2022
Flag  
GDP
$27.8BCURRENT US$
Rnk 107 / 186
2012-2022
Flag
GDP GROWTH
88.7%CURRENT US$
Rnk 20 / 186
2022
Flag
 GDP
$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP GROWTH
30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
GDP PC 
$72,903CURRENT US$
Rnk 9 / 186
2012-2022
Flag
GDP PC GROWTH
58.5%CURRENT US$
Rnk 29 / 186
2022
Flag
GDP PC
$32,255CURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP PC GROWTH
26.7%CURRENT US$
Rnk 70 / 186

About

Iceland-South Korea Trade: In 2022, Iceland exported $27.9M to South Korea. The main products that Iceland exported to South Korea were Non-fillet Frozen Fish ($13.2M), Processed Fish ($8.53M), and Other Edible Preparations ($1.22M). Over the past 5 years the exports of Iceland to South Korea have decreased at an annualized rate of 2.43%, from $31.5M in 2017 to $27.9M in 2022.

In 2019, Iceland exported services to South Korea worth $18.1M, with Travel ($16.6M) and Transportation ($1.57M) being the largest in terms of value.

South Korea-Iceland Trade: In 2022, South Korea exported $63.9M to Iceland. The main products that South Korea exported to Iceland were Cars ($39.9M), Large Construction Vehicles ($2.6M), and Engine Parts ($2.31M). Over the past 5 years the exports of South Korea to Iceland have decreased at an annualized rate of 2.27%,  from $71.7M in 2017 to $63.9M in 2022.

In 2022, South Korea did not export any services to Iceland.

Comparison In 2022,  Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index. That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Iceland exported $27.9M to South Korea. The main products exported from Iceland to South Korea were Non-fillet Frozen Fish ($13.2M), Processed Fish ($8.53M), and Other Edible Preparations ($1.22M). During the last 5 years the exports of Iceland to South Korea have decreased at an annualized rate of 2.43%, from $31.5M in 2017 to $27.9M in 2022.

In 2017, South Korea exported $63.9M to Iceland. The main products exported from South Korea to Iceland were Cars ($39.9M), Large Construction Vehicles ($2.6M), and Engine Parts ($2.31M). During the last 5 years the exports of South Korea to Iceland have decreased at an annualized rate of 2.27%, from $71.7M in 2022 to $63.9M in 2017.

Exports from Iceland (Flag) to South Korea (Flag) (2022)

Exports from South Korea (Flag) to Iceland (Flag) (2022)

Latest Data

Trade between Iceland (Flag) and South Korea (Flag)

Iceland Exports

South Korea Exports

Market Competitiveness

Color
Iceland
Top Destination
Netherlands$1.97B
South Korea
Top Destination
China$150B

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

In 2022, countries that imported more from Iceland than South Korea included Greenland ($28.2M), Antigua and Barbuda ($8.12M), and Wallis and Futuna ($3.54M).

In 2022, countries that imported more from South Korea than Iceland included China ($150B), United States ($112B), and Vietnam ($60.7B).

Difference in imports from South Korea (Flag) and Iceland (Flag) (2022)

Comparative Advantage Iceland - South Korea

Flow
Scale

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

During 2022, Iceland had a large net trade with South Korea in the exports of Animal Products ($13.5M), Foodstuffs ($10.5M), and Machines ($1.68M).

During 2017, South Korea had a large net trade with Iceland in the exports of Transportation ($41.2M), Machines ($14.2M), and Plastics and Rubbers ($2.67M).

Economic Complexity

Competitive Landscape

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

Product Space of Iceland (Flag) and South Korea (Flag) (2022)

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