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2022
Flag → Flag
Exports $89.4MRnk 89 / 215
2022
Flag → Flag
Top Product $13.5MCrustaceans
2022
Flag → Flag
Exports $144MRnk 12 / 160
2022
Flag → Flag
Top Product $52.8MFish Fillets
2022
Flag
Economic Complexity (ECI) ECI 0.92Rnk 31 / 133
2022
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GDP$2.14TCURRENT US$
Rnk 9 / 186
2012-2022
Flag
GDP GROWTH17%CURRENT US$
Rnk 129 / 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 $54,966CURRENT US$
Rnk 14 / 186
2012-2022
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GDP PC GROWTH4.36%CURRENT US$
Rnk 130 / 186
2022
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GDP PC$72,903CURRENT US$
Rnk 9 / 186
2012-2022
Flag
GDP PC GROWTH58.5%CURRENT US$
Rnk 29 / 186

About

Canada-Iceland Trade: In 2022, Canada exported $89.4M to Iceland. The main products that Canada exported to Iceland were Crustaceans ($13.5M), Raw Aluminium ($7.78M), and Fuel Wood ($7.75M). Over the past 5 years the exports of Canada to Iceland have increased at an annualized rate of 3.34%, from $75.9M in 2017 to $89.4M in 2022.

In 2020, Canada exported services to Iceland worth $1.49M, with Royalties and license fees ($1.49M) being the largest in terms of value.

Iceland-Canada Trade: In 2022, Iceland exported $144M to Canada. The main products that Iceland exported to Canada were Fish Fillets ($52.8M), Raw Aluminium ($22M), and Non-fillet Frozen Fish ($13.8M). Over the past 5 years the exports of Iceland to Canada have increased at an annualized rate of 13.1%,  from $77.7M in 2017 to $144M in 2022.

In 2019, Iceland exported services to Canada worth $236M, with Transportation ($126M), Travel ($81M), and Other business services ($17.7M) being the largest in terms of value.

Comparison In 2022,  Canada ranked 31 in the Economic Complexity Index (ECI 0.92),  and 9 in total exports ($587B). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Latest Trends

June, 2024

About

Overview In June 2024, Canada exported C$5.29M and imported C$17.4M from Iceland, resulting in a negative trade balance of C$12.1M. Between June 2023 and June 2024 the exports of Canada have increased by C$1.81M (51.9%) from C$3.48M to C$5.29M, while imports increased by C$6.73M (63.1%) from C$10.7M to C$17.4M.

Trade In June 2024, the top exports of Canada to Iceland were Crustaceans (C$1.29M), Fuel Wood (C$565k), Delivery Trucks (C$420k), Peptones (C$354k), and Machinery Having Individual Functions (C$229k). In June 2024 the top imports of Canada from Iceland were Raw Aluminium (C$7.67M), Vaccines, blood, antisera, toxins and cultures (C$4.92M), Non-fillet Fresh Fish (C$3.06M), Fish Fillets (C$3.02M), and Non-fillet Frozen Fish (C$913k).

Origins In June 2024 the exports of Canada were mainly from Nova Scotia (C$1.88M), Quebec (C$1.13M), Alberta (C$647k), Newfoundland Labrador (C$608k), and New Brunswick (C$484k), while imports destinations were mainly Quebec (C$8.47M), Ontario (C$3.03M), Saskatchewan (C$2.18M), Nova Scotia (C$2.08M), and British Columbia (C$610k).

Growth In June 2024, the increase in Canada's year-by-year exports to Iceland was explained primarily by an increase in product exports in Peptones (C$269k or 316%), Machinery Having Individual Functions (C$218k or 1.98k%), and Aircraft parts including unmanned craft (C$154k or 3.05k%). In June 2024, the increase in Canada's year-by-year imports  from Iceland was explained primarily by an increase in product imports  in Raw Aluminium (C$7.06M or 1.16k%), Non-fillet Fresh Fish (C$2.63M or 609%), and Fish Fillets (C$304k or 11.2%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (June 2023 - June 2024)C$1.81M(51.9%)
IMPORT GROWTH (June 2023 - June 2024)C$6.73M(63.1%)
MAIN EXPORTER (June 2024)Nova ScotiaC$1.88M

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

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

For full datasets download visit Bulk Download page.

Explore Iceland and Canada Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Canada exported $89.4M to Iceland. The main products exported from Canada to Iceland were Crustaceans ($13.5M), Raw Aluminium ($7.78M), and Fuel Wood ($7.75M). During the last 5 years the exports of Canada to Iceland have increased at an annualized rate of 3.34%, from $75.9M in 2017 to $89.4M in 2022.

In 2017, Iceland exported $144M to Canada. The main products exported from Iceland to Canada were Fish Fillets ($52.8M), Raw Aluminium ($22M), and Non-fillet Frozen Fish ($13.8M). During the last 5 years the exports of Iceland to Canada have increased at an annualized rate of 13.1%, from $77.7M in 2022 to $144M in 2017.

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

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

Market Competitiveness

Color
Canada
Top DestinationUnited States$438B
Iceland
Top DestinationNetherlands$1.97B

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

In 2022, countries that imported more from Canada than Iceland included United States ($438B), China ($25.4B), and Japan ($14.3B).

In 2022, countries that imported more from Iceland than Canada included Belarus ($14.9M), Wallis and Futuna ($3.54M), and Marshall Islands ($577k).

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

Comparative Advantage Canada - Iceland

Flow
Scale

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

During 2022, Canada had a large net trade with Iceland in the exports of Metals ($19.4M), Machines ($18.7M), and Animal Products ($14.3M).

During 2017, Iceland had a large net trade with Canada in the exports of Animal Products ($86.6M), Metals ($22.2M), and Chemical Products ($7.22M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Canada Iceland+N/AN/A
Top Product Potential Iceland Canada+N/AN/A

N/A

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Bilateral Service Trade

In 2020, Canada exported services to Iceland worth $1.49M, with Royalties and license fees ($1.49M) being the largest in terms of value.

In 2019, Iceland exported services to Canada worth $236M, with Transportation ($126M), Travel ($81M), and Other business services ($17.7M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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

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