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2022
Exports $171MWorld Rnk 90 / 214
Flag Rnk 10 / 935
2022
Destination $24.1M Denmark
2021 - 2022
FASTEST GROWING MARKET $24.1MDenmark
2022
PRODUCT COMPLEXITY IN Refined Petroleum-0.87Rnk 795 / 1025
2022
Imports $1.15BWorld Rnk 107 / 225
Flag Rnk 1 / 1186
2022
Origin $303M Norway
2021 - 2022
FASTEST GROWING ORIGIN $303MNorway

About

Exports In 2022, Iceland exported $171M in Refined Petroleum, making it the 90th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 10th most exported product in Iceland. The main destination of Refined Petroleum exports from Iceland are: Denmark ($32.3M), United States ($31M), Bahamas ($20.1M), Greenland ($17M), and Germany ($8.2M).

The fastest growing export markets for Refined Petroleum of Iceland between 2021 and 2022 were Denmark ($24.1M), Bahamas ($17.9M), and United States ($17.3M).

Imports In 2022, Iceland imported $1.15B in Refined Petroleum, becoming the 107th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 1st most imported product in Iceland. Iceland imports Refined Petroleum primarily from: Norway ($670M), Kuwait ($111M), India ($110M), Saudi Arabia ($50.3M), and Denmark ($46.8M).

The fastest growing import markets in Refined Petroleum for Iceland between 2021 and 2022 were Norway ($303M), India ($110M), and Kuwait ($102M).

Latest Trends

Oct 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Refined Petroleum. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$171M
IMPORTS (2022)$1.15B
NET TRADE (2022)-$983M

In 2022, Iceland exported $171M in Refined Petroleum. The main destinations of Iceland exports on Refined Petroleum were Denmark ($32.3M), United States ($31M), Bahamas ($20.1M), Greenland ($17M), and Germany ($8.2M).

In 2022, Iceland imported $1.15B in Refined Petroleum, mainly from Norway ($670M), Kuwait ($111M), India ($110M), Saudi Arabia ($50.3M), and Denmark ($46.8M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Iceland WERE (2021 - 2022):
Denmark$24.1M (294%)
Bahamas$17.9M (803%)
United States$17.3M (126%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Iceland WERE (2021 - 2022):
Russia-$3.49M (-93%)
Cyprus-$2.3M (-85.2%)
Portugal-$1.11M (-21.5%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Iceland's main exporting competitors in Refined Petroleum were:
United States $138B
India $86.2B
Netherlands $68.1B
In 2022, Iceland's main importing competitors in Refined Petroleum were:
United States $81.7B
Singapore $58.5B
Netherlands $51.1B

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

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N/A
N/AN/A
N/AN/A

Refined Petroleum’s highest export potential is N/A. With an export gap of N/A.   Refined Petroleum’s highest import potential is N/A with an import gap of N/A.

See methodology.

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