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Iceland’s trade deficit narrowed to ISK 31.4 billion in November 2025 from ISK 37.6 billion in the corresponding month of the previous year, as both exports and imports contracted. Exports fell 12.5% year-on-year to ISK 71.1 billion, weighed down by lower shipments of marine products (-0.8%), farmed fish (-16.9%) and manufactured goods (-17.5%). Imports also declined 13.8% to ISK 102.5 billion, with sharp drops in fuel and lubricants (-38.4%) and capital goods (-46.3%).