Singapore (SGP) and Iceland (ISL) Trade | The Observatory of Economic Complexity

2023

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Exports $33.2MRnk 115 / 217

2023

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About

Singapore-Iceland Trade: In 2023, Singapore exported $33.2M to Iceland. The main products that Singapore exported to Iceland were Aluminium Oxide ($13.4M), Other Plastic Products ($8.38M), and Other Heating Machinery ($2.23M). Over the past 5 years the exports of Singapore to Iceland have decreased at an annualized rate of 23.7%, from $128M in 2018 to $33.2M in 2023.

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

Iceland-Singapore Trade: In 2023, Iceland exported $4.1M to Singapore. The main products that Iceland exported to Singapore were Aluminium Foil ($2.28M), Orthopedic Appliances ($216k), and Non-Iron and Steel Slag, Ash and Residues ($172k). Over the past 5 years the exports of Iceland to Singapore have decreased at an annualized rate of 3.2%, from $4.83M in 2018 to $4.1M in 2023.

In 2019, Iceland exported services to Singapore worth $23.2M, with Travel ($15.1M), Computer and information services ($3.47M), and Transportation ($1.79M) being the largest in terms of value.

Comparison In 2023, Singapore ranked 6 in the Economic Complexity Index (ECI 1.62), and 24 in total exports ($333B). That same year, Iceland ranked 115 in total exports ($7.31B), and does not have data regarding Economic Complexity Index.

Historical Data

Latest Data

Trade between Singapore () and Iceland ()

Singapore Exports

Date

Iceland Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Singapore
Top DestinationHong Kong$44.5B

Iceland
Top DestinationNetherlands$1.97B

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

In 2023, countries that imported more from Singapore than Iceland included Hong Kong ($44.5B), China ($36.7B), and United States ($32.9B).

In 2023, countries that imported more from Iceland than Singapore included Greenland ($72.3M), Ukraine ($101M), and Belarus ($34.6M).

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

Bilateral Service Trade

Isl Year

In 2019, Iceland exported services to Singapore worth $23.2M, with Travel ($15.1M), Computer and information services ($3.47M), and Transportation ($1.79M) being the largest in terms of value.

Service trade data is presented based on availability.

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

Service Trade

Economic Complexity

Competitive Landscape

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