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Pricing

2023
Flag → Flag
Exports $405MRnk 71 / 223
2023
Flag → Flag
Top Product $35.5MGas Turbines
2023
Flag → Flag
Exports $607MRnk 4 / 157
2023
Flag → Flag
Top Product $211MFish Fillets
2023
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Economic Complexity (ECI) ECI 1.5Rnk 11 / 132
2023
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GDP$3.38TCURRENT US$
Rnk 6 / 195
2013-2023
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GDP GROWTH21.4%CURRENT US$
Rnk 136 / 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 $49,464CURRENT US$
Rnk 26 / 195
2013-2023
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GDP PC GROWTH13.9%CURRENT US$
Rnk 124 / 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

United Kingdom-Iceland Trade: In 2023, United Kingdom exported $405M to Iceland. The main products that United Kingdom exported to Iceland were Gas Turbines ($35.5M), Cars ($31.2M), and Refined Petroleum ($24.1M). Over the past 5 years the exports of United Kingdom to Iceland have decreased at an annualized rate of 1.03%, from $427M in 2018 to $405M in 2023.

In 2019, United Kingdom exported services to Iceland worth $268M, with Other business services ($253M), Computer and information services ($15.3M), and Communications services ($3.81M) being the largest in terms of value.

Iceland-United Kingdom Trade: In 2023, Iceland exported $607M to United Kingdom. The main products that Iceland exported to United Kingdom were Fish Fillets ($211M), Raw Aluminium ($70M), and Animal Meal and Pellets ($67.3M). Over the past 5 years the exports of Iceland to United Kingdom have decreased at an annualized rate of 0.16%,  from $612M in 2018 to $607M in 2023.

In 2019, Iceland exported services to United Kingdom worth $649M, with Travel ($412M), Transportation ($135M), and Computer and information services ($45.3M) being the largest in terms of value.

Comparison In 2023,  United Kingdom ranked 11 in the Economic Complexity Index (ECI 1.5),  and 14 in total exports ($429B). That same year, Iceland ranked 115 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Latest Trends

November, 2024

About

Overview In November 2024, United Kingdom exported £29.4M and imported £50.3M from Iceland, resulting in a negative trade balance of £20.9M. Between November 2023 and November 2024 the exports of United Kingdom have increased by £4.44M (17.8%) from £24.9M to £29.4M, while imports increased by £7.21M (16.8%) from £43.1M to £50.3M.

Trade In November 2024, the top exports of United Kingdom to Iceland were Gas Turbines (£13.9M), Coal Briquettes (£3.48M), Large Construction Vehicles (£885k), Cars (£819k), and Plastic Lids (£744k). In November 2024 the top imports of United Kingdom from Iceland were Fish Fillets (£18.3M), Fish Oil (£6.04M), Processed Crustaceans (£3.61M), Non-fillet Fresh Fish (£2.89M), and Raw Aluminium (£2.36M).

Origins In November 2024 the exports of United Kingdom were mainly from Middlesbrough (£11.2M), Aberdeen (£6.1M), Immingham (£4.3M), Dover Eurotunnel (£1.29M), and East Midlands Airport (£1.24M), while imports destinations were mainly Immingham (£30.6M), Aberdeen (£5.79M), London Heathrow Airport (£5.45M), East Midlands Airport (£2.68M), and Inverness (£2.08M).

Growth In November 2024, the increase in United Kingdom's year-by-year exports to Iceland was explained primarily by an increase in product exports in Gas Turbines (£13M or 1.4k%), Coal Briquettes (£3.31M or 1.96k%), and Large Construction Vehicles (£758k or 594%). In November 2024, the increase in United Kingdom's year-by-year imports  from Iceland was explained primarily by an increase in product imports  in Packaged Medicaments (£604k or 234%), Commodities not elsewhere specified (£367k or 37.8%), and Processed Crustaceans (£339k or 10.4%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (November 2023 - November 2024)£4.44M(17.8%)
IMPORT GROWTH (November 2023 - November 2024)£7.21M(16.8%)
MAIN EXPORTER (November 2024)Middlesbrough£11.2M

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

To check Iceland and United Kingdom trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, United Kingdom exported $405M to Iceland. The main products exported from United Kingdom to Iceland were Gas Turbines ($35.5M), Cars ($31.2M), and Refined Petroleum ($24.1M). During the last 5 years the exports of United Kingdom to Iceland have decreased at an annualized rate of 1.03%, from $427M in 2018 to $405M in 2023.

In 2018, Iceland exported $607M to United Kingdom. The main products exported from Iceland to United Kingdom were Fish Fillets ($211M), Raw Aluminium ($70M), and Animal Meal and Pellets ($67.3M). During the last 5 years the exports of Iceland to United Kingdom have decreased at an annualized rate of 0.16%, from $612M in 2023 to $607M in 2018.

Exports from United Kingdom (Flag) to Iceland (Flag) (2023)

Exports from Iceland (Flag) to United Kingdom (Flag) (2023)

Market Competitiveness

Color
United Kingdom
Top DestinationUnited States$59.7B
Iceland
Top DestinationNetherlands$1.97B

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

In 2023, countries that imported more from United Kingdom than Iceland included United States ($59.7B), China ($35.3B), and Germany ($34.6B).

In 2023, countries that imported more from Iceland than United Kingdom included Greenland ($72.3M) and Belarus ($34.6M).

Difference in imports from Iceland (Flag) and United Kingdom (Flag) (2023)

Comparative Advantage United Kingdom - Iceland

Flow
Scale

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

During 2023, United Kingdom had a large net trade with Iceland in the exports of Machines ($99.1M), Foodstuffs ($61.9M), and Transportation ($58.2M).

During 2018, Iceland had a large net trade with United Kingdom in the exports of Animal Products ($286M), Foodstuffs ($125M), and Metals ($83.4M).

Bilateral Service Trade

In 2019, United Kingdom exported services to Iceland worth $268M, with Other business services ($253M), Computer and information services ($15.3M), and Communications services ($3.81M) being the largest in terms of value.

In 2019, Iceland exported services to United Kingdom worth $649M, with Travel ($412M), Transportation ($135M), and Computer and information services ($45.3M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from United Kingdom (Flag) to Iceland (Flag) (2019)

Services Exports from Iceland (Flag) to United Kingdom (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of United Kingdom (Flag) and Iceland (Flag) (2023)

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