India (IND) and Iceland (ISL) Trade | The Observatory of Economic Complexity

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India-Iceland Trade: In 2022, India exported $142M to Iceland. The main products that India exported to Iceland were Refined Petroleum ($110M), Other Iron Bars ($3.83M), and Twine, cordage or rope; knotted netting, made up fishing nets and other made up nets, of textile materials ($2.54M). Over the past 5 years the exports of India to Iceland have increased at an annualized rate of 48.9%, from $19.5M in 2017 to $142M in 2022.

In 2022, India did not export any services to Iceland.

Iceland-India Trade: In 2022, Iceland exported $4.74M to India. The main products that Iceland exported to India were Synthetic Coloring Matter ($1.95M), Sulfate Chemical Woodpulp ($1.06M), and Fish oil ($878k). Over the past 5 years the exports of Iceland to India have increased at an annualized rate of 1.89%, from $4.31M in 2017 to $4.74M in 2022.

In 2019, Iceland exported services to India worth $22.2M, with Travel ($13.1M), Transportation ($1.9M), and Government services, n.i.e. ($1.68M) being the largest in terms of value.

Comparison In 2022, India ranked 40 in the Economic Complexity Index (ECI 0.64), and 15 in total exports ($468B). That same year, Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Latest Trends

August, 2024

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Overview In August 2024, India exported $969k and imported $34.7k from Iceland, resulting in a positive trade balance of $935k. Between August 2023 and August 2024 the exports of India have decreased by $-359k (-27%) from $1.33M to $969k, while imports decreased by $-593k (-94.5%) from $628k to $34.7k.

Trade In August 2024, the top exports of India to Iceland were Iron And Steel ($283k), Indl. Machnry For Dairy Etc ($70k), Manmade Yarn,Fabrics,Madeups ($59k), Auto Tyres And Tubes ($39.3k), and Othr Rubber Prodct Excpt Footw ($20.9k). In August 2024 the top imports of India from Iceland were Medical And Scientific Instrum ($26.6k), Drug Formulations, Biologicals ($2.65k), Electronics Instruments ($1.75k), and Other Commodities ($825).

Growth In August 2024, the decrease in India's year-by-year exports to Iceland was explained primarily by an decrease in product exports in Iron And Steel ($-311k or -52.4%), Indl. Machnry For Dairy Etc ($-138k or -66.4%), and Aluminium, Products Of Aluminm ($-11k or -67.4%). In August 2024, the decrease in India's year-by-year imports from Iceland was explained primarily by an decrease in product imports in Drug Formulations, Biologicals ($-8.01k or -75.1%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (August 2023 - August 2024)$-359k(-27%)

IMPORT GROWTH (August 2023 - August 2024)$-593k(-94.5%)

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

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

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, India exported $142M to Iceland. The main products exported from India to Iceland were Refined Petroleum ($110M), Other Iron Bars ($3.83M), and Twine, cordage or rope; knotted netting, made up fishing nets and other made up nets, of textile materials ($2.54M). During the last 5 years the exports of India to Iceland have increased at an annualized rate of 48.9%, from $19.5M in 2017 to $142M in 2022.

In 2017, Iceland exported $4.74M to India. The main products exported from Iceland to India were Synthetic Coloring Matter ($1.95M), Sulfate Chemical Woodpulp ($1.06M), and Fish oil ($878k). During the last 5 years the exports of Iceland to India have increased at an annualized rate of 1.89%, from $4.31M in 2022 to $4.74M in 2017.

Exports from India () to Iceland () (2022)

Exports from Iceland () to India () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

India
Top DestinationUnited States$82.9B

Iceland
Top DestinationNetherlands$1.97B

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

In 2022, countries that imported more from India than Iceland included United States ($82.9B), United Arab Emirates ($31.6B), and Netherlands ($17.6B).

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

Difference in imports from Iceland () and India () (2022)

Comparative Advantage India - Iceland

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, India had a large net trade with Iceland in the exports of Mineral Products ($110M), Textiles ($11.4M), and Metals ($5.51M).

During 2017, Iceland had a large net trade with India in the exports of Chemical Products ($2.05M), Paper Goods ($1.06M), and Animal and Vegetable Bi-Products ($913k).

Bilateral Service Trade

Isl Year

In 2019, Iceland exported services to India worth $22.2M, with Travel ($13.1M), Transportation ($1.9M), and Government services, n.i.e. ($1.68M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Iceland () to India () (2019)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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Latest Trends

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Latest Trade

Historical Data

Bilateral Trade by Products

Exports from India () to Iceland () (2022)

Exports from Iceland () to India () (2022)

Market Competitiveness

Difference in imports from Iceland () and India () (2022)

Comparative Advantage India - Iceland

Bilateral Service Trade

Services Exports from Iceland () to India () (2019)

Service Trade

Economic Complexity

Competitive Landscape

Product Space of India () and Iceland () (2022)

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