About

Overview In 2021 Iceland was the number 113 economy in the world in terms of total exports and the number 120 in total imports.

Exports The top exports of Iceland are Raw Aluminium ($2.5B), Fish Fillets ($1.06B), Non-fillet Fresh Fish ($449M), Non-fillet Frozen Fish ($439M), and Fish: dried, salted, smoked or in brine ($278M), exporting mostly to Netherlands ($1.65B), Spain ($704M), Germany ($661M), United Kingdom ($577M), and United States ($492M).

Imports The top imports of Iceland are Aluminium Oxide ($508M), Cars ($487M), Carbon-based Electronics ($452M), Refined Petroleum ($446M), and Packaged Medicaments ($216M), importing mostly from Norway ($858M), Denmark ($749M), Netherlands ($722M), Germany ($693M), and China ($537M).

Latest Trends

Latest Trade

Flow
View
Y-AXIS SCALE

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.

Subscribe today to OEC pro and access the latest data

Sign Up

Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

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

Subscribe today to OEC pro and access the latest data

Sign Up

Subscribe today to OEC pro and access the latest data

Sign Up

Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2021)Raw Aluminium$2.5B
Top Destination (2021)Netherlands$1.65B

In 2021, Iceland exported a total of $6.76B, making it the number 113 exporter in the world. During the last five reported years the exports of Iceland have changed by $1.7B from $5.06B in 2016 to $6.76B in 2021.

The most recent exports are led by Raw Aluminium ($2.5B), Fish Fillets ($1.06B), Non-fillet Fresh Fish ($449M), Non-fillet Frozen Fish ($439M), and Fish: dried, salted, smoked or in brine ($278M). The most common destination for the exports of Iceland are Netherlands ($1.65B), Spain ($704M), Germany ($661M), United Kingdom ($577M), and United States ($492M).

Explore Visualizations

Exports (2021)
[Click to Select a Product]

Destinations (2021)
[Click to Select a Country]

Market Growth

Flow
View
Fastest Growing Export Markets (2020 - 2021)
Netherlands$715M (+ 76.8%)
Germany$201M (+ 43.6%)
United States$119M (+ 32%)
Fastest Growing Import Markets (2020 - 2021)
Norway$369M (+ 75.7%)
China$206M (+ 62.2%)
Germany$203M (+ 41.4%)

Total Export Growth by Market (2020 - 2021)

Service Trade

Service Trade

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).

Service Exports (2019)

Service Imports (2019)

Economic Complexity

Most Specialized Products by RCA Index

Iceland has a high level of specialization in Aluminium Wire (159), Fish Fillets (125), Fish: dried, salted, smoked or in brine (125), Fish oil (123), and Raw Aluminium (99). Specialization is measured using RCA, an index that takes the ratio between Iceland observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Iceland according to the relatedness index, were Crustaceans (0.093), Crude Petroleum (0.091), Gold (0.083), Molluscs (0.082), and Recreational Boats (0.081). 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

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

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

Filter
Depth

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.

Have questions, comments, or concerns?
Send us an e-mail: [email protected]
Follow @OECtoday on
Created, Designed, and Developed by:
In collaboration with