2023
Exports
$133MWorld Rnk 100 / 214
Flag Rnk 11 / 943
2023
PRODUCT COMPLEXITY IN Refined Petroleum
-0.94Rnk 813 / 1025
2023
Imports
$1.16BWorld Rnk 103 / 226
Flag Rnk 1 / 1178

About

Exports In 2023, Iceland exported $133M in Refined Petroleum, making it the 100th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 11th most exported product in Iceland. The main destination of Refined Petroleum exports from Iceland are: Greenland ($36M), United States ($29.1M), Bahamas ($18.9M), Antigua and Barbuda ($9.7M), and Denmark ($9.48M).

The fastest growing export markets for Refined Petroleum of Iceland between 2022 and 2023 were Greenland ($19M), Bahamas ($3.26M), and Canada ($3.07M).

Imports In 2023, Iceland imported $1.16B in Refined Petroleum, becoming the 103rd largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 1st most imported product in Iceland. Iceland imports Refined Petroleum primarily from: Norway ($552M), Kuwait ($234M), United States ($136M), Denmark ($54.8M), and Netherlands ($45.1M).

The fastest growing import markets in Refined Petroleum for Iceland between 2022 and 2023 were Kuwait ($109M), United States ($35.7M), and Netherlands ($17.7M).

Latest Trends

Dec 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Refined Petroleum. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$133M
IMPORTS (2023)$1.16B
NET TRADE (2023)-$1.03B

In 2023, Iceland exported $133M in Refined Petroleum. The main destinations of Iceland exports on Refined Petroleum were Greenland ($36M), United States ($29.1M), Bahamas ($18.9M), Antigua and Barbuda ($9.7M), and Denmark ($9.48M).

In 2023, Iceland imported $1.16B in Refined Petroleum, mainly from Norway ($552M), Kuwait ($234M), United States ($136M), Denmark ($54.8M), and Netherlands ($45.1M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Iceland WERE (2022 - 2023):
Greenland$19M (112%)
Bahamas$3.26M (20.9%)
Canada$3.07M (927%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Iceland WERE (2022 - 2023):
Denmark-$22.8M (-70.6%)
Italy-$4.03M (-68.5%)
Portugal-$3.98M (-98.5%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Iceland's main exporting competitors in Refined Petroleum were:
In 2023, Iceland's main importing competitors in Refined Petroleum were:

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

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N/A
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N/AN/A

Refined Petroleum’s highest export potential is N/A. With an export gap of N/A.   Refined Petroleum’s highest import potential is N/A with an import gap of N/A.

See methodology.

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