Canada (CAN) and Iceland (ISL) Trade | The Observatory of Economic Complexity

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Canada (CAN) and Iceland (ISL) Trade

2022

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Exports $89.4MRnk 89 / 215

2022

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About

Canada-Iceland In 2022, Canada exported $89.4M to Iceland. The main products that Canada exported to Iceland are Crustaceans ($13.5M), Raw Aluminium ($7.78M), and Fuel Wood ($7.75M). During the last 27 years the exports of Canada to Iceland have increased at an annualized rate of 6.15%, from $17.9M in 1995 to $89.4M in 2022.

In 2020, Canada exported services to Iceland worth $1.49M, with Royalties and license fees ($1.49M) being the largest in terms of value.

Iceland-Canada In 2022, Iceland exported $144M to Canada. The main products that Iceland exported to Canada were Fish Fillets ($52.8M), Raw Aluminium ($22M), and Non-fillet Frozen Fish ($13.8M). During the last 27 years the exports of Iceland to Canada have increased at an annualized rate of 4.56%, from $43.1M in 1995 to $144M in 2022.

In 2019, Iceland exported services to Canada worth $236M, with Transportation ($126M), Travel ($81M), and Other business services ($17.7M) being the largest in terms of value.

Comparison In 2022, Canada ranked 31 in the Economic Complexity Index (ECI 0.85), and 9 in total exports ($587B). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Latest Trends

January, 2024

About

Overview In January 2024, Canada exported C$4.1M and imported C$9.79M from Iceland, resulting in a negative trade balance of C$5.69M. Between January 2023 and January 2024 the exports of Canada have increased by C$230k (5.94%) from C$3.87M to C$4.1M, while imports decreased by C$-12.7M (-56.4%) from C$22.5M to C$9.79M.

Trade In January 2024, the top exports of Canada to Iceland were Crustaceans (C$1.29M), Fuel Wood (C$565k), Delivery Trucks (C$420k), Peptones (C$354k), and Machinery Having Individual Functions (C$229k). In January 2024 the top imports of Canada from Iceland were Raw Aluminium (C$7.67M), Vaccines, blood, antisera, toxins and cultures (C$4.92M), Non-fillet Fresh Fish (C$3.06M), Fish Fillets (C$3.02M), and Non-fillet Frozen Fish (C$913k).

Origins In January 2024 the exports of Canada were mainly from Newfoundland Labrador (C$1.03M), Quebec (C$1.01M), Alberta (C$909k), Ontario (C$387k), and New Brunswick (C$294k), while imports destinations were mainly Quebec (C$3.47M), Ontario (C$3.11M), Nova Scotia (C$1.57M), British Columbia (C$1.1M), and Alberta (C$309k).

Growth In January 2024, the increase in Canada's year-by-year exports to Iceland was explained primarily by an increase in product exports in Peptones (C$269k or 316%), Machinery Having Individual Functions (C$218k or 1.98k%), and Aircraft parts including unmanned craft (C$154k or 3.05k%). In January 2024, the decrease in Canada's year-by-year imports from Iceland was explained primarily by an decrease in product imports in Fish oil (C$-122k or -99.3%), Surveying Equipment (C$-96.4k or -87.1%), and Other Inedible Animal Products (C$-88.2k or -15.1%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (January 2023 - January 2024)C$230k(5.94%)

IMPORT GROWTH (January 2023 - January 2024)C$-12.7M(-56.4%)

MAIN EXPORTER (January 2024)Newfoundland LabradorC$1.03M

This section shows exports and imports data at subnational level for Canada. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of Canada over time.

To check Iceland and Canada trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Canada exported $89.4M to Iceland. The main products exported from Canada to Iceland were Crustaceans ($13.5M), Raw Aluminium ($7.78M), and Fuel Wood ($7.75M). During the last 27 years the exports of Canada to Iceland have increased at an annualized rate of 6.15%, from $17.9M in 1995 to $89.4M in 2022.

In 2022, Iceland exported $144M to Canada. The main products exported from Iceland to Canada were Fish Fillets ($52.8M), Raw Aluminium ($22M), and Non-fillet Frozen Fish ($13.8M). During the last 27 years the exports of Iceland to Canada have increased at an annualized rate of 4.56%, from $43.1M in 1995 to $144M in 2022.

Exports from Canada () to Iceland () (2022)

Exports from Iceland () to Canada () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Canada
Top DestinationUnited States$438B

Iceland
Top DestinationNetherlands$1.97B

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

In 2021, countries that imported more from Canada than Iceland were United States ($438B), China ($25.4B), and Japan ($14.3B).

In 2021, countries that imported more from Iceland than Canada were Belarus ($14.9M), Wallis and Futuna ($3.54M), and Marshall Islands ($577k).

Difference in imports from Iceland () and Canada () (2022)

Comparative Advantage Canada - Iceland

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Canada had a large net trade with Iceland in the exports of Metals ($19.4M), Machines ($18.7M), and Animal Products ($14.3M).

During 2022, Iceland had a large net trade with Canada in the exports of Animal Products ($86.6M), Metals ($22.2M), and Chemical Products ($7.22M).

Service Trade

Bilateral Service Trade

Isl Year

Can Year

In 2020, Canada exported services to Iceland worth $1.49M, with Royalties and license fees ($1.49M) being the largest in terms of value.

In 2019, Iceland exported services to Canada worth $236M, with Transportation ($126M), Travel ($81M), and Other business services ($17.7M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Canada () to Iceland () (2020)

Services Exports from Iceland () to Canada () (2019)

Economic Complexity

Competitive Landscape

Year

This visualization show the product space at the HS4 level colored from blue to yellow. This mean that the more blue a dot/product is, the more Canada has comparative advantage over Iceland. Similarly, the more yellow a dot/product is, the more Iceland has comparative advantage over Canada.

Product Space of Canada () and Iceland () (2022)

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