Vísir 3.2 - Fjardaal's Export
Rationale for Indicator Selection
The Fjardaál aluminium smelter is anticipated to produce 322 thousand tons of primary aluminium a year with the market for production being primarily based in Europe and, to some degree, North America. The impact of the smelter on Iceland's exports and balance of trade is likely to be significant. Monitoring the degree of influence of Alcoa's exports on Iceland's balance of payments will help assess the long term economic situation of Iceland's balance of trade.
Metric
i. Net exported products from Fjardaál as a percent of annual exports from Iceland (ISK/year).
Targets
-
Target is not applicable. Will report data.
Monitoring Protocol
- Iceland Statistics monitors this information. Information collection will start in 2007 when the smelter starts operation
Baseline
In 2003, Iceland ran a negative balance of trade as it has done since 1996.
Annual External Trade for 2003
|
Exports
(Million ISK)
|
% of Exports
from Alcoa
|
Imports
(Million ISK)
|
Balance of
Trade (Million ISK)
|
|
| 2003 | 182,580 | 0 | 216,525 | -33,945 |
Source: Statistics Iceland, 2003
Performance
i. Net exported products from Fjardaál as a percent of annual exports from Iceland (ISK/year).
| Export from Iceland | 2006 | 2007 | 2008 | 2009 |
|---|---|---|---|---|
| % of Fjardaal's part in Iceland's yearly export | 0,0% | 2,0% | 6,5% | 5,7% |
| Fjardaal's total export in millions ISK | 6.102 | 30.346 | 28.333 | |
| Iceland's total export in millions ISK | 242.740 | 305.098 | 466.861 | 497.066 |
| % of Fjardaal´s export as a part of increased income in Iceland's export | 0,0% | 9,8% | 18,8% | 93,8% |
Recourse: Iceland Statistics and Alcoa Fjardaal 2010.
