Iceland Trade

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
For viewing trade, tariff data for country or region by year click here.
Please note the exports, imports and tariff data are based on reported data and not gap filled. Please check the Data Availability for coverage.

TRADE SUMMARY FOR Iceland

2023

Overall Exports and Imports

Exports
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 DEC-12-2024
Exports (in US$ Mil) 		6,808
Definition Total number of products exported by a country at the Harmonized System six digit level in any given year.
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Notes 1) All traded products at HS 6 digits are considered for this computation.
Last Updated DEC-12-2024
No. Of products 		1,915
Definition Number of countries to whom a particular country exports data in any given year.
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Notes 1) Product 'Total' is used for this computation.
Last Updated DEC-12-2024
No. Of partners 		130
Imports
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 DEC-12-2024
Imports (in US$ Mil) 		9,470
Definition Total number of products imported by a country at the Harmonized System (HS) six digit level in any given year.
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Notes 1) All traded products at HS 6 digits are considered for this computation.
Last Updated DEC-12-2024
No. Of products 		4,148
Definition Number of countries from which a particular country imports data in any given year.
Source WITS - UNSD Comtrade
Classification Harmonized System 1988/92, SITC Revision 2
Notes 1) Product 'Total' is used for this computation.
Last Updated DEC-12-2024
No. Of partners 		172

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

Iceland top 5 Export and Import partners

Market Trade (US$ Mil) Partner share(%)
Netherlands2,440 35.84
United States661 9.71
United Kingdom592 8.70
France437 6.43
Norway391 5.75
Exporter Trade (US$ Mil) Partner share(%)
Norway1,095 11.56
Germany837 8.84
China827 8.73
Netherlands724 7.65
United States716 7.56

Iceland Exports and Imports of Product Groups

Product Categories Exports Imports
Export(US$ Mil) Product share(%) Import(US$ Mil) Prod share(%) Weighted Average (%)
Raw materials2,102 30.87 432 4.56 14.94
Intermediate goods3,577 52.55 1,618 17.08 0.22
Consumer goods628 9.23 4,631 48.90 3.16
Capital goods445 6.54 2,790 29.46 0.00

Top 5 Products exports imports at HS 6 digit level

Exports
Product Code 760110
Product Name Aluminium unwrought, not alloyed
Data Source UN Comtrade
Aluminium unwrought, ...		1,796,997.11
Product Code 030420
Product Name Frozen fish fillets
Data Source UN Comtrade
Frozen fish fillets		530,745.48
Product Code 030410
Product Name Fresh or chilled fish fillets
Data Source UN Comtrade
Fresh or chilled fis ...		502,448.74
Product Code 760120
Product Name Aluminium unwrought, alloyed
Data Source UN Comtrade
Aluminium unwrought, ...		290,963.63
Product Code 230120
Product Name Flours, meals and pellets of fish, etc, unfit f
Data Source UN Comtrade
Flours, meals and pe ...		286,047.44
Imports
Product Code 271000
Product Name Petroleum oils, etc, (excl. crude); preparation
Data Source UN Comtrade
Petroleum oils, etc, ...		1,165,037.24
Product Code 870390
Product Name Automobiles nes including gas turbine powered
Data Source UN Comtrade
Automobiles nes incl ...		635,839.29
Product Code 281820
Product Name Aluminium oxide, other than artificial corundum
Data Source UN Comtrade
Aluminium oxide, oth ...		614,265.04
Product Code 854511
Product Name Carbon or graphite electrodes, of a kind used f
Data Source UN Comtrade
Carbon or graphite e ...		326,673.23
Product Code 854519
Product Name Carbon or graphite electrodes,of a kind used fo
Data Source UN Comtrade
Carbon or graphite e ...		225,147.24

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

Overall Trade Restrictiveness Index (OTRI) 2009

OTRI »
Definition The OTRI captures the trade policy distortions that each country imposes on its import bundle. It measures the uniform tariff equivalent of the country tariff and non-tariff barriers (NTB) that would generate the same level of import value for the country in a given year. Tariffs can be based on the Applied tariffs, which takes into account the bilateral trade preferences
Source Overall Trade Restrictiveness Index
Notes The ad valorem equivalent of NTB were estimated by Kee, Nicita and Olarreaga (EJ, 2009)
Last Updated Jul-2014
Overall Trade Restrictiveness Index - MFN Tariff (2009)		0.06
Definition The OTRI captures the trade policy distortions that each country imposes on its import bundle. It measures the uniform tariff equivalent of the country tariff and non-tariff barriers (NTB) that would generate the same level of import value for the country in a given year. Tariffs can be based on the MFN tariffs which applied to all trading partners
Source Overall Trade Restrictiveness Index
Notes The ad valorem equivalent of NTB were estimated by Kee, Nicita and Olarreaga (EJ, 2009)
Last Updated Jul-2014
Overall Trade Restrictiveness Index - Applied Tariff (2009)		0.04

Services Service Policy Restrictive Database (SPRD)

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

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		...
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)		...

Temporary Trade Barriers Database (TTDB)

TTDB »
Source Temporary Trade Barriers Database
Last Updated Aug-2014
Temporary Trade Barriers in Effect - Simple Average		...
Source Temporary Trade Barriers Database
Last Updated Aug-2014
Temporary Trade Barriers in Effect - Weighted Average		...

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

Doing Business

2019 Doing Business »
Definition Economies are ranked on their ease of doing business, from 1–189. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic.
Source Doing Business
Notes 1) All Doing Business 2018 rankings have been recalculated to reflect changes to the methodology and revisions of data due to new information. 2) The data may not reflect the full numeric precision of the data point, as the numbers are rounded.
Last Updated DEC-12-2024
Ease of Doing Business Rank		26
Definition The ranking of economies on the ease of trading across borders is determined by sorting their distance to frontier scores for trading across borders
Source Doing Business
Notes 1) All Doing Business 2018 rankings have been recalculated to reflect changes to the methodology and revisions of data due to new information. 2) The data may not reflect the full numeric precision of the data point, as the numbers are rounded.
Last Updated DEC-12-2024
Trading Across Borders Rank		53

Country Policy and Institutional Assessment (CPIA)

CPIA »
Definition Trade assesses how the policy framework fosters trade in goods.
Source WDI
Topic Public Sector: Policy & institutions
Last Updated DEC-12-2024
CPIA Trade Ratings		...

Logistics Performance Index (LPI)

2016 LPI »
Definition LPI Score demonstrate comparative performance—the dimensions show on a scale (lowest score to highest score) from 1 to 5 relevant to the possible comparison groups—of all countries (world), region and income group
Source  Logistics Performance Index
Notes The LPI uses standard statistical techniques to aggregate the data into a single indicator that can be used for cross-country comparisons.
Last Updated Nov-2017
LPI Score		3.35
Definition LPI 2016 ranks 160 countries on six dimensions of trade -- including customs performance, infrastructure quality, and timeliness of shipments -- that have increasingly been recognized as important to development
Source  Logistics Performance Index
Notes The LPI uses standard statistical techniques to aggregate the data into a single indicator that can be used for cross-country comparisons.
Last Updated Nov-2017
LPI Rank		39