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2022
Flag → Flag
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 1.78Rnk 5 / 133
2022
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GDP$4.07TCURRENT US$
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2012-2022
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GDP GROWTH15.5%CURRENT US$
Rnk 136 / 186
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$
Rnk 115 / 186
2022
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GDP PC$72,903CURRENT US$
Rnk 9 / 186
2012-2022
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GDP PC GROWTH58.5%CURRENT US$
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About

Germany-Iceland Trade: In 2022, Germany exported $743M to Iceland. The main products that Germany exported to Iceland were Cars ($125M), Delivery Trucks ($14M), and Trailers and semi-trailers, not mechanically propelled vehicles ($13.3M). Over the past 5 years the exports of Germany to Iceland have increased at an annualized rate of 0.57%, from $722M in 2017 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 Trade: 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). Over the past 5 years the exports of Iceland to Germany have decreased at an annualized rate of 0.8%,  from $596M in 2017 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 5 in the Economic Complexity Index (ECI 1.78),  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

August, 2024

About

Overview In August 2024, Germany exported €48.1M and imported €73.7M from Iceland, resulting in a negative trade balance of €25.6M. Between August 2023 and August 2024 the exports of Germany have decreased by €-6.39M (-11.7%) from €54.5M to €48.1M, while imports increased by €386k (0.53%) from €73.3M to €73.7M.

Trade In August 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 August 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 August 2024 the exports of Germany were mainly from North Rhine-Westphalia (€5.96M), Bavaria (€5.74M), Lower Saxony (€4.43M), Baden-Württemberg (€3.82M), and Hesse (€1.62M), while imports destinations were mainly Bavaria (€18.5M), Lower Saxony (€15.3M), North Rhine-Westphalia (€15.3M), Bremen (€5.28M), and Rhineland-Pfalz (€4.95M).

Growth In August 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 August 2024, the increase in Germany's year-by-year imports  from Iceland was explained primarily by an increase in product imports  in Medical, surgical equipment, orthopaedic apparatus (€3.16M or 12.6k%), Fish and crustaceans, molluscs (€2.52M or 32.8%), and Pharmaceutical products (€1.09M or 521%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (August 2023 - August 2024)€-6.39M(-11.7%)
IMPORT GROWTH (August 2023 - August 2024)€386k(0.53%)
MAIN EXPORTER (August 2024)North Rhine-Westphalia€5.96M

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 5 years the exports of Germany to Iceland have increased at an annualized rate of 0.57%, from $722M in 2017 to $743M in 2022.

In 2017, 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 5 years the exports of Iceland to Germany have decreased at an annualized rate of 0.8%, from $596M in 2022 to $573M in 2017.

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 2022, countries that imported more from Germany than Iceland included United States ($153B), France ($120B), and China ($109B).

In 2022, countries that imported more from Iceland than Germany included 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 2017, Iceland had a large net trade with Germany in the exports of Metals ($342M), Animal Products ($141M), and Chemical Products ($33.3M).

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)

Service Trade

Economic Complexity

Competitive Landscape

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

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

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