Iceland (ISL) and Canada (CAN) Trade | The Observatory of Economic Complexity

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Iceland-Canada Trade: In 2023, Iceland exported $123M to Canada. The main products that Iceland exported to Canada were Fish Fillets ($22.6M), Non-fillet Fresh Fish ($15.2M), and Vaccines, blood, antisera, toxins and cultures ($11.7M). Over the past 5 years the exports of Iceland to Canada have increased at an annualized rate of 1.67%, from $113M in 2018 to $123M in 2023.

In 2019, Iceland exported services to Canada worth $236M, with Transportation ($126M), Travel ($81M), and Other business services ($17.7M) being the largest in terms of value.

Canada-Iceland Trade: In 2023, Canada exported $68.2M to Iceland. The main products that Canada exported to Iceland were Refined Petroleum ($11.4M), Fuel Wood ($6.83M), and Crustaceans ($4.57M). Over the past 5 years the exports of Canada to Iceland have decreased at an annualized rate of 13.4%, from $140M in 2018 to $68.2M in 2023.

In 2020, Canada exported services to Iceland worth $1.49M, with Royalties and license fees ($1.49M) being the largest in terms of value.

Comparison In 2023, Iceland ranked 115 in total exports ($7.31B), and does not have data regarding Economic Complexity Index. That same year, Canada ranked 30 in the Economic Complexity Index (ECI 0.9), and 10 in total exports ($574B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Iceland exported $123M to Canada. The main products exported from Iceland to Canada were Fish Fillets ($22.6M), Non-fillet Fresh Fish ($15.2M), and Vaccines, blood, antisera, toxins and cultures ($11.7M). During the last 5 years the exports of Iceland to Canada have increased at an annualized rate of 1.67%, from $113M in 2018 to $123M in 2023.

In 2018, Canada exported $68.2M to Iceland. The main products exported from Canada to Iceland were Refined Petroleum ($11.4M), Fuel Wood ($6.83M), and Crustaceans ($4.57M). During the last 5 years the exports of Canada to Iceland have decreased at an annualized rate of 13.4%, from $140M in 2023 to $68.2M in 2018.

Exports from Iceland () to Canada () (2023)

Exports from Canada () to Iceland () (2023)

Latest Data

Trade between Iceland () and Canada ()

Iceland Exports

Date

Canada Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Iceland
Top DestinationNetherlands$1.97B

Canada
Top DestinationUnited States$410B

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

In 2023, countries that imported more from Iceland than Canada included Greenland ($72.3M), Belarus ($34.6M), and Marshall Islands ($3.43M).

In 2023, countries that imported more from Canada than Iceland included United States ($410B), China ($31.1B), and United Kingdom ($18B).

Difference in imports from Canada () and Iceland () (2023)

Comparative Advantage Iceland - Canada

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Iceland had a large net trade with Canada in the exports of Animal Products ($59.6M), Chemical Products ($13.3M), and Instruments ($12.1M).

During 2018, Canada had a large net trade with Iceland in the exports of Mineral Products ($11.5M), Machines ($10.7M), and Metals ($9.84M).

Bilateral Service Trade

Can Year

Isl Year

In 2019, Iceland exported services to Canada worth $236M, with Transportation ($126M), Travel ($81M), and Other business services ($17.7M) being the largest in terms of value.

In 2020, Canada exported services to Iceland worth $1.49M, with Royalties and license fees ($1.49M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Iceland () to Canada () (2019)

Services Exports from Canada () to Iceland () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Iceland () to Canada () (2023)

Exports from Canada () to Iceland () (2023)

Latest Data

Trade between Iceland () and Canada ()

Iceland Exports

Canada Exports

Market Competitiveness

Difference in imports from Canada () and Iceland () (2023)

Comparative Advantage Iceland - Canada

Bilateral Service Trade

Services Exports from Iceland () to Canada () (2019)

Services Exports from Canada () to Iceland () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Product Space of Iceland () and Canada () (2023)

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