Iceland (ISL) and Belgium (BEL) Trade | The Observatory of Economic Complexity

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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.

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.

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

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, 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 2018 to $67.1M in 2023.

In 2018, 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 2023 to $165M in 2018.

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

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

Latest Data

Trade between Iceland () and Belgium ()

Iceland Exports

Date

Belgium Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Iceland
Top DestinationNetherlands$1.97B

Belgium
Top DestinationFrance$85.6B

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

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

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

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

Comparative Advantage Iceland - Belgium

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Iceland had a large net trade with Belgium in the exports of Animal Products ($42M), Metals ($15.4M), and Chemical Products ($6.23M).

During 2018, Belgium had a large net trade with Iceland in the exports of Transportation ($34M), Machines ($33.2M), and Foodstuffs ($24.5M).

Bilateral Service Trade

Bel Year

Isl Year

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.

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.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

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

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

Latest Data

Trade between Iceland () and Belgium ()

Iceland Exports

Belgium Exports

Market Competitiveness

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

Comparative Advantage Iceland - Belgium

Bilateral Service Trade

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

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

Service Trade

Economic Complexity

Competitive Landscape

Product Space of Iceland () and Belgium () (2023)

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