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Iceland Trade Summary

2021

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 2021

Overall Exports and Imports for Iceland 2021

Exports and imports of Iceland in 2021 are below, along with number of countries and products

  • The total value of exports (FoB) was 5,974 million.
  • The total value of imports (CIF) was 7,838 million.
  • At the HS6 digit level, 1,772 products were exported to 138 countries and 4,125 products were imported from 182 countries.

Iceland top 5 Export and Import partners 2021

Top five countries to which Iceland exported in 2021 are below, along with the percent of total exports that went to that country:

  1. Iceland exports to Netherlands worth US$ 1,625 million, with a partner share of 27.21 percent.
  2. Iceland exports to Spain worth US$ 706 million, with a partner share of 11.81 percent.
  3. Iceland exports to United Kingdom worth US$ 572 million, with a partner share of 9.58 percent.
  4. Iceland exports to France worth US$ 480 million, with a partner share of 8.04 percent.
  5. Iceland exports to United States worth US$ 464 million, with a partner share of 7.77 percent.

Top five countries from which Iceland imported goods in 2021 are below, along with percent of total imports that came from the country :

  1. Iceland imports from Norway worth US$ 761 million, with a partner share of 9.71 percent.
  2. Iceland imports from China worth US$ 695 million, with a partner share of 8.87 percent.
  3. Iceland imports from Germany worth US$ 669 million, with a partner share of 8.54 percent.
  4. Iceland imports from United States worth US$ 645 million, with a partner share of 8.23 percent.
  5. Iceland imports from Denmark worth US$ 596 million, with a partner share of 7.61 percent.

Iceland Top 5 Productsexports imports at HS 6 digit level 2021

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 US$ 1,718,578.75 million.
  2. Iceland exported Frozen fish fillets , worth US$ 518,895.18 million.
  3. Iceland exported Fresh or chilled fish fillets , worth US$ 499,111.91 million.
  4. Iceland exported Aluminium unwrought, alloyed , worth US$ 246,482.18 million.
  5. Iceland exported Wire,aluminium,not alloyed,with a max cross sec , worth US$ 208,634.73 million.

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

  1. Iceland imported Aluminium oxide, other than artificial corundum , worth US$ 592,877.91 million.
  2. Iceland imported Petroleum oils, etc, (excl. crude); preparation , worth US$ 535,409.49 million.
  3. Iceland imported Automobiles nes including gas turbine powered , worth US$ 444,143.37 million.
  4. Iceland imported Carbon or graphite electrodes, of a kind used f , worth US$ 307,461.44 million.
  5. Iceland imported Other medicaments of mixed or unmixed products, , worth US$ 195,352.59 million.

Exports and Imports of Product Groups 2021

Exports and imports of products by stages of processing in 2021 are below along with their corresponding Product Share as percent of total export or import

Tariffs 2021

Tariffs imposed by Iceland in 2021 are below

  • The maximum rate of tariff in percentage on any product was 2,203 percent.
  • The simple average tariff across all products was 1.53 percent.
  • The trade weighted average tariff was 1.51 .
  • The total duty free imports in thousands of US dollars were 6,426,703.98 and duty free tariff line items share was 95.07 percent.

Development Indicators 2021

Key Development Indicators of Iceland in 2021 are below

  • Iceland GDP in current US dollar was 25,553 million.
  • GNI per capita, Atlas method (current US$) was 63,140.00 .
  • Iceland Trade balance: as % of GDP was -2.04.
  • Trade balance in current US$ was -522.00 million.
  • Trade as percentage of GDP was 76.79 .
  • Trade in services as percentage of GDP was 25.07 .

Trade Indicators 2021

Trade Indicators for Iceland in 2021 are below

  • Hirschman Herfindahl market concentration index was 0.13.
  • Index of export market penetration was 3.42.
  • World Growth in percentage was 12.59 and Iceland Country Growth was 18.60 .