2021
Flag  
GDP
$25.6BCURRENT US$
Rnk 108 / 204
2011-2021
Flag
GDP GROWTH
67.9%CURRENT US$
Rnk 31 / 204
2021
Flag
 GDP
$480BCURRENT US$
Rnk 29 / 204
2011-2021
Flag
GDP GROWTH
11.3%CURRENT US$
Rnk 140 / 204
2021
Flag
GDP PC 
$68,594CURRENT US$
Rnk 12 / 204
2011-2021
Flag
GDP PC GROWTH
43.8%CURRENT US$
Rnk 41 / 204
2021
Flag
GDP PC
$53,638CURRENT US$
Rnk 21 / 204
2011-2021
Flag
GDP PC GROWTH
4.27%CURRENT US$
Rnk 132 / 204

About

Iceland-Austria In 2021, Iceland exported $3.79M to Austria. The main products that Iceland exported to Austria are Horses ($1.21M), Photo Lab Equipment ($928k), and Processed Fish ($443k). During the last 26 years the exports of Iceland to Austria have increased at an annualized rate of 0.12%, from $3.68M in 1995 to $3.79M in 2021.

In 2019, Iceland exported services to Austria worth $34.1M, with Travel ($25.9M), Computer and information services ($4.81M), and Transportation ($2.46M) being the largest in terms of value.

Austria-Iceland In 2021, Austria exported $52.5M to Iceland. The main products that Austria exported to Iceland were Micro-Organism Culture Preparations ($8.17M), Wood Carpentry ($5.54M), and Electric Motor Parts ($2.82M). During the last 26 years the exports of Austria to Iceland have increased at an annualized rate of 6.05%, from $11.4M in 1995 to $52.5M in 2021.

In 2020, Austria exported services to Iceland worth $16M, with Travel ($6.85M), Construction services ($3.43M), and Communications services ($2.28M) being the largest in terms of value.

Comparison In 2021,  Iceland ranked 113 in total exports ($6.76B), and does not have data regarding Economic Complexity Index. That same year, Austria ranked 9 in the Economic Complexity Index (ECI 1.5), and 31 in total exports ($198B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2021, Iceland exported $3.79M to Austria. The main products exported from Iceland to Austria were Horses ($1.21M), Photo Lab Equipment ($928k), and Processed Fish ($443k). During the last 26 years the exports of Iceland to Austria have increased at an annualized rate of 0.12%, from $3.68M in 1995 to $3.79M in 2021.

In 2021, Austria exported $52.5M to Iceland. The main products exported from Austria to Iceland were Micro-Organism Culture Preparations ($8.17M), Wood Carpentry ($5.54M), and Electric Motor Parts ($2.82M). During the last 26 years the exports of Austria to Iceland have increased at an annualized rate of 6.05%, from $11.4M in 1995 to $52.5M in 2021.

Exports from Iceland (Flag) to Austria (Flag) (2021)

Exports from Austria (Flag) to Iceland (Flag) (2021)

Latest Data

Trade between Iceland (Flag) and Austria (Flag)

Iceland Exports

Austria Exports

Market Competitiveness

Color
Iceland
Top Destination
Netherlands$1.65B
Austria
Top Destination
Germany$56.4B

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

In 2021, countries that imported more from Iceland than Austria were Greenland ($18.1M), Antigua and Barbuda ($1.02M), and British Virgin Islands ($415k).

In 2021, countries that imported more from Austria than Iceland were Germany ($56.4B), Italy ($13.1B), and United States ($12.7B).

Difference in imports from Austria (Flag) and Iceland (Flag) (2021)

Comparative Advantage Iceland - Austria

Flow
Scale

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

During 2021, Iceland had a large net trade with Austria in the exports of Animal Products ($1.22M), Instruments ($1.15M), and Foodstuffs ($458k).

During 2021, Austria had a large net trade with Iceland in the exports of Machines ($16.1M), Chemical Products ($10.9M), and Wood Products ($6.79M).

Service Trade

Bilateral Service Trade

In 2019, Iceland exported services to Austria worth $34.1M, with Travel ($25.9M), Computer and information services ($4.81M), and Transportation ($2.46M) being the largest in terms of value.

In 2020, Austria exported services to Iceland worth $16M, with Travel ($6.85M), Construction services ($3.43M), and Communications services ($2.28M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

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

Product Space of Iceland (Flag) and Austria (Flag) (2021)

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