Reykajvik (IFN) Iceland's foreign trade deficit widened to ISK31.9 billion in the first quarter of this year, double the shortfall of ISK15.3 billion in the year-earlier period, Statistics Iceland said Friday.
The trade deficit for March expanded to ISK13.4 billion from ISK6.3 billion a year earlier.
Kaupthing bank economists called the March deficit a monthly record.
Statistics Iceland said imports in the first quarter rose 31.1% to ISK80.7 billion, set against a 5.4% rise in exports to ISK48.7 billion.
Much of the rise in imports was traced to incoming industrial supplies, which rose 50% to ISK21.1 billion.
Icelandic economists have traced much of the trade and current account deficits to foreign materials and
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