Iceland Trade Gap Widens In March

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

The trade gap widened to ISK 38.6 billion in March from ISK 29.1 billion in the corresponding month last year. In February, the deficit was ISK 57.3 billion.

The value of exports grew 24.0 percent annually in March, and imports surged 27.0 percent. Imports of capital goods, except transport, advanced by 39.0 percent from last year, and exports of marine products showed a growth of 23.0 percent.

For the last 12 months, the deficit in the balance of trade in goods was ISK 430.6 billion, or ISK 58.3 billion less favorable than during the previous 12 months, the agency said.