Mexico (MEX) and Iceland (ISL) Trade | The Observatory of Economic Complexity

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Mexico-Iceland Trade: In 2023, Mexico exported $21.9M to Iceland. The main products that Mexico exported to Iceland were Tractors ($2.78M), Cars ($2.42M), and Orthopedic Appliances ($1.87M). Over the past 5 years the exports of Mexico to Iceland have increased at an annualized rate of 2.04%, from $19.8M in 2018 to $21.9M in 2023.

In 2023, Mexico did not export any services to Iceland.

Iceland-Mexico Trade: In 2023, Iceland exported $3.61M to Mexico. The main products that Iceland exported to Mexico were Fish Oil ($2.42M), Margarine ($555k), and Non-fillet Frozen Fish ($367k). Over the past 5 years the exports of Iceland to Mexico have decreased at an annualized rate of 22.2%, from $12.7M in 2018 to $3.61M in 2023.

In 2019, Iceland exported services to Mexico worth $12.7M, with Travel ($12.3M) and Transportation ($336k) being the largest in terms of value.

Comparison In 2023, Mexico ranked 25 in the Economic Complexity Index (ECI 1.09), and 8 in total exports ($603B). That same year, Iceland ranked 115 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Mexico exported $21.9M to Iceland. The main products exported from Mexico to Iceland were Tractors ($2.78M), Cars ($2.42M), and Orthopedic Appliances ($1.87M). During the last 5 years the exports of Mexico to Iceland have increased at an annualized rate of 2.04%, from $19.8M in 2018 to $21.9M in 2023.

In 2018, Iceland exported $3.61M to Mexico. The main products exported from Iceland to Mexico were Fish Oil ($2.42M), Margarine ($555k), and Non-fillet Frozen Fish ($367k). During the last 5 years the exports of Iceland to Mexico have decreased at an annualized rate of 22.2%, from $12.7M in 2023 to $3.61M in 2018.

Exports from Mexico () to Iceland () (2023)

Exports from Iceland () to Mexico () (2023)

Latest Data

Trade between Mexico () and Iceland ()

Mexico Exports

Date

Iceland Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Mexico
Top DestinationUnited States$456B

Iceland
Top DestinationNetherlands$1.97B

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

In 2023, countries that imported more from Mexico than Iceland included United States ($456B), Canada ($33B), and China ($15B).

In 2023, countries that imported more from Iceland than Mexico included Netherlands ($1.97B), Greenland ($72.3M), and Denmark ($228M).

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

Comparative Advantage Mexico - Iceland

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Mexico had a large net trade with Iceland in the exports of Machines ($7.14M), Transportation ($6.29M), and Instruments ($3.61M).

During 2018, Iceland had a large net trade with Mexico in the exports of Animal and Vegetable Bi-Products ($2.98M), Animal Products ($368k), and Machines ($227k).

Bilateral Service Trade

Isl Year

In 2019, Iceland exported services to Mexico worth $12.7M, with Travel ($12.3M) and Transportation ($336k) being the largest in terms of value.

Service trade data is presented based on availability.

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

Exports from Mexico () to Iceland () (2023)

Exports from Iceland () to Mexico () (2023)

Latest Data

Trade between Mexico () and Iceland ()

Mexico Exports

Iceland Exports

Market Competitiveness

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

Comparative Advantage Mexico - Iceland

Bilateral Service Trade

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

Service Trade

Economic Complexity

Competitive Landscape

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

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