July Trade Deficit Increases From Last Year

Iceland recorded a trade deficit of 31 billion ISK in July 2022, which is approximately double the trade deficit of July 2021, according to Statistics Iceland.

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About 75 billion ISK worth of goods was exported during July, while 106 billion ISK was spent on imported goods during the same time, resulting in the deficit.

Statistics Iceland reports the value of exported goods increased by nearly 30% in the last year. Marine products represent a majority of exported goods, contributing 35% of the export value.

The value of imported goods also increased, but by about 32%. Notably, transport equipment, industrial supplies, and fuel made up a large portion of imported items. This reflects global market changes, especially historically high gas prices caused by inflation and the war in Ukraine.