2022
Flag  
GDP
$27.8BCURRENT US$
Rnk 107 / 186
2012-2022
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GDP GROWTH
88.7%CURRENT US$
Rnk 20 / 186
2022
Flag
 GDP
$579BCURRENT US$
Rnk 24 / 186
2012-2022
Flag
GDP GROWTH
13%CURRENT US$
Rnk 141 / 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
$106,149CURRENT US$
Rnk 3 / 186
2012-2022
Flag
GDP PC GROWTH
3.89%CURRENT US$
Rnk 131 / 186

About

Iceland-Norway Trade: In 2022, Iceland exported $459M to Norway. The main products that Iceland exported to Norway were Animal Meal and Pellets ($172M), Fish oil ($112M), and Carbon-based Electronics ($66.3M). Over the past 5 years the exports of Iceland to Norway have increased at an annualized rate of 4.73%, from $364M in 2017 to $459M in 2022.

In 2019, Iceland exported services to Norway worth $147M, with Travel ($60.6M), Transportation ($48.5M), and Other business services ($17.9M) being the largest in terms of value.

Norway-Iceland Trade: In 2022, Norway exported $1.17B to Iceland. The main products that Norway exported to Iceland were Refined Petroleum ($670M), Carbon-based Electronics ($139M), and Animal Food ($98.2M). Over the past 5 years the exports of Norway to Iceland have increased at an annualized rate of 14.1%,  from $603M in 2017 to $1.17B in 2022.

In 2009, Norway exported services to Iceland worth $55.5M, with Transportation ($28.9M), Other business services ($9.59M), and Construction services ($5.75M) being the largest in terms of value.

Comparison In 2022,  Iceland ranked 116 in total exports ($7.31B), and does not have data regarding Economic Complexity Index. That same year, Norway ranked 43 in the Economic Complexity Index (ECI 0.54), and 28 in total exports ($285B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Iceland exported $459M to Norway. The main products exported from Iceland to Norway were Animal Meal and Pellets ($172M), Fish oil ($112M), and Carbon-based Electronics ($66.3M). During the last 5 years the exports of Iceland to Norway have increased at an annualized rate of 4.73%, from $364M in 2017 to $459M in 2022.

In 2017, Norway exported $1.17B to Iceland. The main products exported from Norway to Iceland were Refined Petroleum ($670M), Carbon-based Electronics ($139M), and Animal Food ($98.2M). During the last 5 years the exports of Norway to Iceland have increased at an annualized rate of 14.1%, from $603M in 2022 to $1.17B in 2017.

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

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

Latest Data

Trade between Iceland (Flag) and Norway (Flag)

Iceland Exports

Norway Exports

Market Competitiveness

Color
Iceland
Top Destination
Netherlands$1.97B
Norway
Top Destination
Germany$78.1B

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

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

In 2022, countries that imported more from Norway than Iceland included Germany ($78.1B), United Kingdom ($59.1B), and France ($25.9B).

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

Comparative Advantage Iceland - Norway

Flow
Scale

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

During 2022, Iceland had a large net trade with Norway in the exports of Foodstuffs ($174M), Animal and Vegetable Bi-Products ($113M), and Machines ($86M).

During 2017, Norway had a large net trade with Iceland in the exports of Mineral Products ($692M), Machines ($176M), and Foodstuffs ($104M).

Economic Complexity

Competitive Landscape

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

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

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