Observatory of Economic Complexity

Flag Iceland

Product Exports (2018): $6.67B, Rank 102 of 222

Exports Per Capita (2018): $18.9k, Rank 116 of 219

Product Imports (2018): $7.79B, Rank 113 of 221

Imports Per Capita (2018): $22.1k, Rank 117 of 219

Service Exports (2017): $6.19B, Rank 66 of 139

Service Imports (2017): $3.56B, Rank 75 of 139

GDP (2018): $25.9B, CURRENT US$
Rank 107 of 196

GDP growth (2008 - 2018): 44.5%, CURRENT US$
Rank 89 of 196

GDP PC (2018): $73,191, CURRENT US$
Rank 7 of 196

GDP PC GROWTH (2008 - 2018): 29.7%, CURRENT US$
Rank 82 of 196

About

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Overview: In 2018 Iceland was the number 107 economy in the world in terms of GDP (current US$), the number 102 in total exports, and the number 113 in total imports. In 2018, Iceland exported $6.67B and imported $7.79B, resulting in a negative trade balance of -$1.12B. In 2018, Iceland's exports per capita were $18.9k and its imports per capita were $22.1k.

Trade: The top exports of Iceland are Raw Aluminium ($2.25B), Fish Fillets ($977M), Non-fillet Frozen Fish ($395M), Processed Fish ($293M), and Passenger and Cargo Ships ($273M). The top imports of Iceland are Refined Petroleum ($837M), Aluminium Oxide ($766M), Cars ($505M), Carbon-based Electronics ($405M), and Planes, Helicopters, and/or Spacecraft ($332M).

Destinations: Iceland exports mostly to Netherlands ($1.66B), Germany ($588M), United Kingdom ($562M), Spain ($455M), and France ($415M), and imports mostly from Germany ($878M), Norway ($771M), Netherlands ($699M), Denmark ($607M), and United States ($578M).

Product Trade

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Product Exports

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Depth
Value

Top Export (2018): Raw Aluminium, $2.25B

Top Destination (2018): Netherlands, $1.66B

In 2018 Iceland exported a total of $6.67B, making it the number 102 exporter in the world. During the last five reported years the exports of Iceland have changed by $882M from $5.79B in 2013 to $6.67B in 2018.

The most recent exports are led by Raw Aluminium ($2.25B), Fish Fillets ($977M), Non-fillet Frozen Fish ($395M), Processed Fish ($293M), and Passenger and Cargo Ships ($273M). The most common destination for the exports of Iceland are Netherlands ($1.66B), Germany ($588M), United Kingdom ($562M), Spain ($455M), and France ($415M).

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Product Imports

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Depth
Value

Top Import (2018): Refined Petroleum, $837M

Top Origin (2018): Germany, $878M

In 2018 Iceland imported $7.79B, making it the number 113 trade destination in the world. During the last five reported years the imports of Iceland changed by $2.54B from $5.25B in 2013 to $7.79B in 2018.

The most recent imports of Iceland are led by Refined Petroleum ($837M), Aluminium Oxide ($766M), Cars ($505M), Carbon-based Electronics ($405M), and Planes, Helicopters, and/or Spacecraft ($332M). The most common import partners for Iceland are Germany ($878M), Norway ($771M), Netherlands ($699M), Denmark ($607M), and United States ($578M).

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Monthly Trade

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Market Growth

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Service Trade

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Service Trade

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Iceland Exports Services (2017): $6.19B

Iceland Imports Services (2017): $3.56B

In 2017, Iceland exported $6.19B worth of services. The top services exported by Iceland in 2017 were Travel ($3.02B), Transportation ($2.15B), Computer and information services ($290M), Other business services ($263M), and Royalties and license fees ($246M).

The top services imported by Iceland in 2017 were Travel ($1.66B), Other business services ($705M), Transportation ($591M), Computer and information services ($249M), and Royalties and license fees ($125M).

Forecasts

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Trade Forecasts

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This section shows forecasts for total product exports and imports for Iceland. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Iceland are Cuttings and slips, not rooted (2.13k%) and Birds' eggs, in shell: fresh, not for incubation, other than fowls of the species Gallus domesticus (domestic hens) (557%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Iceland are:
126: Iceland GSP for Least Developed Countries
136: Most Favoured Nation duty rate treatement
160: Preferential tariff for Albania
172: Preferential tariff for Bosnia and Herzegovina
178: Preferential tariff for Canada
182: Preferential tariff for Chile
184: Preferential tariff for China
189: Preferential tariff for Colombia
192: Preferential tariff for Costa Rica
206: Preferential tariff for Egypt
216: Preferential tariff for European Economic Area
217: Preferential tariff for European Free Trade Association (EFTA) countries
218: Preferential tariff for European Union countries
222: Preferential tariff for Faroe Islands
231: Preferential tariff for Gulf Cooperation Council (GCC)
235: Preferential tariff for Hong Kong
244: Preferential tariff for Israel
247: Preferential tariff for Jordan
249: Preferential tariff for Korea, Republic of
255: Preferential tariff for Lebanon
262: Preferential tariff for Macedonia
270: Preferential tariff for Mexico
272: Preferential tariff for Montenegro
273: Preferential tariff for Morocco
285: Preferential tariff for Panama
289: Preferential tariff for Peru
299: Preferential tariff for Singapore
303: Preferential tariff for Southern African Customs Union (SACU) countries
321: Preferential tariff for Tunisia
322: Preferential tariff for Turkey
325: Preferential tariff for Ukraine

Economic Complexity

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Most Specialized Products by RCA Index

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Iceland has a high level of specialization in Fish Oil (144), Aluminium Wire (135), Processed Fish (120), Fish Fillets (107), and Fishing Ships (103). Specialization is measured using RCA, an index that takes the ratio between Iceland observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Iceland according to the product complexity index (PCI) are Equipment using X-rays, alpha, beta, gamma rays (1.8), Hormones, derivatives, steroids nes used as hormones (1.29), Book-binding machinery including book sewing machines (1.22), Revolution counters, taximeters, speedometers, etc (1.19), and Weighing machinery except balances sensitivity > 50 mg (1.16). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Iceland according to the relatedness index, are Crude Petroleum (0.095), Molluscs (0.088), Petroleum Gas (0.085), Scrap Copper (0.083), and Scrap Lead (0.082). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Iceland is not specialized in.

Product Space

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The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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Depth
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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.

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