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2023
Flag → Flag
Exports $165MRnk 90 / 220
2023
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Top Product $25MCars
2023
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Exports $67.1MRnk 19 / 157
2023
Flag → Flag
Top Product $39MFish Fillets
2023
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Economic Complexity (ECI) ECI 1.23Rnk 20 / 132
2023
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GDP$645BCURRENT US$
Rnk 23 / 195
2013-2023
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GDP GROWTH23%CURRENT US$
Rnk 132 / 195
2023
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 GDP$31.3BCURRENT US$
Rnk 107 / 195
2013-2023
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GDP GROWTH94.3%CURRENT US$
Rnk 17 / 195
2023
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GDP PC $54,701CURRENT US$
Rnk 20 / 195
2013-2023
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GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195
2023
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GDP PC$79,637CURRENT US$
Rnk 11 / 196
2013-2023
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GDP PC GROWTH59.9%CURRENT US$
Rnk 31 / 195

About

Belgium-Iceland Trade: In 2023, Belgium exported $165M to Iceland. The main products that Belgium exported to Iceland were Cars ($25M), Gas Turbines ($14.6M), and Refined Petroleum ($10.2M). Over the past 5 years the exports of Belgium to Iceland have increased at an annualized rate of 9.99%, from $103M in 2018 to $165M in 2023.

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 2023, Iceland exported $67.1M to Belgium. The main products that Iceland exported to Belgium were Fish Fillets ($39M), Raw Aluminium ($13.3M), and Unpackaged Medicaments ($5.75M). Over the past 5 years the exports of Iceland to Belgium have decreased at an annualized rate of 27.9%,  from $345M in 2018 to $67.1M in 2023.

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 2023,  Belgium ranked 20 in the Economic Complexity Index (ECI 1.23),  and 13 in total exports ($437B). That same year, Iceland ranked 115 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Latest Trends

October, 2024

About

Overview In October 2024, Belgium exported €12.7M and imported €3.35M from Iceland, resulting in a positive trade balance of €9.33M. Between October 2023 and October 2024 the exports of Belgium have increased by €3.04M (31.5%) from €9.64M to €12.7M, while imports decreased by €-584k (-14.9%) from €3.93M to €3.35M.

Trade In October 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 October 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 October 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 October 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 (October 2023 - October 2024)€3.04M(31.5%)
IMPORT GROWTH (October 2023 - October 2024)€-584k(-14.9%)

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 2023, Belgium exported $165M to Iceland. The main products exported from Belgium to Iceland were Cars ($25M), Gas Turbines ($14.6M), and Refined Petroleum ($10.2M). During the last 5 years the exports of Belgium to Iceland have increased at an annualized rate of 9.99%, from $103M in 2018 to $165M in 2023.

In 2018, Iceland exported $67.1M to Belgium. The main products exported from Iceland to Belgium were Fish Fillets ($39M), Raw Aluminium ($13.3M), and Unpackaged Medicaments ($5.75M). During the last 5 years the exports of Iceland to Belgium have decreased at an annualized rate of 27.9%, from $345M in 2023 to $67.1M in 2018.

Exports from Belgium (Flag) to Iceland (Flag) (2023)

Exports from Iceland (Flag) to Belgium (Flag) (2023)

Market Competitiveness

Color
Belgium
Top DestinationFrance$85.6B
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 2023, countries that imported more from Belgium than Iceland included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

In 2023, countries that imported more from Iceland than Belgium included Greenland ($72.3M), Bahamas ($25M), and Antigua and Barbuda ($9.7M).

Difference in imports from Iceland (Flag) and Belgium (Flag) (2023)

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 2023, Belgium had a large net trade with Iceland in the exports of Transportation ($34M), Machines ($33.2M), and Foodstuffs ($24.5M).

During 2018, Iceland had a large net trade with Belgium in the exports of Animal Products ($42M), Metals ($15.4M), and Chemical Products ($6.23M).

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) (2023)

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