2022
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GDP
$1.68TCURRENT US$
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2012-2022
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GDP GROWTH
8.3%CURRENT US$
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 GDP
$27.8BCURRENT US$
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2012-2022
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GDP GROWTH
88.7%CURRENT US$
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GDP PC 
$64,491CURRENT US$
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GDP PC GROWTH
-5.23%CURRENT US$
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GDP PC
$72,903CURRENT US$
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2012-2022
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GDP PC GROWTH
58.5%CURRENT US$
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About

Australia-Iceland Trade: In 2022, Australia exported $212M to Iceland. The main products that Australia exported to Iceland were Aluminium Oxide ($273M), Delivery Trucks ($3.86M), and Wine ($755k). Over the past 5 years the exports of Australia to Iceland have increased at an annualized rate of 34.4%, from $48.4M in 2017 to $212M in 2022.

In 2022, Australia did not export any services to Iceland.

Iceland-Australia Trade: In 2022, Iceland exported $25M to Australia. The main products that Iceland exported to Australia were Raw Aluminium ($32.4M), Harvesting Machinery ($1.79M), and Orthopedic Appliances ($823k). Over the past 5 years the exports of Iceland to Australia have increased at an annualized rate of 64.1%,  from $2.1M in 2017 to $25M in 2022.

In 2019, Iceland exported services to Australia worth $83.2M, with Travel ($45.2M), Computer and information services ($32.8M), and Transportation ($3.92M) being the largest in terms of value.

Comparison In 2022,  Australia ranked 78 in the Economic Complexity Index (ECI -0.24),  and 16 in total exports ($424B). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Australia exported $212M to Iceland. The main products exported from Australia to Iceland were Aluminium Oxide ($273M), Delivery Trucks ($3.86M), and Wine ($755k). During the last 5 years the exports of Australia to Iceland have increased at an annualized rate of 34.4%, from $48.4M in 2017 to $212M in 2022.

In 2017, Iceland exported $25M to Australia. The main products exported from Iceland to Australia were Raw Aluminium ($32.4M), Harvesting Machinery ($1.79M), and Orthopedic Appliances ($823k). During the last 22 years the exports of Iceland to Australia have increased at an annualized rate of 64.1%, from $2.1M in 1995 to $25M in 2017.

Exports from Australia (Flag) to Iceland (Flag) (2022)

Exports from Iceland (Flag) to Australia (Flag) (2022)

Latest Data

Trade between Australia (Flag) and Iceland (Flag)

Australia Exports

Iceland Exports

Market Competitiveness

Color
Australia
Top Destination
China$123B
Iceland
Top Destination
Netherlands$1.97B

This map shows whether countries import more from Australia or Iceland. Each country is colored based on the difference in imports they receive from Australia and Iceland or the difference in the growth in imports.

In 2022, countries that imported more from Australia than Iceland included China ($123B), Japan ($80.1B), and South Korea ($41B).

In 2022, countries that imported more from Iceland than Australia included Norway ($459M), Denmark ($257M), and Portugal ($95M).

Difference in imports from Iceland (Flag) and Australia (Flag) (2022)

Comparative Advantage Australia - Iceland

Flow
Scale

This chart compares trade between Australia and Iceland by product, considering products traded by both, Australia and Iceland.

During 2022, Australia had a large net trade with Iceland in the exports of Chemical Products ($273M), Transportation ($4.5M), and Machines ($1.32M).

During 2017, Iceland had a large net trade with Australia in the exports of Metals ($32.5M), Machines ($2.68M), and Instruments ($1.93M).

Service Trade

Bilateral Service Trade

In 2019, Iceland exported services to Australia worth $83.2M, with Travel ($45.2M), Computer and information services ($32.8M), and Transportation ($3.92M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Iceland (Flag) to Australia (Flag) (2019)

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Australia and Iceland. This means that a dot/product with the flag of Australia indicates it has a comparative advantage over Iceland. Similarly, a dot/product with the flag of Iceland indicates it has a comparative advantage over Australia.

Product Space of Australia (Flag) and Iceland (Flag) (2022)

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