3.2 Fjarðaál annual export

Indicator 3.2 - Fjarðaál annual export


Here you can find information about Alcoa Fjarðaál export compared to Iceland's annual export.



Results


 

Table 1. Total export from Fjarðaál as a percent of total annual export from Iceland.

Year
Total export from Fjarðaál (billion ISK)
Iceland total annual export (billion ISK)
Fjarðaál total export as percentage of Iceland total export (%)
 2008
 73  466.9  16
 2009  74  500.9  15
 2010  94  561.0  17
 2011  95  620.1  15
 2012  99  633.0  16
 2013  95  610.7  16
 2014  91.5  586.9  15.6
 2015  92.1  626.3  14.7
 2016  71   537.3  13.2
 

Updated: October 2017
Source
:  Alcoa Fjarðaál 2017 



Table 2: Net export from Fjarðaál as a percent of total annual exports from Iceland.

Year
Fjarðaál expenses in Iceland
(millj. ISK)
Iceland's total annual export
(millj ISK)
Fjarðaál net exporta
(%)
 2007   6,102  305,096 2.0
 2008  30,346  466,859 6.5
 2009  28,333  500,854 5.7
 2010  31,000  561,032 5.5
 2011  33,000  620,127 5.3
 2012  38,000  633,029 6.0
 2013  33,000  610,692 5.4
 2014  28,400  586,896 4.8
 2015  33,800  626,266 5.4
 2016  27,500  537,342 5.1

a:  Calculated as Fjarðaál expenses in Iceland compared to total annual export from Iceland.

Updated: October 2017
Sources:  Alcoa Fjarðaál 2017


Metric, Targets and Monitoring Protocol


Metrics: What is measured

Total export from Fjarðaál as a ratio of total export from Iceland.


Targets

  1. Target is not applicable. Will report data.


Monitoring Protocol

Indicator is updated annually.

Changes of indicator

At the initiative's annual meeting on May 3 2016 the following change was approved

What is measured?

Text before change
Text after change
 Net exported products from Fjardaál as a percent of annual exports from Iceland (ISK/year). Total export from Fjarðaál as a ratio of total export from Iceland.
 

Rationale for change: Ágústa Björnsdóttir, specialist at Alcoa Fjarðaál proposed this change at the annual meeting in 2015.  There is no definition available for the concept "net export" and the closest approach is to define it as expenses payed to Icelandic parties.  By dividing total export from Iceland with that number we are comparing unrelated numbers.  The proposal was discussed in group discussion at the same meeting and the conclusion was to refer it to the steering group which decided to bring it to 2016 annual meeting for approval.


It was decided in the forth phase of the initiative to change the numbers of the sustainability indicators.  This indicator was originally number 11.1 and is referenced as 11.1 in early documents of the project.

Rationale for Indicator Selection


The Fjarðaál aluminum smelter is anticipated to produce 346 thousand tons of aluminum a year for export. 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.


Baseline


In 2003, Iceland ran a negative balance of trade as it had 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