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2022
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Exports $743MRnk 79 / 223
2022
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Top Product $125MCars
2022
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Exports $573MRnk 4 / 160
2022
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Top Product $229MRaw Aluminium
2022
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Economic Complexity (ECI) ECI 1.75Rnk 3 / 124
2022
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GDP$4.07TCURRENT US$
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2012-2022
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GDP GROWTH15.5%CURRENT US$
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2022
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 GDP$27.8BCURRENT US$
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2012-2022
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GDP GROWTH88.7%CURRENT US$
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2022
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GDP PC $48,432CURRENT US$
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2012-2022
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GDP PC GROWTH10.4%CURRENT US$
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2022
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GDP PC$72,903CURRENT US$
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2012-2022
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GDP PC GROWTH58.5%CURRENT US$
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About

Germany-Iceland In 2022, Germany exported $743M to Iceland. The main products that Germany exported to Iceland are Cars ($125M), Delivery Trucks ($14M), and Trailers and semi-trailers, not mechanically propelled vehicles ($13.3M). During the last 27 years the exports of Germany to Iceland have increased at an annualized rate of 5.22%, from $188M in 1995 to $743M in 2022.

In 2020, Germany exported services to Iceland worth $46.8M, with Transportation ($29.7M), Other business services ($10.3M), and Computer and information services ($5.71M) being the largest in terms of value.

Iceland-Germany In 2022, Iceland exported $573M to Germany. The main products that Iceland exported to Germany were Raw Aluminium ($229M), Ferroalloys ($88.7M), and Fish Fillets ($62.4M). During the last 27 years the exports of Iceland to Germany have increased at an annualized rate of 3.01%, from $257M in 1995 to $573M in 2022.

In 2019, Iceland exported services to Germany worth $352M, with Travel ($205M), Transportation ($111M), and Computer and information services ($17.7M) being the largest in terms of value.

Comparison In 2022,  Germany ranked 3 in the Economic Complexity Index (ECI 1.75),  and 3 in total exports ($1.6T). 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, Germany exported €43.8M and imported €63M from Iceland, resulting in a negative trade balance of €19.2M. Between January 2023 and January 2024 the exports of Germany have decreased by €-12.8M (-22.7%) from €56.6M to €43.8M, while imports decreased by €-15.7M (-19.9%) from €78.7M to €63M.

Trade In January 2024, the top exports of Germany to Iceland were Motor cars and motor caravans (€11.2M), Articles of plastic (€2.93M), Other machinery (€2.18M), Machinery for electricity production, distribution (€2.13M), and Other articles of iron, iron sheet,... (€2.08M). In January 2024 the top imports of Germany from Iceland were Aluminium and aluminium alloys, incl. waste,... (€53.2M), Fish and crustaceans, molluscs (€10.2M), Ferro-alloys (€7.76M), Medical, surgical equipment, orthopaedic apparatus (€3.18M), and Pharmaceutical products (€1.3M).

Origins In January 2024 the exports of Germany were mainly from North Rhine-Westphalia (€7.02M), Baden-Württemberg (€3.96M), Bavaria (€3.78M), Lower Saxony (€3.06M), and Hesse (€1.92M), while imports destinations were mainly North Rhine-Westphalia (€15.3M), Lower Saxony (€8.87M), Bremen (€7.39M), Rhineland-Pfalz (€4.63M), and Thuringia (€4.57M).

Growth In January 2024, the decrease in Germany's year-by-year exports to Iceland was explained primarily by an decrease in product exports in Office and automatic data processing machines (€-7.64M or -89.4%), Pumps and compressors (€-433k or -56.5%), and Plastics (€-379k or -44.6%). In January 2024, the decrease in Germany's year-by-year imports  from Iceland was explained primarily by an decrease in product imports  in Basic pharmaceutical products (€-1.84M or -100%), Aluminium and aluminium alloys, incl. waste,... (€-1.55M or -2.82%), and Other prefabricated chemicals (€-504k or -88%).

Latest Trade

Flow
Time Scale
Value
EXPORT GROWTH (January 2023 - January 2024)€-12.8M(-22.7%)
IMPORT GROWTH (January 2023 - January 2024)€-15.7M(-19.9%)
MAIN EXPORTER (January 2024)North Rhine-Westphalia€7.02M

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

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

For full datasets download visit Bulk Download page.

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Germany exported $743M to Iceland. The main products exported from Germany to Iceland were Cars ($125M), Delivery Trucks ($14M), and Trailers and semi-trailers, not mechanically propelled vehicles ($13.3M). During the last 27 years the exports of Germany to Iceland have increased at an annualized rate of 5.22%, from $188M in 1995 to $743M in 2022.

In 2022, Iceland exported $573M to Germany. The main products exported from Iceland to Germany were Raw Aluminium ($229M), Ferroalloys ($88.7M), and Fish Fillets ($62.4M). During the last 27 years the exports of Iceland to Germany have increased at an annualized rate of 3.01%, from $257M in 1995 to $573M in 2022.

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

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

Market Competitiveness

Color
Germany
Top DestinationUnited States$153B
Iceland
Top DestinationNetherlands$1.97B

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

In 2021, countries that imported more from Germany than Iceland were United States ($153B), France ($120B), and China ($109B).

In 2021, countries that imported more from Iceland than Germany were Greenland ($28.2M) and Wallis and Futuna ($3.54M).

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

Comparative Advantage Germany - Iceland

Flow
Scale

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

During 2022, Germany had a large net trade with Iceland in the exports of Transportation ($185M), Machines ($181M), and Metals ($65.1M).

During 2022, Iceland had a large net trade with Germany in the exports of Metals ($342M), Animal Products ($141M), and Chemical Products ($33.3M).

Service Trade

Bilateral Service Trade

In 2020, Germany exported services to Iceland worth $46.8M, with Transportation ($29.7M), Other business services ($10.3M), and Computer and information services ($5.71M) being the largest in terms of value.

In 2019, Iceland exported services to Germany worth $352M, with Travel ($205M), Transportation ($111M), and Computer and information services ($17.7M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Germany (Flag) to Iceland (Flag) (2020)

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

Economic Complexity

Competitive Landscape

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 Germany has comparative advantage over Iceland. Similarly, the more yellow a dot/product is, the more Iceland has comparative advantage over Germany.

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

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