Iceland (ISL) and Norway (NOR) Trade | The Observatory of Economic Complexity

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Iceland-Norway In 2022, Iceland exported $459M to Norway. The main products that Iceland exported to Norway are Animal Meal and Pellets ($172M), Fish oil ($112M), and Carbon-based Electronics ($66.3M). During the last 27 years the exports of Iceland to Norway have increased at an annualized rate of 7.6%, from $63.5M in 1995 to $459M in 2022.

In 2019, Iceland exported services to Norway worth $147M, with Travel ($60.6M), Transportation ($48.5M), and Other business services ($17.9M) being the largest in terms of value.

Norway-Iceland In 2022, Norway exported $1.17B to Iceland. The main products that Norway exported to Iceland were Refined Petroleum ($670M), Carbon-based Electronics ($139M), and Animal Food ($98.2M). During the last 27 years the exports of Norway to Iceland have increased at an annualized rate of 7.04%, from $186M in 1995 to $1.17B in 2022.

In 2009, Norway exported services to Iceland worth $55.5M, with Transportation ($28.9M), Other business services ($9.59M), and Construction services ($5.75M) being the largest in terms of value.

Comparison In 2022, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index. That same year, Norway ranked 41 in the Economic Complexity Index (ECI 0.58), and 28 in total exports ($285B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Iceland exported $459M to Norway. The main products exported from Iceland to Norway were Animal Meal and Pellets ($172M), Fish oil ($112M), and Carbon-based Electronics ($66.3M). During the last 27 years the exports of Iceland to Norway have increased at an annualized rate of 7.6%, from $63.5M in 1995 to $459M in 2022.

In 2022, Norway exported $1.17B to Iceland. The main products exported from Norway to Iceland were Refined Petroleum ($670M), Carbon-based Electronics ($139M), and Animal Food ($98.2M). During the last 27 years the exports of Norway to Iceland have increased at an annualized rate of 7.04%, from $186M in 1995 to $1.17B in 2022.

Exports from Iceland () to Norway () (2022)

Exports from Norway () to Iceland () (2022)

Latest Data

Trade between Iceland () and Norway ()

Iceland Exports

Date

Norway Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Iceland
Top DestinationNetherlands$1.97B

Norway
Top DestinationGermany$78.1B

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

In 2021, countries that imported more from Iceland than Norway were Greenland ($28.2M), Antigua and Barbuda ($8.12M), and Bahamas ($20.1M).

In 2021, countries that imported more from Norway than Iceland were Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

Difference in imports from Norway () and Iceland () (2022)

Comparative Advantage Iceland - Norway

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Iceland had a large net trade with Norway in the exports of Foodstuffs ($174M), Animal and Vegetable Bi-Products ($113M), and Machines ($86M).

During 2022, Norway had a large net trade with Iceland in the exports of Mineral Products ($692M), Machines ($176M), and Foodstuffs ($104M).

Service Trade

Bilateral Service Trade

Nor Year

Isl Year

In 2019, Iceland exported services to Norway worth $147M, with Travel ($60.6M), Transportation ($48.5M), and Other business services ($17.9M) being the largest in terms of value.

In 2009, Norway exported services to Iceland worth $55.5M, with Transportation ($28.9M), Other business services ($9.59M), and Construction services ($5.75M) being the largest in terms of value.

Service trade data is presented based on availability.

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

Services Exports from Norway () to Iceland () (2009)

Economic Complexity

Competitive Landscape

Year

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

About

Historical Data

Bilateral Trade by Products

Exports from Iceland () to Norway () (2022)

Exports from Norway () to Iceland () (2022)

Latest Data

Trade between Iceland () and Norway ()

Iceland Exports

Norway Exports

Market Competitiveness

Difference in imports from Norway () and Iceland () (2022)

Comparative Advantage Iceland - Norway

Service Trade

Bilateral Service Trade

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

Services Exports from Norway () to Iceland () (2009)

Economic Complexity

Competitive Landscape

Product Space of Iceland () and Norway () (2022)

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