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. Additionally, Iceland exports aluminum and ferrosilicon (around one-third of total exports), as well as dairy products. Major imports include petroleum oils, motor cars, artificial corundum, and carbon electrodes.

According to data from Statistics Iceland, in 2022, the country’s main export destinations were the Netherlands (37.5% of total exports), the United Kingdom (9%), the U.S. (7.8%), Germany (6.5%), and France (6.4%). Imports primarily originated from Norway (12.3%), China (9.4%), Germany (8.3%), the Netherlands (7.1%), the U.S. (6.3%), and Denmark (6%). Overall, the European Union absorbs more than two-thirds of Icelandic exports and supplies around half of the total imports, as Iceland is a member of the European Economic Area (EEA).

In 2022, Iceland exported USD 7.3 billion worth of merchandise (a 23.4% increase year-on-year) and imported USD 9.6 billion (a 22.6% increase). However, Iceland is a net service exporter, with USD 5.4 billion in exports compared to USD 4 billion in imports in 2022 (data from the WTO). Despite this, the overall external balance for goods and services was negative by 1.8% of GDP in 2022 (World Bank data). According to the latest figures from Statistics Iceland for the year 2023, the total value of exported goods was ISK 913.9 billion, or ISK 90.4 billion lower (a 9% decrease) than during the previous 12 months at current exchange rates. Manufacturing products contributed 54% of the total exports, with their value decreasing by 13%. Marine products contributed 37% of total exported goods, with their value decreasing by 4% compared to the previous 12 months.