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Iceland Trade Summary

2022

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 2022

Overall Exports and Imports for Iceland 2022

Exports and imports of Iceland in 2022 are below, along with number of countries and products

  • The total value of exports (FoB) was 7,404 million.
  • The total value of imports (CIF) was 9,644 million.
  • At the HS6 digit level, 1,821 products were exported to 127 countries and 4,103 products were imported from 167 countries.

Iceland top 5 Export and Import partners 2022

Top five countries to which Iceland exported in 2022 are below, along with the percent of total exports that went to that country:

  1. Iceland exports to Netherlands worth US$ 2,791 million, with a partner share of 37.70 percent.
  2. Iceland exports to United Kingdom worth US$ 665 million, with a partner share of 8.99 percent.
  3. Iceland exports to United States worth US$ 577 million, with a partner share of 7.80 percent.
  4. Iceland exports to Germany worth US$ 482 million, with a partner share of 6.51 percent.
  5. Iceland exports to France worth US$ 472 million, with a partner share of 6.37 percent.

Top five countries from which Iceland imported goods in 2022 are below, along with percent of total imports that came from the country :

  1. Iceland imports from Norway worth US$ 1,187 million, with a partner share of 12.30 percent.
  2. Iceland imports from China worth US$ 903 million, with a partner share of 9.37 percent.
  3. Iceland imports from Germany worth US$ 801 million, with a partner share of 8.30 percent.
  4. Iceland imports from Netherlands worth US$ 689 million, with a partner share of 7.15 percent.
  5. Iceland imports from United States worth US$ 611 million, with a partner share of 6.33 percent.

Iceland Top 5 Productsexports imports at HS 6 digit level 2022

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 2,278,406.01 (US$ Thousands).
  2. Iceland exported Frozen fish fillets , worth 588,276.06 (US$ Thousands).
  3. Iceland exported Fresh or chilled fish fillets , worth 507,608.63 (US$ Thousands).
  4. Iceland exported Aluminium unwrought, alloyed , worth 372,714.83 (US$ Thousands).
  5. Iceland exported Ferro-silicon, containing by weight more than 5 , worth 343,698.71 (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 1,319,140.63 (US$ Thousands).
  2. Iceland imported Aluminium oxide, other than artificial corundum , worth 698,409.43 (US$ Thousands).
  3. Iceland imported Automobiles nes including gas turbine powered , worth 590,035.39 (US$ Thousands).
  4. Iceland imported Carbon or graphite electrodes, of a kind used f , worth 293,600.47 (US$ Thousands).
  5. Iceland imported Carbon or graphite electrodes,of a kind used fo , worth 200,595.40 (US$ Thousands).

Exports and Imports of Product Groups 2022

Exports and imports of products by stages of processing in 2022 are below along with their corresponding Product Share as percent of total export or import

Tariffs 2022

Tariffs imposed by Iceland in 2022 are below

  • The maximum rate of tariff in percentage on any product was 1,702.34 percent.
  • The simple average tariff across all products was 1.36 percent.
  • The trade weighted average tariff was 1.72 .
  • The total duty free imports in thousands of US dollars were 6,806,395 and duty free tariff line items share was 94.39 percent.

Development Indicators 2022

Key Development Indicators of Iceland in 2022 are below

  • Iceland GDP in current US dollar was 27,842 million.
  • GNI per capita, Atlas method (current US$) was 68,220.00 .
  • Iceland Trade balance: as % of GDP was -0.73.
  • Trade balance in current US$ was -203.00 million.
  • Trade as percentage of GDP was 93.36 .
  • Trade in services as percentage of GDP was 34.97 .

Trade Indicators 2022

Trade Indicators for Iceland in 2022 are below

  • Hirschman Herfindahl market concentration index was 0.12.
  • Index of export market penetration was 3.42.
  • World Growth in percentage was 5.18 and Iceland Country Growth was 7.45 .