Iceland recorded a trade deficit of ISK 57.4 billion in June 2026, widening from ISK 39.8 billion in the same month a year earlier. This was the largest deficit since May 2025, as imports grew faster than exports.
On an annual basis, imports surged 43% to a record ISK 155.3 billion, driven by sharply higher purchases of capital goods (up 164.8%), industrial supplies n.e.s. (up 12.1%), fuels and lubricants (up 47.9%), and consumer goods n.e.s. (up 7.0%).
Exports also rose strongly, climbing 42% to an over three-year high of ISK 98.0 billion, supported by increased shipments of manufacturing products (up 59.4%), marine products (up 25.5%), and farmed fish (up 36.9%).
Over the past twelve months, Iceland’s trade deficit reached ISK 443.9 billion. Exports declined by 3%, largely reflecting an 11% drop in manufacturing goods, which accounted for 49% of total exports. Imports fell by 9% over the same period, mainly due to reduced purchases of industrial supplies, investment goods, fuels and lubricants, and transport equipment.
