Iceland’s trade deficit narrowed to ISK 24.2 billion in October 2025 from ISK 46.5 billion in the corresponding month of the previous year. This marked the smallest trade deficit since September 2024, as exports dropped more than imports. Year-on-year, exports fell by 2% to ISK 85.3 billion, mainly due to lower shipments of fresh fish (-15.2%), agricultural products (-8.3%), and salted and/or dried fish (-5.7%). Meanwhile, imports declined by -18% to ISK 109.5 billion, with decreased purchases of transport equipment (-54.5%), industrial supplies (-26.4%), and capital goods (-6%).