Overview In 2019 Iceland was the number 107 economy in the world in terms of GDP (current US$), the number 109 in total exports, the number 120 in total imports, the number 7 economy in terms of GDP per capita (current US$) and the number null most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Iceland are Raw Aluminium ($1.86B), Fish Fillets ($1.05B), Non-fillet Frozen Fish ($369M), Non-fillet Fresh Fish ($285M), and Processed Fish ($283M), exporting mostly to Netherlands ($1.38B), United Kingdom ($546M), Germany ($543M), Spain ($499M), and United States ($410M).

Imports The top imports of Iceland are Refined Petroleum ($605M), Aluminium Oxide ($556M), Carbon-based Electronics ($393M), Cars ($308M), and Packaged Medicaments ($145M), importing mostly from Norway ($713M), Netherlands ($668M), Germany ($564M), Denmark ($534M), and United States ($450M).

Historical Data

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Yearly Exports

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Top Export (2019): Raw Aluminium, $1.86B

Top Destination (2019): Netherlands, $1.38B

In 2019, Iceland exported a total of $5.99B, making it the number 109 exporter in the world. During the last five reported years the exports of Iceland have changed by -$476M from $6.47B in 2014 to $5.99B in 2019.

The most recent exports are led by Raw Aluminium ($1.86B), Fish Fillets ($1.05B), Non-fillet Frozen Fish ($369M), Non-fillet Fresh Fish ($285M), and Processed Fish ($283M). The most common destination for the exports of Iceland are Netherlands ($1.38B), United Kingdom ($546M), Germany ($543M), Spain ($499M), and United States ($410M).

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Yearly Imports

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Top Import (2019): Refined Petroleum, $605M

Top Origin (2019): Norway, $713M

In 2019 Iceland imported $6.68B, making it the number 120 trade destination in the world. During the last five reported years the imports of Iceland changed by $1.24B from $5.44B in 2014 to $6.68B in 2019.

The most recent imports of Iceland are led by Refined Petroleum ($605M), Aluminium Oxide ($556M), Carbon-based Electronics ($393M), Cars ($308M), and Packaged Medicaments ($145M). The most common import partners for Iceland are Norway ($713M), Netherlands ($668M), Germany ($564M), Denmark ($534M), and United States ($450M).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Iceland Exports Services (2018): $8.6B

Iceland Imports Services (2018): $5.24B

In 2018, Iceland exported $8.6B worth of services. The top services exported by Iceland in 2018 were Travel ($4.36B), Transportation ($3.08B), Other business services ($467M), Royalties and license fees ($337M), and Financial services ($235M).

The top services imported by Iceland in 2018 were Travel ($2.55B), Other business services ($1.15B), Transportation ($1.03B), Royalties and license fees ($200M), and Personal, cultural, and recreational services ($130M).

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.

*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 Aluminium Wire (162), Fishing Ships (130), Processed Fish (128), Fish Fillets (125), and Fish Oil (115). 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 (1.84), Revolution counters, taximeters, speedometers, etc (1.26), Orthopaedic appliances (1.24), Machinery for paper pulp, paper, paperboard making nes (1.19), and Weighing machinery except balances sensitivity > 50 mg (1.18). 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 Crustaceans (0.1), Other Hides and Skins (0.089), Crude Petroleum (0.089), Scrap Copper (0.087), and Uranium and Thorium Ore (0.087). 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 it is currently specialized 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 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.