Seafood close to half of Iceland’s exportsSeafood accounted for almost half of Iceland’s exports in 2020

Seafood and aquaculture production accounted for approaching half of Iceland’s overall exports last year.

The total is estimated at ISK270 billion – a 4% increase in ISK over the previous year, but a 7% drop in foreign currency terms.

According to official figures, Iceland exported products valued at a total of ISL620 billion, with seafood production accounting for 44% of foreign currency earnings. Exported aquaculture production is estimated at ISK29 billion in 2020, accounting for 5% of export values.

According to SFS, this indicates that the seafood sector plays a significant role in Icelandic industry, responsible for 48% of the value of exports. SFS states that these figures are reminiscent of the years before the growth of heavy industry, prior to the 2008 financial crash, which was also before aquaculture had grown to anywhere near its present level.

The current figures follow a healthy December total when ISK23.20 billion worth of seafood was exported from Iceland.

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