Iceland Trade Gap Narrows In July

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

The trade gap narrowed to ISK 40.6 billion in July from ISK 44.0 billion in the corresponding month last year. The deficit was also declined from ISK 58.7 billion in June.

Both exports and imports grew by 19.0 percent and 9.0 percent, respectively, compared to last year.

For the last 12 months, the deficit in the goods trade balance was ISK 441.9 billion, or ISK 63 billion more favorable than during the previous 12 months, the agency said.