Xifres de comerç exterior d'Islàndia

Foreign Trade in Figures

Iceland has always been open to international trade, with trade representing 94% of its GDP (World Bank). Most restrictions on foreign exchange transactions and cross-border movement of domestic and foreign currency for both businesses and households were lifted to stimulate foreign trade. However, barriers to trade and market entry still exist, including the adoption of EU product standards and regulations, high tariffs on most agricultural products from outside the EU, restrictions on the import of certain products like raw meat due to phytosanitary regulations, and difficulty in obtaining financing for joint ventures. Traditional sectors like fishing drive the dynamism of the country's exports, with more than 40% of national exports consisting of fishing products. In 2023, aluminium products made up 34.2% of total exports, the largest share among manufactured goods. Marine products accounted for 37.6%, down 2% from the previous year, with fresh fish and frozen fillets contributing 9.4% and 8.9%, respectively. On the other hand, raw and consumable goods accounted for the largest share of import value at 26%, followed by investment goods at 23.8%, transport equipment (14.7%), and fuel and lubricants (13.2%), while food and beverages accounted for 9% of total imports (data Statistics Iceland).

According to data from Statistics Iceland, in 2023, the country’s main export destinations were the Netherlands (35.9% of total exports), the U.S. (9.7%), the United Kingdom (8.6%), France (6.4%), and Norway (5.8%). Imports primarily originated from Norway (11.6%), Germany (8.8%), China (8.7%), the Netherlands (7.7%), the U.S. (7.5%), and Denmark (6%). 78% of all exports went to EEA countries, against 62% for imports.

In 2023, Iceland exported USD 6.6 billion worth of merchandise (down by 30.1% year-on-year) and imported USD 9.4 billion (marking a 1.3% increase). However, Iceland is a net service exporter, with USD 6.6 billion in exports compared to USD 4.5 billion in imports in 2023 (+19.3% and +8.9% y-o-y, respectively - data from the WTO). According to the latest figures from Statistics Iceland for the year 2024, goods exports reached ISK 958.4 billion, up by 2.1% compared to the previous year; whereas imports totalled ISK 1.356 billion (+3.8%). During the same period, the trade in services recorded a surplus of ISK 261.7 billion, down from ISK 295 billion in 2023.