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2023
Product
Exports | Imports $7.31B | $9.85B115 of 226 |  119 of 226
2023
Per Capita Product
Exports | Imports $18.6k | $25.1k21 of 220 |  8 of 220

About

Overview In 2023 Iceland was the number 115 economy in the world in terms of total exports and the number 119 in total imports.

Exports The top exports of Iceland are Raw Aluminium ($2.25B), Fish Fillets ($1.05B), Non-fillet Frozen Fish ($444M), Non-fillet Fresh Fish ($359M), and Orthopedic Appliances ($358M), exporting mostly to Netherlands ($1.97B), Germany ($771M), United States ($735M), United Kingdom ($607M), and Norway ($444M).

Imports The top imports of Iceland are Refined Petroleum ($1.16B), Cars ($774M), Carbon-based Electronics ($638M), Aluminium Oxide ($581M), and Computers ($266M), importing mostly from Norway ($1.11B), China ($908M), Germany ($903M), Netherlands ($745M), and United States ($694M).

In 2023, Iceland was the world's biggest importer of Carbon-based Electronics ($638M)

Latest Trends

Latest Trade

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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Iceland.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Raw Aluminium$2.25B
Top Destination (2023)Netherlands$1.97B

In 2023, Iceland exported a total of $7.31B, making it the number 115 exporter in the world. During the last five reported years the exports of Iceland have changed by $716M from $6.59B in 2018 to $7.31B in 2023.

The most recent exports are led by Raw Aluminium ($2.25B), Fish Fillets ($1.05B), Non-fillet Frozen Fish ($444M), Non-fillet Fresh Fish ($359M), and Orthopedic Appliances ($358M). The most common destination for the exports of Iceland are Netherlands ($1.97B), Germany ($771M), United States ($735M), United Kingdom ($607M), and Norway ($444M).

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Exports (2023)
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Destinations (2023)
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Market Growth

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Growth
Fastest Growing Export Markets (2022 - 2023)
Greenland$44.1M (+ 156%)
China$37.8M (+ 22.1%)
Ukraine$33.5M (+ 49.6%)
Fastest Growing Import Markets (2022 - 2023)
Germany$133M (+ 17.3%)
Kuwait$109M (+ 87.5%)
United States$104M (+ 17.7%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Iceland Exports Services (2019)$5.09B
Iceland Imports Services (2019)$3.17B

In 2019, Iceland exported $5.09B worth of services. The top services exported by Iceland in 2019 were Personal travel ($2.63B), Air transport ($1.4B), Royalties and license fees ($285M), Miscellaneous business, professional, and technical services ($185M), and Sea transport ($173M).

The top services imported by Iceland in 2019 were Personal travel ($1.22B), Miscellaneous business, professional, and technical services ($409M), Air transport ($334M), Business travel ($291M), and Sea transport ($286M).

Service Exports (2019)

Service Imports (2019)

Economic Complexity

Most Specialized Products by RCA Index

Iceland has a high level of specialization in Fish Oil (183), Aluminium Wire (137), Fish Fillets (109), Raw Aluminium (94.5), and Animal Meal and Pellets (93.1). 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

The highest complexity exports of Iceland according to the product complexity index (PCI) are X-ray, alpha, beta, gamma radiation apparatus; x-ray tubes, x-ray generators, high tension... (1.62), Navigational instruments and appliances; direction finding compasses (1.22), Machines and appliances, instruments or apparatus of chapter 90; parts and accessories... (1.18), Orthopaedic appliances; including crutches, surgical belts and trusses; splints and other fracture... (1.12), and Boat Propellers (1.09). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Iceland according to the relatedness index, were Crustaceans (0.11), Revenue Stamps (0.096), Hard Liquor (0.096), Scrap Copper (0.095), and Crude Petroleum (0.094). 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

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 a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Iceland. These are products that tend to be co-exported with the products that Iceland exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.

Diversification Frontier

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