Iceland (ISL) and Russia (RUS) Trade | The Observatory of Economic Complexity

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Iceland-Russia Trade: In 2023, Iceland exported $47.4k to Russia. The main products that Iceland exported to Russia were Other Edible Preparations ($42.4k) and Compasses ($5.01k). Over the past 5 years the exports of Iceland to Russia have decreased at an annualized rate of 77.4%, from $81M in 2018 to $47.4k in 2023.

In 2019, Iceland exported services to Russia worth $42.7M, with Travel ($25.1M), Transportation ($7.61M), and Government services, n.i.e. ($5.49M) being the largest in terms of value.

Russia-Iceland Trade: In 2023, Russia exported $4.28M to Iceland. The main products that Russia exported to Iceland were Carbon-based Electronics ($3.88M), Rolled Tobacco ($95.9k), and Sawn Wood ($48.3k). Over the past 5 years the exports of Russia to Iceland have decreased at an annualized rate of 32.8%, from $46.6M in 2018 to $4.28M in 2023.

In 2020, Russia exported services to Iceland worth $6.64M, with Other business services ($3.66M), Transportation ($2.05M), and Travel ($548k) 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, Russia ranked 50 in the Economic Complexity Index (ECI 0.3), and 18 in total exports ($394B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Iceland exported $47.4k to Russia. The main products exported from Iceland to Russia were Other Edible Preparations ($42.4k) and Compasses ($5.01k). During the last 5 years the exports of Iceland to Russia have decreased at an annualized rate of 77.4%, from $81M in 2018 to $47.4k in 2023.

In 2018, Russia exported $4.28M to Iceland. The main products exported from Russia to Iceland were Carbon-based Electronics ($3.88M), Rolled Tobacco ($95.9k), and Sawn Wood ($48.3k). During the last 5 years the exports of Russia to Iceland have decreased at an annualized rate of 32.8%, from $46.6M in 2023 to $4.28M in 2018.

Exports from Iceland () to Russia () (2023)

Exports from Russia () to Iceland () (2023)

Latest Data

Trade between Iceland () and Russia ()

Iceland Exports

Date

Russia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Iceland
Top DestinationNetherlands$1.97B

Russia
Top DestinationChina$129B

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

In 2023, countries that imported more from Iceland than Russia included United Kingdom ($607M), Norway ($444M), and Ukraine ($101M).

In 2023, countries that imported more from Russia than Iceland included China ($129B), India ($66.1B), and Turkey ($31B).

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

Comparative Advantage Iceland - Russia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Iceland had a large net trade with Russia in the exports of Foodstuffs ($42.4k) and Instruments ($5.01k).

During 2018, Russia had a large net trade with Iceland in the exports of Machines ($3.91M), Foodstuffs ($122k), and Plastics and Rubbers ($67.6k).

Bilateral Service Trade

Rus Year

Isl Year

In 2019, Iceland exported services to Russia worth $42.7M, with Travel ($25.1M), Transportation ($7.61M), and Government services, n.i.e. ($5.49M) being the largest in terms of value.

In 2020, Russia exported services to Iceland worth $6.64M, with Other business services ($3.66M), Transportation ($2.05M), and Travel ($548k) being the largest in terms of value.

Service trade data is presented based on availability.

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

Services Exports from Russia () 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 Russia. This means that a dot/product with the flag of Iceland indicates it has a comparative advantage over Russia. Similarly, a dot/product with the flag of Russia indicates it has a comparative advantage over Iceland.

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Historical Data

Bilateral Trade by Products

Exports from Iceland () to Russia () (2023)

Exports from Russia () to Iceland () (2023)

Latest Data

Trade between Iceland () and Russia ()

Iceland Exports

Russia Exports

Market Competitiveness

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

Comparative Advantage Iceland - Russia

Bilateral Service Trade

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

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

Service Trade

Economic Complexity

Competitive Landscape

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

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