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

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Venezuela-Iceland Trade: In 2023, Venezuela exported $38.1k to Iceland. The main products that Venezuela exported to Iceland were Hard Liquor ($37.7k), Thermostats ($240), and Trunks and Cases ($105). Over the past 5 years the exports of Venezuela to Iceland have decreased at an annualized rate of 0.29%, from $38.7k in 2018 to $38.1k in 2023.

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

Iceland-Venezuela Trade: In 2023, Iceland exported $15.3k to Venezuela. The main products that Iceland exported to Venezuela were Fish Oil ($15.3k). Over the past 5 years the exports of Iceland to Venezuela have increased at an annualized rate of 0.99%, from $14.5k in 2018 to $15.3k in 2023.

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

Comparison In 2023, Venezuela ranked 100 in the Economic Complexity Index (ECI -0.82), and 113 in total exports ($7.63B). 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, Venezuela exported $38.1k to Iceland. The main products exported from Venezuela to Iceland were Hard Liquor ($37.7k), Thermostats ($240), and Trunks and Cases ($105). During the last 5 years the exports of Venezuela to Iceland have decreased at an annualized rate of 0.29%, from $38.7k in 2018 to $38.1k in 2023.

In 2018, Iceland exported $15.3k to Venezuela. The main products exported from Iceland to Venezuela were Fish Oil ($15.3k). During the last 5 years the exports of Iceland to Venezuela have increased at an annualized rate of 0.99%, from $14.5k in 2023 to $15.3k in 2018.

Exports from Venezuela () to Iceland () (2023)

Exports from Iceland () to Venezuela () (2023)

Latest Data

Trade between Venezuela () and Iceland ()

Iceland Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Venezuela
Top DestinationUnited States$3.81B

Iceland
Top DestinationNetherlands$1.97B

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

In 2023, countries that imported more from Venezuela than Iceland included United States ($3.81B), China ($739M), and Brazil ($468M).

In 2023, countries that imported more from Iceland than Venezuela included Netherlands ($1.97B), Germany ($771M), and United Kingdom ($607M).

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

Comparative Advantage Venezuela - Iceland

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Venezuela had a large net trade with Iceland in the exports of Foodstuffs ($37.7k), Instruments ($240), and Animal Hides ($105).

During 2018, Iceland had a large net trade with Venezuela in the exports of Animal and Vegetable Bi-Products ($15.3k).

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)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

Exports from Venezuela () to Iceland () (2023)

Exports from Iceland () to Venezuela () (2023)

Latest Data

Trade between Venezuela () and Iceland ()

Iceland Exports

Market Competitiveness

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

Comparative Advantage Venezuela - Iceland

Bilateral Service Trade

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

Service Trade

Economic Complexity

Competitive Landscape

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

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