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Iceland Trade Summary

2023

Iceland exports, imports, tariff by year.

Country and Region
Year
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Please note the exports, imports and tariff data are based on reported data and not gap filled. Please check the Data Availability for coverage.

Imports/Exports


Products

TRADE SUMMARY FOR ICELAND 2023

Overall Exports and Imports for Iceland 2023

Exports and imports of Iceland in 2023 are below, along with number of countries and products

  • The total value of exports (FoB) was 6,808 million.
  • The total value of imports (CIF) was 9,470 million.
  • At the HS6 digit level, 1,915 products were exported to 130 countries and 4,148 products were imported from 172 countries.

Iceland top 5 Export and Import partners 2023

Top five countries to which Iceland exported in 2023 are below, along with the percent of total exports that went to that country:

  1. Iceland exports to Netherlands worth US$ 2,440 million, with a partner share of 35.84 percent.
  2. Iceland exports to United States worth US$ 661 million, with a partner share of 9.71 percent.
  3. Iceland exports to United Kingdom worth US$ 592 million, with a partner share of 8.70 percent.
  4. Iceland exports to France worth US$ 437 million, with a partner share of 6.43 percent.
  5. Iceland exports to Norway worth US$ 391 million, with a partner share of 5.75 percent.

Top five countries from which Iceland imported goods in 2023 are below, along with percent of total imports that came from the country :

  1. Iceland imports from Norway worth US$ 1,095 million, with a partner share of 11.56 percent.
  2. Iceland imports from Germany worth US$ 837 million, with a partner share of 8.84 percent.
  3. Iceland imports from China worth US$ 827 million, with a partner share of 8.73 percent.
  4. Iceland imports from Netherlands worth US$ 724 million, with a partner share of 7.65 percent.
  5. Iceland imports from United States worth US$ 716 million, with a partner share of 7.56 percent.

Iceland Top 5 Productsexports imports at HS 6 digit level 2023

The top five exported HS 6 digit level products to world by Iceland along with trade value are:

  1. Iceland exported Aluminium unwrought, not alloyed , worth 1,796,997.11 (US$ Thousands).
  2. Iceland exported Frozen fish fillets , worth 530,745.48 (US$ Thousands).
  3. Iceland exported Fresh or chilled fish fillets , worth 502,448.74 (US$ Thousands).
  4. Iceland exported Aluminium unwrought, alloyed , worth 290,963.63 (US$ Thousands).
  5. Iceland exported Flours, meals and pellets of fish, etc, unfit f , worth 286,047.44 (US$ Thousands).

The top five imported HS 6 digit level products from world by Iceland along with trade value are

  1. Iceland imported Petroleum oils, etc, (excl. crude); preparation , worth 1,165,037.24 (US$ Thousands).
  2. Iceland imported Automobiles nes including gas turbine powered , worth 635,839.29 (US$ Thousands).
  3. Iceland imported Aluminium oxide, other than artificial corundum , worth 614,265.04 (US$ Thousands).
  4. Iceland imported Carbon or graphite electrodes, of a kind used f , worth 326,673.23 (US$ Thousands).
  5. Iceland imported Carbon or graphite electrodes,of a kind used fo , worth 225,147.24 (US$ Thousands).

Exports and Imports of Product Groups 2023

Exports and imports of products by stages of processing in 2023 are below along with their corresponding Product Share as percent of total export or import

Tariffs 2023

Tariffs imposed by Iceland in 2023 are below

  • The maximum rate of tariff in percentage on any product was 1,648.74 percent.
  • The simple average tariff across all products was 1.24 percent.
  • The trade weighted average tariff was 1.89 .
  • The total duty free imports in thousands of US dollars were 6,704,890.11 and duty free tariff line items share was 94.53 percent.

Development Indicators 2023

Key Development Indicators of Iceland in 2023 are below

  • Iceland GDP in current US dollar was 31,452 million.
  • GNI per capita, Atlas method (current US$) was 80,760.00 .
  • Iceland Trade balance: as % of GDP was 0.15.
  • Trade balance in current US$ was 48.00 million.
  • Trade as percentage of GDP was 86.73 .
  • Trade in services as percentage of GDP was 37.94 .

Trade Indicators 2023

Trade Indicators for Iceland in 2023 are below

  • Hirschman Herfindahl market concentration index was 0.11.
  • Index of export market penetration was 3.40.
  • World Growth in percentage was -3.13 and Iceland Country Growth was -3.83 .