Trade Trend

In 2023, Iceland's total export value is 6.62Billion USD, total import value is 9.49Billion USD, Deficit is -2.86Billion USD, and foreign trade dependency is 0.519. In 2023，Iceland's top export products are Aluminium; unwrought(2.09Billion USD), Fish fillets and other fish meat (whether or not minced); fresh, chilled or frozen(1.06Billion USD), Fish; fresh or chilled, excluding fish fillets and other fish meat of heading 0304(391.70Million USD), top export destinations are Netherlands(2.41Billion USD), United States(660.04Million USD), United Kingdom(583.35Million USD). In 2023, Iceland's top import products are Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(1.17Billion USD), Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars(763.69Million USD), Aluminium oxide (including artificial corundum); aluminium hydroxide(612.34Million USD), top import origins are Norway(1.09Billion USD), Germany(838.96Million USD), China(828.84Million USD).

Comparing to 2022, Iceland's total export value decreased -779.67Million USD(-10.53%) in 2023, this could result from its export decreases of products such as Aluminium; unwrought(-568.63Million USD or -21.41%), Ferroalloys(-128.94Million USD or -37.52%), Fish fillets and other fish meat (whether or not minced); fresh, chilled or frozen(-94.45Million USD or -8.19%) and export decreases to countries/economics such as Netherlands(-363.37Million USD or -13.09%), Germany(-160.00Million USD or -33.09%), United Kingdom(-86.46Million USD or -12.91%). Comparing to 2022, Iceland's total import value decreased -243.41Million USD(-2.50%) in 2023, this could result from its import decreases of products such as Aircraft n.e.c. in heading no. 8801, except unmanned aircraft of heading 8806, (e.g. helicopters, aeroplanes); spacecraft (including satellites) and suborbital and spacecraft launch vehicles(-155.51Million USD or -66.41%), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(-133.45Million USD or -10.25%), Hydrometers and similar floating instruments, thermometers, pyrometers, barometers, hygrometers and psychrometers, recording or not(-111.06Million USD or -78.34%), and its import decreases from countries/economies such as Malaysia(-130.63Million USD or -79.95%), India(-107.80Million USD or -72.92%), Ireland(-96.54Million USD or -59.42%).

Cumulated to first 6 months of 2024, Iceland's total export value is 2.79Billion USD, total import value is 3.81Billion USD, and tradedeficit is -1.02Billion USD. Cumulated to first 6 months of 2024, Iceland's top export products are Aluminium; unwrought(830.12Million USD), Fish fillets and other fish meat (whether or not minced); fresh, chilled or frozen(501.41Million USD), Fish; fresh or chilled, excluding fish fillets and other fish meat of heading 0304(216.65Million USD), and top export destinations are Netherlands(887.00Million USD), United States(299.77Million USD), United Kingdom(254.13Million USD). Cumulated to first 6 months of 2024, Iceland's top import products are Aluminium; unwrought(830.12Million USD), Fish fillets and other fish meat (whether or not minced); fresh, chilled or frozen(501.41Million USD), Fish; fresh or chilled, excluding fish fillets and other fish meat of heading 0304(216.65Million USD), and top import origins areNorway(448.89Million USD), United States(385.40Million USD), Germany(315.65Million USD).