Iceland Trade Deficit Widens Sharply On Imports Surge

(RTTNews) - Iceland's foreign trade deficit increased notably in January from a year ago as imports grew much faster than exports, figures from Statistics Iceland showed on Thursday.

The trade gap widened to ISK 57.9 billion in January from ISK 20.6 billion in the corresponding month last year.

The value of exports rose 1.0 percent annually in January, and imports surged 37.0 percent. Imports of capital goods, except transport, jumped by 148 percent from last year, and exports of marine products showed a fall of 8.0 percent.

For the last 12 months the deficit in balance of trade in goods was ISK 421.7 billion or ISK 50.4 billion less favourable than during the previous 12 months.