Iceland
2019 Product Exports | Imports: $5.99B | $6.68B, 109 of 225 | 120 of 225
2019 Per Capita Product Exports | Imports: $16.6k | $18.5k, 18 of 219 | 13 of 219
2018 Service Exports | Imports : $8.6B | $5.24B, 67 of 125 | 61 of 125
Overview In 2019 Iceland was the number 107 economy in the world in terms of GDP (current US$), 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
#permalink to sectionYearly Exports
#permalink to sectionTop 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).
Yearly Imports
#permalink to sectionTop 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).
Market Growth
#permalink to sectionService Trade
#permalink to sectionService Trade
#permalink to sectionIceland 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
#permalink to sectionTariffs by Product
#permalink to sectionThe top product import tariffs by their MFN Ad Valorem value for Iceland are Cuttings and slips, not rooted (2.28k%)and Milk and cream unsweetened, concentrated (661%).
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:
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionIceland 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
#permalink to sectionThe 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
#permalink to sectionThe 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.
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.