Islàndia flag Islàndia: Visió econòmica i política

Xifres de comerç exterior d'Islàndia

Foreign Trade in Figures

Iceland has always been open to international trade, which represents 69.2% of GDP (World Bank). Most of the restrictions on foreign exchange transactions and the cross-border movement of domestic and foreign currency for both businesses and households were lifted in order to stimulate foreign trade. The main barriers to trade and market entries are the increasing adoption of EU product standards and regulations, high tariffs on most agricultural products from outside the EU, restrictions on import of some products, such as raw meat; due to phytosanitary regulations and difficulty in obtaining financing for joint ventures. Traditional sectors such as fishing stimulate the dynamism of the country's exports. More than 40% of the national exports are fishing products. Iceland also exports aluminium and ferrosilicon (around one-third of total exports), as well as dairy products. Main imports are artificial corundum, motor cars, and petroleum oils other than crude.

Iceland's main customers are the Netherlands (20.3% of total exports), Spain (17.3%), the United Kingdom (11.1%), and France (8.1%). Its main suppliers are Norway (9%), Germany (8.8%), China (8.4%), the Netherlands (7.8%), and Denmark (7.2%). The European Union absorbs more than two-thirds of Icelandic exports and it supplies around half of the total imports (the country is a member of the European Economic Area - EEA).

After becoming exceptionally positive during the global economic crisis, the trade balance of goods has been negative since 2014: in 2020, the country exported USD 4.5 billion worth of merchandise (-12.2% y-o-y), importing USD 5.7 billion (-13.2%). However, Iceland is a net service exporter (USD 2.7 billion of export vs. USD 2.21 billion of imports in 2020 – data by WTO). Following a contraction of almost 50% in services exports, the overall external balance for goods and services turned negative in 2020 (estimated at -0.7% of GDP by the World Bank).
As per the latest figures by Statistics Iceland, for the year 2021, the total value of exported goods was ISK 759.1 billion (up by 22.4% y-o-y), against a total value of imports of ISK 996.4 billion (+29.2%).

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 5,6996,9657,6796,5675,698
Exports of Goods (million USD) 4,4564,8785,5565,2234,586
Imports of Services (million USD) 3,2343,7244,2623,6112,227
Exports of Services (million USD) 5,4096,2556,5375,6352,765

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 88.387.090.084.169.2
Trade Balance (million USD) -799-1,525-1,460-857-667
Trade Balance (Including Service) (million USD) 1,4111,1199231,252-122
Imports of Goods and Services (Annual % Change) 14.611.80.9-8.4-22.5
Exports of Goods and Services (Annual % Change) 11.05.11.7-4.7-30.2
Imports of Goods and Services (in % of GDP) 40.841.243.339.835.0
Exports of Goods and Services (in % of GDP) 47.545.746.644.334.2

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20212022 (e)2023 (e)2024 (e)2025 (e)
Volume of exports of goods and services (Annual % change) 15.17.98.05.33.7
Volume of imports of goods and services (Annual % change) 17.54.95.23.72.2

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Iceland is a member of the European Economic Area (EEA) Agreement.

The country has signed a large number of multilateral and bilateral agreements.

 

Main Partner Countries

Main Customers
(% of Exports)
2020
Netherlands 20.3%
Spain 17.3%
United Kingdom 11.1%
France 8.1%
United States 7.6%
See More Countries 35.6%
Main Suppliers
(% of Imports)
2020
Germany 9.0%
Norway 8.8%
China 8.4%
Netherlands 7.8%
Denmark 7.2%
See More Countries 58.9%

Source: Comtrade, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

4.6 bn USD of products exported in 2020
Unwrought aluminiumUnwrought aluminium 29.4%
Fish fillets and other fish meat, whether or not...Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen 21.5%
Fish, fresh or chilled (excl. fish fillets and...Fish, fresh or chilled (excl. fish fillets and other fish meat of heading 0304) 7.2%
Fish, fit for human consumption, dried, salted or...Fish, fit for human consumption, dried, salted or in brine; smoked fish, fit for human consumption, whether or not cooked before or during the smoking process; flours, meals and pellets of fish, fit for human consumption 6.3%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304) 5.8%
See More Products 29.7%
5.7 bn USD of products imported in 2020
Artificial corundum, whether or not chemically...Artificial corundum, whether or not chemically defined; aluminium oxide; aluminium hydroxide 8.0%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 5.9%
Carbon electrodes, carbon brushes, lamp carbons,...Carbon electrodes, carbon brushes, lamp carbons, battery carbons and other articles of graphite or other carbon, with or without metal, of a kind used for electrical purposes 5.1%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses incl. those in the form of transdermal administration or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.0%
See More Products 72.0%

Source: Comtrade, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: April 2022

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