2022
Flag  
GDP
$3.07TCURRENT US$
Rnk 6 / 186
2012-2022
Flag
GDP GROWTH
13.5%CURRENT US$
Rnk 139 / 186
2022
Flag
 GDP
$27.8BCURRENT US$
Rnk 107 / 186
2012-2022
Flag
GDP GROWTH
88.7%CURRENT US$
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2022
Flag
GDP PC 
$45,850CURRENT US$
Rnk 23 / 186
2012-2022
Flag
GDP PC GROWTH
7.92%CURRENT US$
Rnk 122 / 186
2022
Flag
GDP PC
$72,903CURRENT US$
Rnk 9 / 186
2012-2022
Flag
GDP PC GROWTH
58.5%CURRENT US$
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About

United Kingdom-Iceland Trade: In 2022, United Kingdom exported $531M to Iceland. The main products that United Kingdom exported to Iceland were Planes, Helicopters, and/or Spacecraft ($107M), Coal Briquettes ($37.5M), and Cars ($14.6M). Over the past 5 years the exports of United Kingdom to Iceland have increased at an annualized rate of 19.7%, from $216M in 2017 to $531M in 2022.

In 2019, United Kingdom exported services to Iceland worth $268M, with Other business services ($253M), Computer and information services ($15.3M), and Communications services ($3.81M) being the largest in terms of value.

Iceland-United Kingdom Trade: In 2022, Iceland exported $472M to United Kingdom. The main products that Iceland exported to United Kingdom were Fish Fillets ($219M), Raw Aluminium ($128M), and Animal Meal and Pellets ($67.1M). Over the past 5 years the exports of Iceland to United Kingdom have increased at an annualized rate of 4.96%,  from $370M in 2017 to $472M in 2022.

In 2019, Iceland exported services to United Kingdom worth $649M, with Travel ($412M), Transportation ($135M), and Computer and information services ($45.3M) being the largest in terms of value.

Comparison In 2022,  United Kingdom ranked 12 in the Economic Complexity Index (ECI 1.42),  and 14 in total exports ($469B). 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, United Kingdom exported $531M to Iceland. The main products exported from United Kingdom to Iceland were Planes, Helicopters, and/or Spacecraft ($107M), Coal Briquettes ($37.5M), and Cars ($14.6M). During the last 5 years the exports of United Kingdom to Iceland have increased at an annualized rate of 19.7%, from $216M in 2017 to $531M in 2022.

In 2017, Iceland exported $472M to United Kingdom. The main products exported from Iceland to United Kingdom were Fish Fillets ($219M), Raw Aluminium ($128M), and Animal Meal and Pellets ($67.1M). During the last 22 years the exports of Iceland to United Kingdom have increased at an annualized rate of 4.96%, from $370M in 1995 to $472M in 2017.

Exports from United Kingdom (Flag) to Iceland (Flag) (2022)

Exports from Iceland (Flag) to United Kingdom (Flag) (2022)

Market Competitiveness

Color
United Kingdom
Top Destination
United States$61.8B
Iceland
Top Destination
Netherlands$1.97B

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

In 2022, countries that imported more from United Kingdom than Iceland included United States ($61.8B), Germany ($40.6B), and Netherlands ($41.9B).

In 2022, countries that imported more from Iceland than United Kingdom included Greenland ($28.2M) and Wallis and Futuna ($3.54M).

Difference in imports from Iceland (Flag) and United Kingdom (Flag) (2022)

Comparative Advantage United Kingdom - Iceland

Flow
Scale

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

During 2022, United Kingdom had a large net trade with Iceland in the exports of Transportation ($140M), Machines ($80.5M), and Mineral Products ($48M).

During 2017, Iceland had a large net trade with United Kingdom in the exports of Animal Products ($293M), Metals ($146M), and Foodstuffs ($117M).

Service Trade

Bilateral Service Trade

In 2019, United Kingdom exported services to Iceland worth $268M, with Other business services ($253M), Computer and information services ($15.3M), and Communications services ($3.81M) being the largest in terms of value.

In 2019, Iceland exported services to United Kingdom worth $649M, with Travel ($412M), Transportation ($135M), and Computer and information services ($45.3M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from United Kingdom (Flag) to Iceland (Flag) (2019)

Services Exports from Iceland (Flag) to United Kingdom (Flag) (2019)

Economic Complexity

Competitive Landscape

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

Product Space of United Kingdom (Flag) and Iceland (Flag) (2022)

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