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Iceland: Trade Statistics

Exporter Rank

94 / 138

Importer Rank

99 / 138

Trade Balance Rank

69 / 138

Total Trade [1]

Total Exports (2021) $5,973,742,650
Total Imports (2021) $7,838,072,416
Trade Balance (2021) ($1,864,329,766)
Exports of goods and services (% of GDP) (2022) [2] 46.31%
Imports of goods and services (% of GDP) (2022) [2] 47.04%

Trade Partners [1]

Export Partners

Top 10 Export Countries

Country Export USD$
Netherlands $1,625,412,311
Spain $705,779,980
United Kingdom $572,252,461
France $479,994,571
United States $463,886,507
Germany $360,435,661
Norway $194,021,832
Denmark $146,029,228
China $129,549,803
Poland $123,127,783

Import Partners

Top 10 Import Countries

Country Import USD$
Norway $760,939,377
China $694,912,863
Germany $669,454,388
United States $645,261,304
Denmark $596,226,032
Netherlands $526,287,893
United Kingdom $444,689,895
Brazil $385,409,889
Sweden $338,391,951
Italy $225,914,233

Traded Goods [1] (at the 2-digit HS Code level)

Top 10 Export Goods

HS Code Export USD$
(76) Aluminum $2,330,091,724
(03) Seafood $2,282,245,961
(72) Iron & Steel $210,427,428
(23) Animal Feeds $138,357,207
(90) Precision Instruments $126,632,235
(84) Industrial Machinery $116,928,470
(15) Fats & Oils $109,467,908
(16) Prepared Meats $109,188,294
(27) Oil & Mineral Fuels $68,647,233
(28) Inorganic Chemicals $67,814,845

Top 10 Import Goods

HS Code Import USD$
(85) Electrical Machinery $868,157,373
(84) Industrial Machinery $859,838,735
(87) Motor Vehicles & Parts $794,565,355
(28) Inorganic Chemicals $652,616,003
(27) Oil & Mineral Fuels $591,804,546
(94) Furniture $255,582,364
(30) Pharmaceuticals $239,435,167
(89) Ships & Boats $232,874,232
(39) Plastics $226,730,854
(90) Precision Instruments $212,925,781

Sources:

  1. UN Comtrade (2021) except where stated otherwise.
  2. The World Bank. Accessed: 10/8/2023
Iceland