Iceland Trade at a Glance : Most Recent Values

Latest trade data available from various sources.

Please note: The data from various sources are not from the same year.
Iceland monthly trade data
Iceland quarterly trade data

Country / Region
Year
Iceland exports, imports, trade and tariff indicators 2023
Please note the exports, imports and tariff data are based on reported data and not gap filled. Please check the Data Availability for coverage.

Iceland TRADE

2025

Overall Exports and Imports

Annual Trade (2025)
Definition Total Import/Export Value in thousands of US Dollars current value.
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Valuation Export - FOB; Import - CIF
Currency Unit US Dollar - Current value
Last Updated OCT-08-2025
Exports (in US$ Mil)		7,183
Definition Total Import/Export Value in thousands of US Dollars current value.
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Valuation Export - FOB; Import - CIF
Currency Unit US Dollar - Current value
Last Updated OCT-08-2025
Imports (in US$ Mil)		10,945
Definition Total of Import and Export Value in millions of US Dollars current value.
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92
Valuation Export - FOB; Import - CIF
Currency Unit US Dollar - Current value
Last Updated Mar-19-2026
Total Trade (in US$ Mil)		18,129
Definition Difference between exports and imports of goods in millions of US Dollars current value.
Source WITS - UNSD Comtrade
Last Updated Mar-19-2026
Trade Balance (in US$ Mil)		-3,762
Monthly Trade (Dec 2025)
Definition Monthly Total of Imports and Exports Value in thousands of US Dollars current value.
Source WITS - UNSD Comtrade
Classification Harmonized System
Valuation Export - FOB; Import - CIF
Currency Unit US Dollar - Current value
Last Updated Mar-19-2026
Monthly Exports (in US$ 000)		589,136
Definition Monthly Total Import/Export Value in thousands of US Dollars current value.
Source WITS - UNSD Comtrade
Classification Harmonized System
Valuation Export - FOB; Import - CIF
Currency Unit US Dollar - Current value
Last Updated Mar-19-2026
Monthly Imports (in US$ 000)		907,701
Definition Monthly Total of Exports and Imports Value in thousands of US Dollars current value.
Source WITS - UNSD Comtrade
Classification Harmonized System
Valuation Export - FOB; Import - CIF
Currency Unit US Dollar - Current value
Last Updated Mar-19-2026
Total Monthly Trade (in US$ 000)		1,496,838
Definition Difference between a country's total monthly exports and total imports in thousands of US Dollars current value.
Source WITS - UNSD Comtrade
Last Updated Mar-19-2026
Monthly Trade Balance		-318,565

Trade Indicator

Definition Hirschman Herfindahl index is a measure of the dispersion of trade value across an exporter’s partners. A country with trade (export or import) that is concentrated in a very few markets will have an index value close to 1. Similarly, a country with a perfectly diversified trade portfolio will have an index close to zero.
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Valuation Export - FOB; Import - CIF
Currency Unit
Notes 1) Mirror Exports is considered for export data 2) All Countries except World and EUN are considered as partner group 3) Product 'Total' is used for this computation 4) The indicator is computed at reporter-partner level and aggregated to reporter level
Last Updated DEC-12-2024
HH Market concentration index		0.11
Definition It is calculated as the number of countries to which the reporter exports a particular product divided by the number of countries that report importing the product that year.
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Valuation Export - FOB; Import - CIF
Currency Unit
Notes 1) Mirror Exports is considered for export data 2) All products at HS 6 digits are considered 3) Computation is performed at Country-Product level and aggregated to country level
Last Updated DEC-12-2024
Index of export market penetration		3.40
Definition Annual percentage growth rate of the world’s trade value (export or import), by sector, at market prices in current U.S. dollars
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Valuation Export - FOB; Import - CIF
Currency Unit
Notes 1) Mirror Exports is considered 2)Growth for a given year is computed with respect to the previous year
Last Updated DEC-12-2024
World Growth		-3.13
Definition Annual percentage growth rate of the country’s trade value (export or import), by sector, at market prices in current U.S. dollars
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Valuation Export - FOB; Import - CIF
Currency Unit
Notes 1) Mirror Exports is considered 2)Growth for a given year is computed with respect to the previous year
Last Updated DEC-12-2024
Country Growth		-3.83

Service Indicators 2023

Definition Services refer to economic output of intangible commodities that may be produced, transferred, and consumed at the same time. Data are in current U.S. dollars.
Source WDI
Topic Economic Policy & Debt: Balance of payments: Current account: Goods, services & income
Last Updated DEC-12-2024
Service imports (BoP, current US$)		4,770,748,331.03
Definition Services refer to economic output of intangible commodities that may be produced, transferred, and consumed at the same time. Data are in current U.S. dollars.
Source WDI
Topic Economic Policy & Debt: Balance of payments: Current account: Goods, services & income
Last Updated DEC-12-2024
Service exports (BoP, current US$)		7,163,727,666.91
Definition Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.
Source WDI
Topic Economic Policy & Debt: National accounts: Shares of GDP & other
Last Updated DEC-12-2024
Imports of goods and services (% of GDP)		43.29
Definition Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.
Source WDI
Topic Economic Policy & Debt: National accounts: Shares of GDP & other
Last Updated DEC-12-2024
Exports of goods and services (% of GDP)		43.44

Tariff and Trade Barriers for Iceland

Tariffs 2023

Source WITS - UNCTAD TRAINS
Classification Harmonized System 1988/92, HS 1996, HS 2002, HS 2007, HS 2012
Notes
Last Updated DEC-12-2024
No. Of Tariff Agreement 		38
Definition Effectively Applied Simple Average tariff (%)
Source WITS - UNCTAD TRAINS
Classification Harmonized System 1988/92, HS 1996, HS 2002, HS 2007, HS 2012
Notes Specific duty expressions are estimated using UNCTAD Method (If available)
Last Updated DEC-12-2024
Simple Average (%) 		1.24
Definition Effectively Applied Duty Free Imports in thousands of US Dollar
Source WITS - UNCTAD TRAINS
Classification Harmonized System 1988/92, HS 1996, HS 2002, HS 2007, HS 2012
Notes Specific duty expressions are estimated using UNCTAD Method (If available)
Last Updated DEC-12-2024
Duty Free Imports (US$ Thousand) 		6,704,890.11
Definition Effectively Applied MaxRate (%) tariff; The highest tariff value at the tariff line level within the product category
Source WITS - UNCTAD TRAINS
Classification Harmonized System 1988/92, HS 1996, HS 2002, HS 2007, HS 2012
Notes Specific duty expressions are estimated using UNCTAD Method (If available)
Last Updated DEC-12-2024
Maximum Rate (%) 		1,648.74
Definition Effectively Applied Weighted Average (%) tariff; The average of tariffs weighted by their corresponding trade value
Source WITS - UNCTAD TRAINS
Classification Harmonized System 1988/92, HS 1996, HS 2002, HS 2007, HS 2012
Notes Specific duty expressions are estimated using UNCTAD Method (If available)
Last Updated DEC-12-2024
Weighted Average (%) 		1.89
Definition Effectively Applied Duty Free Tariff Lines Share in percentage
Source WITS - UNCTAD TRAINS
Classification Harmonized System 1988/92, HS 1996, HS 2002, HS 2007, HS 2012
Notes 1) Tariff_AHS_DutyFreeLines]*100/[Tariff_AHS_TotalLines] 2) Specific duty expressions are estimated using UNCTAD Method (If available)
Last Updated DEC-12-2024
Duty Free Tariff Lines Share (%) 		94.53

Foreign Direct Investment (FDI) 2024

UNCTAD »
Definition The accumulated value of foreign direct investment held in the reporting economy at the end of a reference period.
Source UNCTADSTAT
Last Updated Mar-19-2026
FDI Inward Stock (in US$ Mil)		10,415
Definition The value of foreign direct investment transactions recorded into the reporting economy during a reference period.
Source UNCTADSTAT
Last Updated Mar-19-2026
FDI Inward Flow (in US$ Mil)		189
Definition The accumulated value of direct investments held by resident enterprises of the reporting economy in foreign economies at the end of a reference period.
Source UNCTADSTAT
Last Updated Mar-19-2026
FDI Outward Stock (in US$ Mil)		5,550
Definition The value of direct investment transactions made by resident enterprises of the reporting economy to foreign economies during a reference period.
Source UNCTADSTAT
Last Updated Mar-19-2026
FDI Outward Flow (in US$ Mil)		121

Non-Tariff Measures (NTM)

Definition Number of distinct NTM measures in effect in a country in a particular year.
Source WITS - UNCTAD TRAINS
Notes Please note this indicator is not cross country comparable. For India NTM's in Chapter A and B are not covered. For more information click here
Last Updated Jul-2016
No Of NTM Measures (2025)		...
Definition Number of products at HS 6 digit level that are affected in a particular year
Source WITS - UNCTAD TRAINS
Notes Please note this indicator is not cross country comparable. For India NTM's in Chapter A and B are not covered. For more information click here
Last Updated Jul-2016
No Of NTM Affected Products (HS 6 Digit) (2025)		...

Services Service Policy Restrictive Database (SPRD)

SPRD »
Source Services Service Policy Restrictive Database
Last Updated Jul-2014
Services Trade Restrictions Index - Over All		...

World Development Indicators (WDI)

2023 WDI »
Definition Total population is based on the de facto definition of population, which counts all residents regardless of legal status or citizenship. The values shown are midyear estimates.
Source WDI
Topic Health: Population: Structure
Last Updated DEC-12-2024
Population		353,574
Definition GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
Source WDI
Topic Economic Policy & Debt: National accounts: US$ at current prices: Aggregate indicators
Last Updated DEC-12-2024
GDP (current US$ Mil)		31,452
Definition GNI per capita (formerly GNP per capita) is the gross national income, converted to U.S. dollars using the World Bank Atlas method, divided by the midyear population. GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.
Source WDI
Topic Economic Policy & Debt: National accounts: Atlas GNI & GNI per capita
Last Updated DEC-12-2024
GNI per capita, Atlas method (current US$)		80,760.00
Definition Difference between Exports of goods and services (current US$) and Imports of goods and services (current US$)
Source WITS - WDI
Notes Indicator codes: NE.EXP.GNFS.CD, NE.IMP.GNFS.CD
Last Updated DEC-12-2024
Trade Balance (current US$ Mil)		48.00
Definition Difference between Exports of goods and services (% of GDP) and Imports of goods and services (% of GDP)
Source WITS - WDI
Notes Indicator codes: NE.EXP.GNFS.ZS, NE.IMP.GNFS.ZS
Last Updated DEC-12-2024
Trade Balance (% of GDP)		0.15

Global Value Chain (GVC)

2020 GVC »
Definition A measure that quantifies the portion of a sector's total output that is involved in Global Value Chains (GVCs).
Source WITS - GVC
Last Updated Mar-19-2026
GVC Related Output as Percent of Output		...
Definition Share of a country's gross trade (exports or imports) that is associated with Global Value Chains (GVCs).
Source WITS - GVC
Last Updated Mar-19-2026
GVC Related Trade Percentage Gross Trade		46
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< ====================================AUTO GENERATED BY CONFLICT EXTENSION==================================== >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>AUTO GENERATED BY CONFLICT EXTENSION>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Development ====================================AUTO GENERATED BY CONFLICT EXTENSION==================================== >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>AUTO GENERATED BY CONFLICT EXTENSION>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Development_veni