Wednesday, the Statistics Iceland announced that the trade deficit stood at ISK6.7 billion in 2008, narrowing from a revised ISK 92.14 billion deficit in the previous year.

At the same time, exports increased 53% at current prices, while imports grew 19.9%.

Manufacturing products contributed 52.1% of total exports, while marine products contituted 36.7%. However, the largest import categories were industrial supplies, capital goods and consumer goods other than food and beverages.

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