2021
Flag  
GDP
$1.84TCURRENT US$
Rnk 10 / 204
2011-2021
Flag
GDP GROWTH
-10.2%CURRENT US$
Rnk 187 / 204
2021
Flag
 GDP
$25.6BCURRENT US$
Rnk 108 / 204
2011-2021
Flag
GDP GROWTH
67.9%CURRENT US$
Rnk 31 / 204
2021
Flag
GDP PC 
$12,593CURRENT US$
Rnk 76 / 204
2011-2021
Flag
GDP PC GROWTH
-12%CURRENT US$
Rnk 170 / 204
2021
Flag
GDP PC
$68,594CURRENT US$
Rnk 12 / 204
2011-2021
Flag
GDP PC GROWTH
43.8%CURRENT US$
Rnk 41 / 204

About

Russia-Iceland In 2021, Russia exported $50.9M to Iceland. The main products that Russia exported to Iceland are Raw Aluminium ($25.6M), Carbon-based Electronics ($8.75M), and Iron Ore ($3.02M). During the last 26 years the exports of Russia to Iceland have increased at an annualized rate of 1.17%, from $37.6M in 1995 to $50.9M in 2021.

In 2020, Russia exported services to Iceland worth $6.64M, with Other business services ($3.66M), Transportation ($2.05M), and Travel ($548k) being the largest in terms of value.

Iceland-Russia In 2021, Iceland exported $46.9M to Russia. The main products that Iceland exported to Russia were Fishing Ships ($17.1M), Processed Fish ($4.67M), and Orthopedic Appliances ($4.19M). During the last 26 years the exports of Iceland to Russia have increased at an annualized rate of 5.94%, from $10.5M in 1995 to $46.9M in 2021.

In 2019, Iceland exported services to Russia worth $42.7M, with Travel ($25.1M), Transportation ($7.61M), and Government services, n.i.e. ($5.49M) being the largest in terms of value.

Comparison In 2021,  Russia ranked 45 in the Economic Complexity Index (ECI 0.46),  and 10 in total exports ($484B). That same year, Iceland ranked 113 in total exports ($6.76B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth
Value

In 2021, Russia exported $50.9M to Iceland. The main products exported from Russia to Iceland were Raw Aluminium ($25.6M), Carbon-based Electronics ($8.75M), and Iron Ore ($3.02M). During the last 26 years the exports of Russia to Iceland have increased at an annualized rate of 1.17%, from $37.6M in 1995 to $50.9M in 2021.

In 2021, Iceland exported $46.9M to Russia. The main products exported from Iceland to Russia were Fishing Ships ($17.1M), Processed Fish ($4.67M), and Orthopedic Appliances ($4.19M). During the last 26 years the exports of Iceland to Russia have increased at an annualized rate of 5.94%, from $10.5M in 1995 to $46.9M in 2021.

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

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

Market Competitiveness

Color
Russia
Top Destination
China$70.9B
Iceland
Top Destination
Netherlands$1.65B

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

In 2021, countries that imported more from Russia than Iceland were China ($70.9B), Netherlands ($39B), and United States ($27.4B).

In 2021, countries that imported more from Iceland than Russia were Greenland ($18.1M), Antigua and Barbuda ($1.02M), and Venezuela ($580k).

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

Comparative Advantage Russia - Iceland

Flow
Scale

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

During 2021, Russia had a large net trade with Iceland in the exports of Metals ($27.9M), Machines ($9.26M), and Mineral Products ($5.04M).

During 2021, Iceland had a large net trade with Russia in the exports of Transportation ($17.1M), Foodstuffs ($7.38M), and Machines ($4.99M).

Service Trade

Bilateral Service Trade

In 2020, Russia exported services to Iceland worth $6.64M, with Other business services ($3.66M), Transportation ($2.05M), and Travel ($548k) being the largest in terms of value.

In 2019, Iceland exported services to Russia worth $42.7M, with Travel ($25.1M), Transportation ($7.61M), and Government services, n.i.e. ($5.49M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

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

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

Have questions, comments, or concerns?
Send us an e-mail: [email protected]
Follow @OECtoday on
Created, Designed, and Developed by:
In collaboration with