included in construction) and labelling, and packing incidental to transport (included in transport services).The manufacturing is undertaken by an entity that does not own the goods and that is paid a fee by the owner. The ownership of the goods does not change, so no general merchandise transaction is recorded between the processor and the owner. Only the fee charged by the processor is included under this item, although such a fee may include the cost of materials purchased by the processor.An international trade element exists where the work done is by a resident of one economy for the owner of the goods who is resident in another economy. The treatment of these services is not conditional on whether the goods were previously or subsequently in the physical possession of the owner or not.