Statistics Iceland

Unit for trade in goods and services

Borgartun 21A, 150 Reykjavik, Iceland

International trade in goods statistics (ITGS) measure the value and quantity of goods traded with the rest of the world. ‘Goods’ means all movable property including electricity. ITGS published by Eurostat are compiled on the basis of the concepts and definitions set out in EU legislation.

Trade by invoicing currency (TIC) data are part of the information available. The invoicing currency is the currency in which the commercial invoice is drawn up. These statistics are very useful to central banks, including the European Central Bank, for comparing the euro with other major international currencies. These data are also used by financial market segments or foreign investors.

Statistical dimensions available for TIC data:

• reporting country;
• reference period;
• trade flows;
• product; and
• currency.

Product classification

The Standard International Trade Classification (SITC) is managed by the United Nations and correlated with the subheadings of the Harmonised System. SITC Rev. 4 comprises 2 970 basing headings which are aggregated into 262 groups, 67 divisions and 10 sections. TIC data are based on the section level complemented by the division 33 ‘oil”.

Country classification

The ‘Nomenclature of countries and territories for the external trade statistics of the Union and statistics of trade between Member States’, known as the ‘Geonomenclature’, is used to collect detailed statistics on exchanges of goods. TIC data are only disseminated at an aggregated partner level: partner ‘extra-EU’ for TIC data reported by the EU Member States and partner ‘world’ for the TIC data reported by the EFTA and enlargement countries. See the publication Geonomenclature applicable to European statistics on international trade in goods for more information (https://ec.europa.eu/eurostat/web/international-trade-in-goods/publications#methotherpub).

The scope of TIC data is the same as for monthly detailed data on extra-EU trade in goods. They cover all goods entering (imports) or leaving (exports) the statistical territory of Iceland, therefore leaving out fuels purchased abroad by Icelandic vessels and aircraft.

As ITGS in general, TIC data covers all sectors of the economy.

Reporting country - Except for some specific goods like vessels and aircraft, and in case of Iceland the purchases of fuels abroad by Icelandic vessels and aircraft, ITGS follow the physical movements of the goods. Iceland records import when the goods enter its statistical territory and an export when goods leave that territory except those good that are in simple transit.

Partner country – At detailed level, this is the last known country of destination for exports and the country of origin for imports. However individual partner countries are not kept in the dissemination of data by invoicing currency. They are replaced by the partner area  ‘World’.

Product – Goods are primarily classified by commodity code as set out in the EU Combined Nomenclature. TIC data are compiled on the basis of a correspondence table enabling the transposition of detailed data collected according to the Combined Nomenclature into the Standard International Trade Classification (SITC). TIC data are available by three product groups: Raw materials without oil (SITC sections 0-4, excluding division 33), Oil (SITC division 33) and Manufactured products (SITC sections 5-8). Additionally, since 2021 reference period, TIC data are available also by 10 individual SITC sections.

Currency – The invoicing currency is the currency in which the commercial invoice is drawn up. Its definition is provided by the customs legislation. The following invoicing currencies or groups of currencies are considered for data transmission to Eurostat:

Common currencies to be reported whatever the data source used:

• Euro (‘EUR’)
• Iceland krona (‘ISK’)
• UK pound sterling (‘GBP’)
• US dollar (‘USD’)
• National currencies of non-euro area Member States (‘XU3’)
• Other not specified currencies (‘_X’)
• Unknown currency (‘_U’)
• Total ‘_T’

Additional invoicing currency breakdown since the data source is the customs declaration:

• Brazilian real (‘BRL’)
• Canadian dollar (‘CAD’)
• Swiss franc (‘CHF’)
• Chinese yuan renminbi (‘CNY’)
• Indian rupee (‘INR’)
• Japanese yen (‘JPY’)
• South Korean won (‘KRW’)
• Mexican peso (‘MXN’)
• Norwegian krone (‘NOK’)
• Russian rouble (‘RUB’)
• Singapore dollar (‘SGD’)
• Turkish lira (‘TRY’)

Note on ‘unknown’ currency: Trade for which the currency is unknown should be distributed over the individual currencies or groups of currencies proportionally to their relative share except if it is known that such a distribution would skew the data in a too significant extent. In such a case, the code UNK ‘Unknown’ could exceptionally be used.

The set of collected currencies has been evolving over time. Initially, only 5 currencies were collected (EUR, USD, _X, XU3 and _T). Since 2020 reference year, _U currency was added. The full set mentioned above has been collected only since 2021 reference year.

The statistical unit is any natural and legal person lodging a customs declaration in Iceland on the condition that the customs procedure is of statistical relevance.

The statistical population comprise all the legal or natural persons who lodged a customs declaration with the Icelandic National Customs Authority.

• All EFTA countries except Liechtenstein for which a derogation applies: Iceland, Norway and Switzerland;
• United Kingdom (until 2018 reference year);
• Northern Ireland (since 2022 reference year); and
• Enlargement countries (candidate countries and potential candidates): Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia and Turkey.

Avaliable for Iceland

ref year 2010

ref year 2012

ref year 2014

ref year 2016

ref yea r2017

ref year 2018

ref year 2019

ref year 2020

ref year 2021

ref year 2022

January - December 2022

For data transmission to Eurostat – Trade values (in national currency units) by invoicing currency. The value of traded goods is calculated at the national frontier, on a FOB (free on board) basis for exports and a CIF (cost, insurance, freight) basis for imports. Hence, only incidental expenses (freight, insurance) are included and they are incurred for:

• exports in the part of the journey located on the territory of the country where the goods are exported from;
• imports in the part of the journey located outside the territory of the country where the goods are imported to.

 For data dissemination on Eurostat website – Share of each invoicing currency in world imports and exports.

The reference period for the information on international trade in goods transactions is generally the calendar month during which the customs declaration is accepted by the Icelandic National Customs Authority.

The reference years for which TIC data are disseminated result from the aggregation of monthly figures from January to December.

General statistical legislation

Regulation (EC) No 223/2009 of the European Parliament and of the Council on European statistics

Legislation applicable as of 1 January 2022

Regulation (EU) 2019/2152 on European business statistics

• Implementing Regulation (EU) 2020/1197 laying down technical specifications and arrangements pursuant to Regulation (EU) 2019/2152

• Implementing Regulation (EU) 2021/1225 specifying the arrangements for the data exchanges and amending Implementing Regulation (EU) 2020/1197, as regards the Member State of extra-Union export and the obligations of reporting units

• Delegated Regulation (EU) 2021/1704 further specifying the details for the statistical information to be provided by tax and customs authorities and amending Annexes V and VI of Regulation (EU) 2019/2152

Extra-EU trade legislation (or Extrastat)

• Regulation (EC) No 471/2009 of the European Parliament and of the Council

• Implementing Commission Regulation (EC) No 92/2010

• Implementing Commission Regulation (EC) No 113/2010

All regulations relevant for the European statistics on international trade in goods can be found in the publication Legislation on European statistics on international trade in goods or consulted from the Legislation page of the International trade in goods section on Eurostat website. All legal texts of the EU are accessible on Eur-Lex.

Not applicable.

In principle data by invoicing currency are not detailed enough to make it possible to identify a specific trader. They are therefore free for publication. However the inclusion of additional detailed product categories and individual invoicing currencies might make it possible to identify individual traders. In such a case, and strictly only upon request of an importer or exporter of goods, reporting countries should prevent the release of confidential data by an appropriate marking.

https://statice.is/about-statistics-iceland/laws-and-regulations/statistics-icelands-rules-of-procedure-for-treating-confidential-data/

The TIC data is aggregated enough to ensure statistical confidentiality. The TIC data are the result of the aggregation of real trade data.

TIC data are only disseminated by Eurostat. See item 8.1 ‘Release calendar’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency (TIC)’ for more details.

TIC data are only disseminated by Eurostat. See item 8.2 ‘Release calendar access’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

TIC data are only disseminated by Eurostat. See item 8.3 ‘Release policy - user access’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

TIC data are only disseminated by Eurostat. See item 9 ‘Frequency of dissemination’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

TIC data are only disseminated by Eurostat. See item 10.1 ‘Dissemination format - News release’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

TIC data are only disseminated by Eurostat. See item 10.2 ‘Dissemination format - Publications’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

TIC data are only disseminated by Eurostat. See item 10.3 ‘Dissemination format - online database’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

See document TIC Quality indicators.

Not applicable.

Not applicable.

See document TIC Quality indicators.

TIC data are only disseminated by Eurostat. See item 10.6 ‘Documentation on methodology' of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

100%

TIC data are only disseminated by Eurostat. See item 10.7 ‘Quality management - documentation’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

https://statice.is/about-statistics-iceland/quality-policy/

See item 11.2 ‘Quality management - assessment' of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

TIC data are only disseminated by Eurostat. See item 12.1 ‘Relevance - User Needs’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

TIC data are only disseminated by Eurostat. See item 12.2 ‘Relevance - User Satisfaction’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

See item 12.3 ‘Completeness’ of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

See document

a1fec4af-9acd-b04d-7b90-9e48348b8816 (europa.eu)

Import and export statistics are not based on surveys in any case, but solely on the accraacy of customs data

At national level, the trade in goods data are tested every month against outliers, definitive and potential errors and by that effort is made to try to minimize errors in the data.

See item 13.2 ‘Sampling error' of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

Import and export statistics are not based on surveys in any case, but solely on customs data so sampling error not relevant

See item 13.3 ‘Non-sampling error' of the related metadata ‘ext_tic - International trade in goods – trade by invoicing currency’ for more details.

Import and export statistics are not based on surveys in any case, but solely on customs data. Therefore full cover

Not applicable.

Not applicable.

Import and export statistics are not based on surveys in any case, but solely on customs data. Therefore full cover

Import and export statistics are not based on surveys in any case, but solely on customs data. Therefore full cover

Import and export statistics are not based on surveys in any case, but solely on customs data. Therefore full cover

Import and export statistics are not based on surveys in any case, but solely on customs data. Therefore full cover

Not applicable.

Not applicable.

See concepts 14.1.1 and 14.1.2.

See document TIC Quality indicators.

a1fec4af-9acd-b04d-7b90-9e48348b8816 (europa.eu)

Not applicable.

See concept 14.2.1 for the time lag between the actual delivery of the TIC data and the target date when it should have been delivered.

See document TIC Quality indicators.

To some extend, mirror studies have been performed on trade in goods data. The major problem that has been discovered is regarding the country of final destination regarding goods that are sent abroad unsold to storage abroad.

Not applicable.

no methodological change occurred in recent years

Data are comparable since 2010 but Changes due to definitions, classifications, coverage or methods will have an impact on the continuity of the time series

The Icelandic trade in goods data are compared with VAT information in the same month.

Not applicable.

Results are primarily based on data from the customs authorities, where a certain quality control is maintained. Statistics Iceland also reviews the data regularly throughout the year.

The Icelandic trade in goods data are compared with VAT information in the same month.

Cost is minimum and there is no additional burden on traders.

https://statice.is/about-statistics-iceland/revision-policy/

The TIC data are not revised unless an error is discovered or new data emerges

ref year 2022:

Major revision (planned in advance) will be every 5 years , next 2024

Not available.

Information on trade in goods and invoicing currency is primarily based on customs declarations for imports and exports. Data is gathered from other sources as well:  Statistics Iceland conducts a monthly survey regarding trading of ships and aircrafts and the Icelandic Transport Authorities provides information regarding the registration of ships and aircraft.

Collection of trade in goods data: every month via customs declarations

Collection of the invoicing currency: every month via customs declarations

Statistics Iceland's survey regarding trading in ships and aircrafts:  monthly

Information from the Icelandic Transport Authorities: monthly e-mail including all transactions in the registration of ships for the reference month.

Customs declarations are retrieved monthly for the Customs database.
Statistics Iceland's survey regarding trading in ships and aircrafts is a monthly on-line survey.

Monthly e-mail from one partner regarding trading in fuel.
The information from the Icelandic Transport Authorities are 1) Online access to the database of registration of ships, 2) monthly e-mail including all transactions in the registration of ships for the reference month.

At national level: When importing the monthly data from the customs, an error test is performed which covers many factors such as currencies, countries, amounts, tariff numbers and so on. The data is subsequently corrected and in some cases the person concerned will been contacted. The data is reviewed throughout the year.

Icelandic TIC data disseminated by Eurostat have passed the following quality checks:

• Intra-dataset checks: completeness of the dataset and uniqueness of the records, validity of the codes, validity of code combinations across the different dimensions, inter-record consistency checks;
• Intra-domain check: check of the coherence between trade values published in the TIC dataset and trade values coming from aggregated and detailed trade in goods data.

At national level:

The information is retrieved from the database for trade in goods, based on Eurostat guidelines for the calculation of TIC.

There is no imputation for invoicing currency.

At European level:

The share of each invoicing currency in the imports and exports of the reporting country is calculated on the basis of the transmitted trade values. Additionally, Eurostat derives TIC data for the EU and the euro area as reporting entities by aggregating the trade values reported by the Member States.

At national level:

No imputation is made at national level.

At European level:

No imputation is made by Eurostat.

Not applicable.

Seasonal adjustment not applyed