Export boom in Iceland

The value of Icelandic exports grew significantly in the second quarter of this year, compared both to Q1 this year and to Q2 last year, reports ruv.is. The value of export earnings from the three largest export sectors of tourism, seafood, and heavy industry amounted to a combined 313.3 billion ISK in April, May, and June. That figure has never been higher.

According to economists at Landsbankinn, the three sectors’ export earnings were 141 billion ISK more than in the same three months last year, and that 85 billion of that was thanks to tourism’s strong bounce back. The value of aluminium exports rose 45 billion ISK in the same period, and fisheries and seafood exports by 10.8 billion.

Global seafood and aluminium prices are both particularly high.The total value of all Icelandic export industries in Q2 this year was 438.3 billion ISK which is 53 percent higher than the same quarter in 2021. 93 percent of the increase is accounted for by increases in the three biggest fields.

During the same quarter, the total value of imports to Iceland was 445.2 billion ISK, meaning a trade deficit of seven billion. It was the third quarter in a row with a trade deficit, but it was the smallest of the three.