Overview: This page contains the latest international trade data for Iceland, including service trade data, and tariffs. In 2018 Iceland was the number 107 economy in the world in terms of GDP (current US$), the number 102 in total exports, and the number 113 in total imports. In 2018, Iceland exported $6.67B and imported $7.79B, resulting in a negative trade balance of -$1.12B. In 2018, Iceland's exports per capita were $18.9k and its imports per capita were $22.1k.
In 2018 Iceland exported a total of $6.67B, making it the number 102 exporter in the world. During the last five reported years the exports of Iceland have changed by $882M from $5.79B in 2013 to $6.67B in 2018.
In 2018 Iceland imported $7.79B, making it the number 113 trade destination in the world. During the last five reported years the imports of Iceland changed by $2.54B from $5.25B in 2013 to $7.79B in 2018.
In 2017, Iceland exported $6.19B worth of services. The top services exported by Iceland in 2017 were Travel ($3.02B), Transportation ($2.15B), Computer and information services ($290M), Other business services ($263M), and Royalties and license fees ($246M).
The top services imported by Iceland in 2017 were Travel ($1.66B), Other business services ($705M), Transportation ($591M), Computer and information services ($249M), and Royalties and license fees ($125M).
This section shows forecasts for total product exports and imports for Iceland. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Iceland are:126: Iceland GSP for Least Developed Countries136: Most Favoured Nation duty rate treatement160: Preferential tariff for Albania172: Preferential tariff for Bosnia and Herzegovina178: Preferential tariff for Canada182: Preferential tariff for Chile184: Preferential tariff for China189: Preferential tariff for Colombia192: Preferential tariff for Costa Rica206: Preferential tariff for Egypt216: Preferential tariff for European Economic Area217: Preferential tariff for European Free Trade Association (EFTA) countries218: Preferential tariff for European Union countries222: Preferential tariff for Faroe Islands231: Preferential tariff for Gulf Cooperation Council (GCC)235: Preferential tariff for Hong Kong244: Preferential tariff for Israel247: Preferential tariff for Jordan249: Preferential tariff for Korea, Republic of255: Preferential tariff for Lebanon262: Preferential tariff for Macedonia270: Preferential tariff for Mexico272: Preferential tariff for Montenegro273: Preferential tariff for Morocco285: Preferential tariff for Panama289: Preferential tariff for Peru299: Preferential tariff for Singapore303: Preferential tariff for Southern African Customs Union (SACU) countries321: Preferential tariff for Tunisia322: Preferential tariff for Turkey325: Preferential tariff for Ukraine
Iceland has a high level of specialization in Fish Oil (144), Aluminium Wire (135), Processed Fish (120), Fish Fillets (107), and Fishing Ships (103). Specialization is measured using RCA, an index that takes the ratio between Iceland observed and expected exports in each product.
The top export opportunities for Iceland according to the relatedness index, are Crude Petroleum (0.095), Molluscs (0.088), Petroleum Gas (0.085), Scrap Copper (0.083), and Scrap Lead (0.082). 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.
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.
Iceland
