Iceland recorded a trade deficit of ISK 31 billion in July 2022, according to the Icelandic Statistics Office. This is about double her July 2021 trade deficit.

Around ISK 75bn worth of goods were exported in July, while ISK 106bn was spent on imports during the same period, leaving the country in the red.

The Icelandic Bureau of Statistics reports that the value of exports increased by nearly 30% last year. Seafood products make up the majority of exports, accounting for 35% of his export value.

Prices of imported goods also rose, but by about 32%. In particular, transport equipment, industrial goods and fuels account for the majority of import items. This reflects changes in global markets, particularly inflation and historically high gas prices caused by the war in Ukraine.

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