Iceland
2020 Product Exports | Imports: $5.18B | $5.71B, 112 of 226 | 125 of 226
2020 Per Capita Product Exports | Imports: $14.1k | $15.6k, 15 of 219 | 15 of 219
2019 Service Exports | Imports : $5.09B | $3.17B, 57 of 108 | 65 of 108
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).
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe 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.
Latest Data
#permalink to sectionData 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
#permalink to sectionYearly Trade
#permalink to sectionTop 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).
Market Growth
#permalink to sectionService Trade
#permalink to sectionService Trade
#permalink to sectionIceland 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
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionIceland 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.
Most Complex Products by PCI
#permalink to sectionThe highest complexity exports of Iceland according to the product complexity index (PCI) are Revolution counter, production counters, taximeters, mileometers, pedometers and the like, speed indicators and tachometers, other than those of heading no. 9015, stroboscopes (1.25), Orthopaedic appliances; including crutches, surgical belts and trusses; splints and other fracture appliances; artificial parts of the body; hearing aids and other which are worn, carried or implanted in the body to compensate for a defect or disability (1.09), Lifting, handling, loading or unloading machinery; n.e.c. in heading no. 8425, 8426 or 8427 (e.g. lifts, escalators, conveyors, teleferics) (1.07), Phenols or phenol-alcohols; halogenated, sulphonated, nitrated or nitrosated derivatives (0.97), and Weighing machines; excluding balances of a sensitivity of 5cg or better, including weight operated counting or checking machines and weights of all kinds (0.89). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe 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.
Product Space
#permalink to sectionThe 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.
Diversification Frontier
#permalink to sectionThe 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.
