Balance of Trade
Iceland
![Picture](/uploads/3/9/7/5/39758886/909436459.png?563)
Iceland recorded a trade surplus of 230 ISK Million in May of 2015. The balance of trade in Iceland averaged -51.54 ISK Million from 1960 until 2015, reaching an all time high of 24063.60 ISK Million in December of 2008 and a record low of -25843.30 ISK Million in December of 2006.
Iceland's economy is highly export-driven. Iceland’s main exports are fish and fish products, aluminum and alloys and animal products. Iceland’s main imports are machinery and equipment, petroleum products, foodstuffs and textiles. European Union is by far its largest trading partner, accounting for about 75% of exports and 60% of imports. Other major trading partners are The United States and Japan.
(Data according to trading economics)
(Data according to trading economics)
Future Trends
Stability is a key aspect of the Icelandic economy, and the performance levels of the economy are not expected to change anytime soon. However, one factor that remains the subject of great debate is whether Iceland should join the European Union (EU). The main reservation against EU membership is the fear of losing direct control of Iceland's fishing resources
Stability is a key aspect of the Icelandic economy, and the performance levels of the economy are not expected to change anytime soon. However, one factor that remains the subject of great debate is whether Iceland should join the European Union (EU). The main reservation against EU membership is the fear of losing direct control of Iceland's fishing resources