2022
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GDP
$2.24TCURRENT US$
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2012-2022
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GDP GROWTH
1.45%CURRENT US$
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2022
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 GDP
$27.8BCURRENT US$
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2012-2022
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GDP GROWTH
88.7%CURRENT US$
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GDP PC 
$15,345CURRENT US$
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2012-2022
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GDP PC GROWTH
-0.49%CURRENT US$
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2022
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GDP PC
$72,903CURRENT US$
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2012-2022
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GDP PC GROWTH
58.5%CURRENT US$
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About

Russia-Iceland In 2022, Russia exported $28M to Iceland. The main products that Russia exported to Iceland are Raw Aluminium ($9.82M), Carbon-based Electronics ($7.91M), and Iron Ore ($2.62M). During the last 27 years the exports of Russia to Iceland have decreased at an annualized rate of 1.1%, from $37.7M in 1995 to $28M in 2022.

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 2022, Iceland exported $2.2M to Russia. The main products that Iceland exported to Russia were Refrigerators ($631k), Processed Fish ($514k), and Other Edible Preparations ($357k). During the last 27 years the exports of Iceland to Russia have decreased at an annualized rate of 5.61%, from $10.5M in 1995 to $2.2M in 2022.

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 2022,  Russia ranked 45 in the Economic Complexity Index (ECI 0.42),  and 12 in total exports ($486B). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Russia exported $28M to Iceland. The main products exported from Russia to Iceland were Raw Aluminium ($9.82M), Carbon-based Electronics ($7.91M), and Iron Ore ($2.62M). During the last 27 years the exports of Russia to Iceland have decreased at an annualized rate of 1.1%, from $37.7M in 1995 to $28M in 2022.

In 2022, Iceland exported $2.2M to Russia. The main products exported from Iceland to Russia were Refrigerators ($631k), Processed Fish ($514k), and Other Edible Preparations ($357k). During the last 27 years the exports of Iceland to Russia have decreased at an annualized rate of 5.61%, from $10.5M in 1995 to $2.2M in 2022.

Exports from Russia (Flag) to Iceland (Flag) (2022)

Exports from Iceland (Flag) to Russia (Flag) (2022)

Market Competitiveness

Color
Russia
Top Destination
China$101B
Iceland
Top Destination
Netherlands$1.97B

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 ($101B), India ($40.4B), and Germany ($27.7B).

In 2021, countries that imported more from Iceland than Russia were Greenland ($28.2M), Bahamas ($20.1M), and Belarus ($14.9M).

Difference in imports from Iceland (Flag) and Russia (Flag) (2022)

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 2022, Russia had a large net trade with Iceland in the exports of Metals ($12.1M), Machines ($8.12M), and Mineral Products ($2.62M).

During 2022, Iceland had a large net trade with Russia in the exports of Foodstuffs ($871k), Machines ($727k), and Mineral Products ($265k).

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) (2022)

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