ICELAND EXPORT WINGS

Foreign trade in Iceland

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According to the World Economic Forum, Iceland ranks first in the world in gender equality. Among many other things, Iceland also stands out for being one of the safest and most peaceful countries in the world.

 

With regard to international trade, Iceland was the 112th largest export economy in 2020, with a total of $4.59 billion, according to the International Trade Centre. Behind Venezuela (111) with $4.84 billion and followed by Cameroon (113) with $4.48 billion. The countries within its geographical area of influence like Ireland, Denmark and Norway were placed in positions 28th, 35th, 38th respectively.

iceland trade in goods

 

Imports reached $5.7 billion in 2020. The trade deficit stood at $1.11 billion. In 2020, the top exports of Iceland was:

  1. Fish and crustaceans, molluscs: $1.92 billion (42%)
  2. Aluminium and articles thereof: $1.61 billion (35%)
  3. Foundry, iron and steel: $142 million (3%)
  4. Food industry waste and scrap: $118 million (3%)
  5. Meat, fish or shellfish preparations: $108 million (2%)

 

As for the imported products in 2020, the top 5 was:

  1. Artificial corundum, aluminium oxide, aluminium hydroxide: $340 million (8%)
  2. Passenger cars: $340 million (6%)
  3. Petroleum oils: $339 million (6%)
  4. Coal electrodes and brushes: $290 million (5%)
  5. Drugs: $170 million (3%)

 

Its main trading partners (X+M) are the Netherlands, which represents 13% of exchanges, followed by Spain with 9% and the United Kingdom with 9% of trade exchanges. The main destinations for exports were:

  • Netherlands 20%
  • Spain 17%
  • United Kingdom 11%
  • France 8%
  • United States of America 8%

 

The main origins of imports were:

  • Germany 9%
  • Norway 9%
  • China 8%
  • Netherlands 8%
  • Denmark 7%

 

In 2020, it is worth to be highlighted the Services Trade Balance, with a surplus of $517 million.

iceland trade in goods

 

When it comes to Service Exports in 2020, the top 5 was:

  • Transportation: $ 685 million (25%)
  • Travel: $ 658 million (24%)
  • Other business services: $ 452 million (16%)
  • Intellectual property charges: $ 367 million (13%)
  • Telecommunications Services: $ 344 million (12%)

 

As for the imported services in 2020, the top 5 was:

  1. Other business services: $ 537 million (24%)
  2. Travel: $ 524 million (23%)
  3. Transportation: $ 453 million (20%)
  4. Telecommunications, IT and Information Services: $ 328 million (15%)
  5. Personal, cultural and creative services: $ 145 million (6%)

 

Regarding bilateral agreements, Iceland, one of the four EFTA members, has signed and ratified 32 regional trade treaties. Its presence in international markets will be bolstered by 8 new treaties which will come into force soon (at the date of this publication).

 

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Sources:

 

Data from 2020, other years are stated.

Photo by Joshua Earle on Unsplash

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