Iceland Trade Gap Narrows In May

(RTTNews) - Iceland's foreign trade deficit decreased in May from a year ago, preliminary figures from Statistics Iceland showed on Monday.

The trade gap narrowed to ISK 56.6 billion in May from ISK 63.1 billion in the corresponding month last year. In April, the shortfall was ISK 65.8 billion.

Both exports and imports plunged by 11.0 percent on an annual basis in May. There was a 15.0 percent sharp decline in the outflows of industrial goods, which constitutes 48 percent of overall merchandise exports.

Data showed that the import decline was more evident in investment goods, while the country imported more food and beverages.