FX.co ★ Iceland Trade Gap Widens in March

In March 2025, Iceland experienced an expansion in its trade deficit, reaching ISK 38.6 billion, an increase from ISK 29.1 billion in March of the previous year. This was primarily due to a 27% year-on-year increase in imports, totaling ISK 118.2 billion. The rise in imports was fueled by significant growth in capital goods (up 39%), industrial supplies (up 38%), consumer goods (up 7%), and transport equipment (up 25%). Exports, on the other hand, climbed by a slightly more modest 24% to ISK 79.6 billion, with notable contributions from manufactured products (up 29%) and marine products (up 23%). Reviewing the first quarter of the year, Iceland's trade deficit escalated to ISK 101.5 billion, up from ISK 69.3 billion during the corresponding period of the previous year.