Iceland (ISL) and Venezuela (VEN) Trade | The Observatory of Economic Complexity

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Iceland-Venezuela In 2022, Iceland exported $84.6k to Venezuela. The main products that Iceland exported to Venezuela are Liquid Pumps ($58.6k), Fish oil ($25.1k), and Broadcasting Equipment ($857). During the last 27 years the exports of Iceland to Venezuela have increased at an annualized rate of 3.58%, from $32.7k in 1995 to $84.6k in 2022.

In 2019, Iceland exported services to Venezuela worth $560k, with Travel ($560k) being the largest in terms of value.

Venezuela-Iceland In 2022, Venezuela exported $20.6k to Iceland. The main products that Venezuela exported to Iceland were Hard Liquor ($17k), Engine Parts ($1.92k), and Leather of Other Animals ($366). During the last 27 years the exports of Venezuela to Iceland have increased at an annualized rate of 12.8%, from $793 in 1995 to $20.6k in 2022.

In 2022, Venezuela 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, Venezuela ranked 99 in the Economic Complexity Index (ECI -0.9), and 132 in total exports ($4.3B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Iceland exported $84.6k to Venezuela. The main products exported from Iceland to Venezuela were Liquid Pumps ($58.6k), Fish oil ($25.1k), and Broadcasting Equipment ($857). During the last 27 years the exports of Iceland to Venezuela have increased at an annualized rate of 3.58%, from $32.7k in 1995 to $84.6k in 2022.

In 2022, Venezuela exported $20.6k to Iceland. The main products exported from Venezuela to Iceland were Hard Liquor ($17k), Engine Parts ($1.92k), and Leather of Other Animals ($366). During the last 27 years the exports of Venezuela to Iceland have increased at an annualized rate of 12.8%, from $793 in 1995 to $20.6k in 2022.

Exports from Iceland () to Venezuela () (2022)

Exports from Venezuela () to Iceland () (2022)

Latest Data

Trade between Iceland () and Venezuela ()

Iceland Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Iceland
Top DestinationNetherlands$1.97B

Venezuela
Top DestinationChina$703M

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

In 2021, countries that imported more from Iceland than Venezuela were Netherlands ($1.97B), United Kingdom ($672M), and Germany ($573M).

In 2021, countries that imported more from Venezuela than Iceland were Turkey ($597M), China ($703M), and Brazil ($361M).

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

Comparative Advantage Iceland - Venezuela

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Iceland had a large net trade with Venezuela in the exports of Machines ($59.5k), Animal and Vegetable Bi-Products ($25.1k), and Plastics and Rubbers ($19).

During 2022, Venezuela had a large net trade with Iceland in the exports of Foodstuffs ($17k), Machines ($2.39k), and Vegetable Products ($474).

Service Trade

Bilateral Service Trade

Isl Year

In 2019, Iceland exported services to Venezuela worth $560k, with Travel ($560k) being the largest in terms of value.

Service trade data is presented based on availability.

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

Economic Complexity

Competitive Landscape

Year

This visualization show the product space at the HS4 level colored from blue to yellow. This mean that the more blue a dot/product is, the more Iceland has comparative advantage over Venezuela. Similarly, the more yellow a dot/product is, the more Venezuela has comparative advantage over Iceland.

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Historical Data

Bilateral Trade by Products

Exports from Iceland () to Venezuela () (2022)

Exports from Venezuela () to Iceland () (2022)

Latest Data

Trade between Iceland () and Venezuela ()

Iceland Exports

Market Competitiveness

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

Comparative Advantage Iceland - Venezuela

Service Trade

Bilateral Service Trade

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

Economic Complexity

Competitive Landscape

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

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