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2022
Flag → Flag
Exports $150MRnk 98 / 222
2022
Flag → Flag
Top Product $32.3MCars
2022
Flag → Flag
Exports $88.1MRnk 15 / 160
2022
Flag → Flag
Top Product $51.4MFish Fillets
2022
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Economic Complexity (ECI) ECI 1.25Rnk 19 / 133
2022
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GDP$579BCURRENT US$
Rnk 25 / 186
2012-2022
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GDP GROWTH16.6%CURRENT US$
Rnk 131 / 186
2022
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 GDP$27.8BCURRENT US$
Rnk 107 / 186
2012-2022
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GDP GROWTH88.7%CURRENT US$
Rnk 20 / 186
2022
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GDP PC $49,583CURRENT US$
Rnk 19 / 186
2012-2022
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GDP PC GROWTH11%CURRENT US$
Rnk 112 / 186
2022
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GDP PC$72,903CURRENT US$
Rnk 9 / 186
2012-2022
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GDP PC GROWTH58.5%CURRENT US$
Rnk 29 / 186

About

Belgium-Iceland Trade: In 2022, Belgium exported $150M to Iceland. The main products that Belgium exported to Iceland were Cars ($32.3M), Refined Petroleum ($5.92M), and Vaccines, blood, antisera, toxins and cultures ($4.83M). Over the past 5 years the exports of Belgium to Iceland have increased at an annualized rate of 8.87%, from $98.1M in 2017 to $150M in 2022.

In 2020, Belgium exported services to Iceland worth $64M, with Other business services ($51.4M), Transportation ($9.14M), and Travel ($1.14M) being the largest in terms of value.

Iceland-Belgium Trade: In 2022, Iceland exported $88.1M to Belgium. The main products that Iceland exported to Belgium were Fish Fillets ($51.4M), Raw Aluminium ($27.3M), and Hydrogen ($2.15M). Over the past 5 years the exports of Iceland to Belgium have decreased at an annualized rate of 0.87%,  from $92.1M in 2017 to $88.1M in 2022.

In 2019, Iceland exported services to Belgium worth $68.6M, with Travel ($34.8M), Transportation ($28.7M), and Computer and information services ($2.13M) being the largest in terms of value.

Comparison In 2022,  Belgium ranked 19 in the Economic Complexity Index (ECI 1.25),  and 13 in total exports ($475B). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Latest Trends

July, 2024

About

Overview In July 2024, Belgium exported €12.1M and imported €2.46M from Iceland, resulting in a positive trade balance of €9.61M. Between July 2023 and July 2024 the exports of Belgium have increased by €3.71M (44.3%) from €8.37M to €12.1M, while imports decreased by €-5.05M (-67.2%) from €7.51M to €2.46M.

Trade In July 2024, the top exports of Belgium to Iceland were Cars, tractors, trucks & parts thereof. (€4.43M), Machinery, mechanical appliances, & parts (€1.41M), Chemical products n.e.s. (€950k), Plastics & articles thereof (€917k), and Optical, photo, & film equipment; medical... (€409k). In July 2024 the top imports of Belgium from Iceland were Fish, crustaceans, & molluscs (€3.63M), Optical, photo, & film equipment; medical... (€90.3k), Live animals (€80.6k), Electrical machinery and electronics (€32.5k), and Beverages, spirits, & vinegar (€6.07k).

Growth In July 2024, the increase in Belgium's year-by-year exports to Iceland was explained primarily by an increase in product exports in Cars, tractors, trucks & parts thereof. (€1.51M or 51.8%), Machinery, mechanical appliances, & parts (€550k or 63.7%), and Chemical products n.e.s. (€434k or 84.2%). In July 2024, the decrease in Belgium's year-by-year imports  from Iceland was explained primarily by an decrease in product imports  in Fish, crustaceans, & molluscs (€-637k or -14.9%), Beverages, spirits, & vinegar (€-927 or -13.2%), and Miscellaneous edible preparations (€-35 or -13%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (July 2023 - July 2024)€3.71M(44.3%)
IMPORT GROWTH (July 2023 - July 2024)€-5.05M(-67.2%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check Iceland and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Iceland and Belgium Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Belgium exported $150M to Iceland. The main products exported from Belgium to Iceland were Cars ($32.3M), Refined Petroleum ($5.92M), and Vaccines, blood, antisera, toxins and cultures ($4.83M). During the last 5 years the exports of Belgium to Iceland have increased at an annualized rate of 8.87%, from $98.1M in 2017 to $150M in 2022.

In 2017, Iceland exported $88.1M to Belgium. The main products exported from Iceland to Belgium were Fish Fillets ($51.4M), Raw Aluminium ($27.3M), and Hydrogen ($2.15M). During the last 5 years the exports of Iceland to Belgium have decreased at an annualized rate of 0.87%, from $92.1M in 2022 to $88.1M in 2017.

Exports from Belgium (Flag) to Iceland (Flag) (2022)

Exports from Iceland (Flag) to Belgium (Flag) (2022)

Market Competitiveness

Color
Belgium
Top DestinationGermany$91.9B
Iceland
Top DestinationNetherlands$1.97B

This map shows whether countries import more from Belgium or Iceland. Each country is colored based on the difference in imports they receive from Belgium and Iceland or the difference in the growth in imports.

In 2022, countries that imported more from Belgium than Iceland included Germany ($91.9B), France ($71.1B), and Netherlands ($65.7B).

In 2022, countries that imported more from Iceland than Belgium included Greenland ($28.2M), Bahamas ($20.1M), and Antigua and Barbuda ($8.12M).

Difference in imports from Iceland (Flag) and Belgium (Flag) (2022)

Comparative Advantage Belgium - Iceland

Flow
Scale

This chart compares trade between Belgium and Iceland by product, considering products traded by both, Belgium and Iceland.

During 2022, Belgium had a large net trade with Iceland in the exports of Transportation ($39.3M), Machines ($20.9M), and Chemical Products ($18.9M).

During 2017, Iceland had a large net trade with Belgium in the exports of Animal Products ($53.8M), Metals ($28.7M), and Chemical Products ($2.17M).

Bilateral Service Trade

In 2020, Belgium exported services to Iceland worth $64M, with Other business services ($51.4M), Transportation ($9.14M), and Travel ($1.14M) being the largest in terms of value.

In 2019, Iceland exported services to Belgium worth $68.6M, with Travel ($34.8M), Transportation ($28.7M), and Computer and information services ($2.13M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Belgium (Flag) to Iceland (Flag) (2020)

Services Exports from Iceland (Flag) to Belgium (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Belgium and Iceland. This means that a dot/product with the flag of Belgium indicates it has a comparative advantage over Iceland. Similarly, a dot/product with the flag of Iceland indicates it has a comparative advantage over Belgium.

Product Space of Belgium (Flag) and Iceland (Flag) (2022)

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