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2022
Flag → Flag
Exports $1.17BRnk 20 / 209
2022
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Top Product $670MRefined Petroleum
2022
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Exports $459MRnk 6 / 160
2022
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Top Product $172MAnimal Meal and Pellets
2022
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Economic Complexity (ECI) ECI 0.54Rnk 43 / 133
2022
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GDP$579BCURRENT US$
Rnk 24 / 186
2012-2022
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GDP GROWTH13%CURRENT US$
Rnk 141 / 186
2022
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 GDP$27.8BCURRENT US$
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2012-2022
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GDP GROWTH88.7%CURRENT US$
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2022
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GDP PC $106,149CURRENT US$
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2012-2022
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GDP PC GROWTH3.89%CURRENT US$
Rnk 131 / 186
2022
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GDP PC$72,903CURRENT US$
Rnk 9 / 186
2012-2022
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GDP PC GROWTH58.5%CURRENT US$
Rnk 29 / 186

About

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.

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.

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

Latest Trends

October, 2024

About

Overview In October 2024, Norway exported NOK898M and imported NOK254M from Iceland, resulting in a positive trade balance of NOK644M. Between October 2023 and October 2024 the exports of Norway have decreased by NOK-573M (-38.9%) from NOK1.47B to NOK898M, while imports decreased by NOK-227M (-47.1%) from NOK481M to NOK254M.

Trade In October 2024, the top exports of Norway to Iceland were Petroleum, petroleum products and related materials (NOK269M), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK162M), Feeding stuff for animals (not including... (NOK31M), Machinery specialized for particular industries (NOK24.9M), and Medicinal and pharmaceutical products (NOK11.4M). In October 2024 the top imports of Norway from Iceland were Animal oils and fats (NOK218M), Feeding stuff for animals (not including... (NOK85.6M), Electrical machinery, apparatus and appliances, n.e.s.,... (NOK47.4M), Miscellaneous manufactured articles, n.e.s. (NOK14.1M), and Meat and meat preparations (NOK14M).

Growth In October 2024, the decrease in Norway's year-by-year exports to Iceland was explained primarily by an decrease in product exports in Inorganic chemicals (NOK-31.2M or -99.8%), Petroleum, petroleum products and related materials (NOK-23.9M or -8.16%), and Textile yarn, fabrics, made-up articles, n.e.s.,... (NOK-12M or -94.1%). In October 2024, the decrease in Norway's year-by-year imports  from Iceland was explained primarily by an decrease in product imports  in Feeding stuff for animals (not including... (NOK-26.4M or -23.5%), Machinery specialized for particular industries (NOK-13.6M or -93.8%), and Fish (not marine mammals), crustaceans, molluscs... (NOK-10.1M or -54.7%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (October 2023 - October 2024)NOK-573M(-38.9%)
IMPORT GROWTH (October 2023 - October 2024)NOK-227M(-47.1%)

This section shows exports and imports data at subnational level for Norway. Click any date in the line plot or any product to explore the exports or imports behavior of Norway over time.

To check Iceland and Norway trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Iceland and Norway Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, 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 2017 to $1.17B in 2022.

In 2017, 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 2022 to $459M in 2017.

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

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

Market Competitiveness

Color
Norway
Top DestinationGermany$78.1B
Iceland
Top DestinationNetherlands$1.97B

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

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

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

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

Comparative Advantage Norway - Iceland

Flow
Scale

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

During 2022, Norway had a large net trade with Iceland in the exports of Mineral Products ($692M), Machines ($176M), and Foodstuffs ($104M).

During 2017, Iceland had a large net trade with Norway in the exports of Foodstuffs ($174M), Animal and Vegetable Bi-Products ($113M), and Machines ($86M).

Bilateral Service Trade

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.

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.

Service trade data is presented based on availability.

Services Exports from Norway (Flag) to Iceland (Flag) (2009)

Services Exports from Iceland (Flag) to Norway (Flag) (2019)

Service Trade

Economic Complexity

Competitive Landscape

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

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

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