Overview In 2020 Iceland was the number 112 economy in the world in terms of total exports and the number 125 in total imports.

Exports The top exports of Iceland are Raw Aluminium ($1.74B), Fish Fillets ($984M), Non-fillet Fresh Fish ($336M), Non-fillet Frozen Fish ($283M), and Processed Fish ($264M), exporting mostly to Netherlands ($931M), Spain ($796M), United Kingdom ($517M), Germany ($460M), and United States ($372M).

Imports The top imports of Iceland are Aluminium Oxide ($455M), Refined Petroleum ($304M), Carbon-based Electronics ($283M), Cars ($272M), and Packaged Medicaments ($187M), importing mostly from Netherlands ($621M), Denmark ($565M), Norway ($490M), Germany ($485M), and United Kingdom ($371M).

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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.

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

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Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

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

Historical Data

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Top Export (2020): Raw Aluminium, $1.74B

Top Destination (2020): Netherlands, $621M

In 2020, Iceland exported a total of $5.18B, making it the number 112 exporter in the world. During the last five reported years the exports of Iceland have changed by -$450M from $5.63B in 2015 to $5.18B in 2020.

The most recent exports are led by Raw Aluminium ($1.74B), Fish Fillets ($984M), Non-fillet Fresh Fish ($336M), Non-fillet Frozen Fish ($283M), and Processed Fish ($264M). The most common destination for the exports of Iceland are Netherlands ($931M), Spain ($796M), United Kingdom ($517M), Germany ($460M), and United States ($372M).

Explore Visualizations

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Fastest Growing Export Markets (2019 - 2020)

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).

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 Fillets (137), Aluminium Wire (137), Fish oil (133), Processed Fish (132), and Raw Aluminium (113). Specialization is measured using RCA, an index that takes the ratio between Iceland observed and expected exports in each product.

Export Opportunities by Relatedness

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The top export opportunities for Iceland according to the relatedness index, are Crustaceans (0.095), Crude Petroleum (0.087), Molluscs (0.086), Other Hides and Skins (0.086), and Manganese Ore (0.084). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Iceland is not specialized in.

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

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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.

Diversification Frontier

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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.