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2023
Flag → Flag
Exports $39.6MRnk 162 / 220
2023
Flag → Flag
Top Product $4.07MOther Iron Bars
2023
Flag → Flag
Exports $7.93MRnk 42 / 157
2023
Flag → Flag
Top Product $4.4MFerroalloys
2023
Flag
Economic Complexity (ECI) ECI 0.65Rnk 39 / 132
2023
Flag  
GDP$3.57TCURRENT US$
Rnk 5 / 195
2013-2023
Flag
GDP GROWTH92.1%CURRENT US$
Rnk 19 / 195
2023
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 GDP$31.3BCURRENT US$
Rnk 107 / 195
2013-2023
Flag
GDP GROWTH94.3%CURRENT US$
Rnk 17 / 195
2023
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GDP PC $2,481CURRENT US$
Rnk 148 / 195
2013-2023
Flag
GDP PC GROWTH73.1%CURRENT US$
Rnk 22 / 195
2023
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GDP PC$79,637CURRENT US$
Rnk 11 / 196
2013-2023
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GDP PC GROWTH59.9%CURRENT US$
Rnk 31 / 195

About

India-Iceland Trade: In 2023, India exported $39.6M to Iceland. The main products that India exported to Iceland were Other Iron Bars ($4.07M), Twine, cordage or rope; knotted netting, made up fishing nets and other made up nets, of textile materials ($2.83M), and Electrical Transformers ($1.63M). Over the past 5 years the exports of India to Iceland have increased at an annualized rate of 1.16%, from $37.4M in 2018 to $39.6M in 2023.

In 2023, India did not export any services to Iceland.

Iceland-India Trade: In 2023, Iceland exported $7.93M to India. The main products that Iceland exported to India were Ferroalloys ($4.4M), Fish Oil ($1.12M), and Other Edible Preparations ($406k). Over the past 5 years the exports of Iceland to India have decreased at an annualized rate of 5.73%,  from $10.7M in 2018 to $7.93M in 2023.

In 2019, Iceland exported services to India worth $22.2M, with Travel ($13.1M), Transportation ($1.9M), and Government services, n.i.e. ($1.68M) being the largest in terms of value.

Comparison In 2023,  India ranked 39 in the Economic Complexity Index (ECI 0.65),  and 12 in total exports ($441B). That same year, Iceland ranked 115 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Latest Trends

November, 2024

About

Overview In November 2024, India exported $169k and imported $64.3k from Iceland, resulting in a positive trade balance of $104k. Between November 2023 and November 2024 the exports of India have decreased by $-177k (-51.2%) from $346k to $169k, while imports decreased by $-617k (-90.6%) from $681k to $64.3k.

Trade In November 2024, the top exports of India to Iceland were Iron And Steel ($283k), Indl. Machnry For Dairy Etc ($70k), Manmade Yarn,Fabrics,Madeups ($59k), Auto Tyres And Tubes ($39.3k), and Othr Rubber Prodct Excpt Footw ($20.9k). In November 2024 the top imports of India from Iceland were Medical And Scientific Instrum ($26.6k), Drug Formulations, Biologicals ($2.65k), Electronics Instruments ($1.75k), and Other Commodities ($825).

Growth In November 2024, the decrease in India's year-by-year exports to Iceland was explained primarily by an decrease in product exports in Iron And Steel ($-311k or -52.4%), Indl. Machnry For Dairy Etc ($-138k or -66.4%), and Aluminium, Products Of Aluminm ($-11k or -67.4%). In November 2024, the decrease in India's year-by-year imports  from Iceland was explained primarily by an decrease in product imports  in Drug Formulations, Biologicals ($-8.01k or -75.1%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (November 2023 - November 2024)$-177k(-51.2%)
IMPORT GROWTH (November 2023 - November 2024)$-617k(-90.6%)

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

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

For full datasets download visit Bulk Download page.

Explore Iceland and India Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, India exported $39.6M to Iceland. The main products exported from India to Iceland were Other Iron Bars ($4.07M), Twine, cordage or rope; knotted netting, made up fishing nets and other made up nets, of textile materials ($2.83M), and Electrical Transformers ($1.63M). During the last 5 years the exports of India to Iceland have increased at an annualized rate of 1.16%, from $37.4M in 2018 to $39.6M in 2023.

In 2018, Iceland exported $7.93M to India. The main products exported from Iceland to India were Ferroalloys ($4.4M), Fish Oil ($1.12M), and Other Edible Preparations ($406k). During the last 5 years the exports of Iceland to India have decreased at an annualized rate of 5.73%, from $10.7M in 2023 to $7.93M in 2018.

Exports from India (Flag) to Iceland (Flag) (2023)

Exports from Iceland (Flag) to India (Flag) (2023)

Market Competitiveness

Color
India
Top DestinationUnited States$85.5B
Iceland
Top DestinationNetherlands$1.97B

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

In 2023, countries that imported more from India than Iceland included United States ($85.5B), United Arab Emirates ($28.8B), and China ($18.1B).

In 2023, countries that imported more from Iceland than India included Greenland ($72.3M) and Marshall Islands ($3.43M).

Difference in imports from Iceland (Flag) and India (Flag) (2023)

Comparative Advantage India - Iceland

Flow
Scale

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

During 2023, India had a large net trade with Iceland in the exports of Textiles ($14M), Metals ($6.56M), and Machines ($5.35M).

During 2018, Iceland had a large net trade with India in the exports of Metals ($4.45M), Animal and Vegetable Bi-Products ($1.23M), and Chemical Products ($816k).

Bilateral Service Trade

In 2019, Iceland exported services to India worth $22.2M, with Travel ($13.1M), Transportation ($1.9M), and Government services, n.i.e. ($1.68M) being the largest in terms of value.

Service trade data is presented based on availability.

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

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of India (Flag) and Iceland (Flag) (2023)

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