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

About

Norway-Iceland In 2022, Norway exported $1.17B to Iceland. The main products that Norway exported to Iceland are 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.

Iceland-Norway In 2022, Iceland exported $459M to Norway. The main products that Iceland exported 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 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.

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

Latest Trends

February, 2024

About

Overview In February 2024, Norway exported NOK671M and imported NOK427M from Iceland, resulting in a positive trade balance of NOK244M. Between February 2023 and February 2024 the exports of Norway have decreased by NOK-162M (-19.5%) from NOK834M to NOK671M, while imports increased by NOK212M (98.4%) from NOK215M to NOK427M.

Trade In February 2024, the top exports of Norway to Iceland were Petroleum, petroleum products and related materials (NOK269M), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK162M), Feeding stuff for animals (not including... (NOK31M), Machinery specialized for particular industries (NOK24.9M), and Medicinal and pharmaceutical products (NOK11.4M). In February 2024 the top imports of Norway from Iceland were Animal oils and fats (NOK218M), Feeding stuff for animals (not including... (NOK85.6M), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK47.4M), Miscellaneous manufactured articles, n.e.s. (NOK14.1M), and Meat and meat preparations (NOK14M).

Growth In February 2024, the decrease in Norway's year-by-year exports to Iceland was explained primarily by an decrease in product exports in Inorganic chemicals (NOK-31.2M or -99.8%), Petroleum, petroleum products and related materials (NOK-23.9M or -8.16%), and Textile yarn, fabrics, made-up articles, n.e.s.,... (NOK-12M or -94.1%). In February 2024, the increase in Norway's year-by-year imports from Iceland was explained primarily by an increase in product imports in Animal oils and fats (NOK134M or 160%), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK25.5M or 116%), and Miscellaneous manufactured articles, n.e.s. (NOK6.85M or 94.5%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)NOK-162M(-19.5%)

IMPORT GROWTH (February 2023 - February 2024)NOK212M(98.4%)

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

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

For full datasets download visit Bulk Download page.

Explore Iceland and Norway Data

Go to Bulk Download

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

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.

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.

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

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

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Norway
Top DestinationGermany$78.1B

Iceland
Top DestinationNetherlands$1.97B

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

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

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

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

Comparative Advantage Norway - Iceland

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

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

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).

Service Trade

Bilateral Service Trade

Isl Year

Nor Year

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.

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.

Service trade data is presented based on availability.

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

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

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

About

Latest Trends

About

Latest Trade

Subscribe today to OEC pro and access the latest data

Subscribe today to OEC pro and access the latest data

Historical Data

Bilateral Trade by Products

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

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

Market Competitiveness

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

Comparative Advantage Norway - Iceland

Service Trade

Bilateral Service Trade

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

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

Economic Complexity

Competitive Landscape

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

Keep Exploring