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Iceland trade in 2024

In 2024, Iceland exported $7.5 billion and imported $10 billion, a trade deficit of $2.5 billion. It was the world's 116th-largest exporter, with 0.03% of world exports. Its top export was unwrought aluminum (26.8% of the total) and its main trading partner was the Netherlands (12.7% of its trade).

Summary

Exports
$7.5billion
Imports
$10billion
Trade balance
-$2.5billion
Routes to the main partners. Width: trade value; color: estimated transport mode.SeaAirLand
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Products

What it exports

Unwrought aluminum (26.8%) and fish fillets (16.9%) together make up 43.6% of its exports.

  1. Unwrought aluminum$2 billion · 26.8%
    Main partner: Netherlands
  2. Fish fillets$1.3 billion · 16.9%
    Main partner: United States
  3. Orthopedic and hearing devices$487 million · 6.5%
    Main partner: United States
  4. Fresh fish$432 million · 5.8%
    Main partner: Netherlands
  5. Frozen fish$407 million · 5.4%
    Main partner: China
  6. Vaccines, blood and antisera$346 million · 4.6%
    Main partner: United States
  7. Aluminum wire$263 million · 3.5%
    Main partner: Netherlands
  8. Meat and fish meal$246 million · 3.3%
    Main partner: Norway
  9. Fish oil and marine fats$230 million · 3.1%
    Main partner: Norway
  10. Dried, salted and smoked fish$184 million · 2.5%
    Main partner: Spain

What it imports

Refined petroleum (10.5%) and aluminum oxide and hydroxide (7%) together make up 17.4% of its imports.

  1. Refined petroleum$1 billion · 10.5%
    Main partner: Norway
  2. Aluminum oxide and hydroxide$698 million · 7%
    Main partner: Brazil
  3. Computers$620 million · 6.2%
    Main partner: United States
  4. Carbon electrodes$485 million · 4.9%
    Main partner: China
  5. Cars$381 million · 3.8%
    Main partner: Germany
  6. Medicines in measured doses or retail packs$233 million · 2.3%
    Main partner: Denmark
  7. Cameras and broadcast equipment$193 million · 1.9%
    Main partner: China
  8. Pet and animal feed$189 million · 1.9%
    Main partner: Norway
  9. Fishing vessels$151 million · 1.5%
    Main partner: Greenland
  10. Trucks$145 million · 1.5%
    Main partner: Germany
By Harmonized System chapter (96)
ChapterExportsImports
76 · Aluminum$2.4 billion$145 million
03 · Fish and seafood$2.3 billion$111 million
90 · Precision and medical instruments$593 million$235 million
30 · Pharmaceuticals$400 million$268 million
15 · Fats and oils$253 million$107 million
23 · Animal feed and food waste$251 million$205 million
72 · Iron and steel$198 million$81 million
84 · Mechanical machinery$173 million$1.5 billion
16 · Prepared meat and fish$127 million$20 million
27 · Oil, gas and coal$114 million$1.1 billion
85 · Electrical and electronic equipment$87 million$1.2 billion
88 · Aircraft and spacecraft$79 million$156 million
89 · Ships and boats$63 million$191 million
28 · Inorganic chemicals$61 million$758 million
22 · Beverages and spirits$54 million$110 million
05 · Other animal products$31 million$41 million
39 · Plastics$31 million$294 million
20 · Preserved fruit and vegetables$21 million$59 million
04 · Dairy, eggs and honey$20 million$17 million
25 · Salt, stone and cement$19 million$93 million
02 · Meat and offal$18 million$37 million
87 · Vehicles$17 million$785 million
21 · Food preparations$15 million$110 million
29 · Organic chemicals$13 million$24 million
33 · Perfumes and cosmetics$12 million$66 million
38 · Miscellaneous chemicals$11 million$107 million
01 · Live animals$10 million$1 million
73 · Iron and steel products$10 million$223 million
93 · Weapons and ammunition$9 million$5 million
74 · Copper$6 million$10 million
26 · Ores and slag$6 million$5 million
51 · Wool$6 million$4 million
56 · Felt, nonwovens and rope$6 million$19 million
32 · Dyes, paints and tanning agents$5 million$37 million
97 · Art and antiques$5 million$1 million
47 · Wood pulp$4 million$445 thousand
35 · Glues, starches and enzymes$4 million$9 million
41 · Hides and leather$4 million$323 thousand
94 · Furniture and lighting$4 million$274 million
61 · Knitted clothing$4 million$118 million
18 · Cocoa and chocolate$3 million$41 million
12 · Oilseeds and grains$3 million$10 million
68 · Stone, plaster and cement articles$3 million$42 million
07 · Vegetables$3 million$45 million
08 · Fruit and nuts$2 million$81 million
82 · Tools and cutlery$2 million$35 million
31 · Fertilizers$2 million$31 million
63 · Home textiles and used clothing$2 million$39 million
48 · Paper and paperboard$2 million$105 million
44 · Wood$2 million$176 million
71 · Gems and precious metals$2 million$12 million
40 · Rubber$1 million$77 million
62 · Woven clothing$1 million$115 million
95 · Toys and sports gear$1 million$67 million
64 · Footwear$900 thousand$51 million
42 · Leather goods and bags$830 thousand$26 million
17 · Sugar and sweets$791 thousand$25 million
83 · Miscellaneous metal goods$670 thousand$28 million
91 · Watches and clocks$669 thousand$9 million
81 · Other base metals$661 thousand$8 million
19 · Baked goods and cereal products$643 thousand$103 million
49 · Books and printed matter$628 thousand$18 million
43 · Fur and fur goods$623 thousand$2 million
70 · Glass$483 thousand$39 million
65 · Hats$459 thousand$10 million
69 · Ceramics$387 thousand$30 million
34 · Soap and cleaning products$354 thousand$45 million
13 · Gums and plant extracts$310 thousand$1 million
96 · Other manufactured goods$298 thousand$17 million
37 · Photographic goods$233 thousand$2 million
59 · Coated and technical textiles$192 thousand$6 million
86 · Railway equipment$171 thousand$9 million
75 · Nickel$157 thousand$253 thousand
06 · Live plants and flowers$115 thousand$7 million
67 · Feathers and artificial flowers$111 thousand$3 million
09 · Coffee, tea and spices$95 thousand$32 million
92 · Musical instruments$86 thousand$5 million
60 · Knitted fabric$60 thousand$2 million
24 · Tobacco$57 thousand$17 million
10 · Cereals$50 thousand$30 million
11 · Milling products and malt$46 thousand$12 million
58 · Special fabrics and lace$44 thousand$2 million
66 · Umbrellas and canes$35 thousand$407 thousand
46 · Wicker and basketware$32 thousand$738 thousand
55 · Synthetic staple fibers$31 thousand$977 thousand
79 · Zinc$30 thousand$604 thousand
57 · Carpets and rugs$21 thousand$8 million
54 · Synthetic filaments$21 thousand$2 million
78 · Lead$20 thousand$277 thousand
52 · Cotton$19 thousand$1 million
36 · Explosives and matches$11 thousand$6 million
50 · Silk$2 thousand$82 thousand
53 · Other plant fibers$343$352 thousand
45 · Cork$205$228 thousand
14 · Other plant products$5$116 thousand
80 · Tin$0$148 thousand

Trading partners

Its main destination is the Netherlands (21.2% of exports) and its main source is China (11.3% of imports).

Who it sells to

PartnerValue (USD billions)ShareMode
Netherlands1.621.2%Sea
United States114%Air
United Kingdom0.719.5%Sea
Germany0.648.5%Sea
France0.526.9%Sea
Norway0.445.8%Sea
Poland0.385%Sea
Spain0.34%Sea
Denmark0.162.2%Sea
China0.152%Sea

Who it buys from

PartnerValue (USD billions)ShareMode
China1.111.3%Sea
Norway1.110.7%Sea
United States0.838.3%Air
Germany0.798%Sea
Denmark0.696.9%Sea
Netherlands0.636.4%Sea
Sweden0.414.2%Sea
United Kingdom0.383.8%Sea
Brazil0.292.9%Sea
Poland0.282.8%Sea

Overview 1995–2024

In 2024, Iceland accounted for 0.03% of world exports, compared with 0.04% in 1995.

Exports and imports

Exports grew 3.7-fold since 1995

USD billions (current). Bars: trade balance (green surplus, red deficit).

  • Exports 7.5
  • Imports 10
  • Balance -2.5

Source: CEPII BACI

Show the numbers
YearExportsImportsTrade balance
1995$2 billion$1.9 billion$136 million
1996$2.2 billion$2.3 billion-$19 million
1997$2.2 billion$2.2 billion-$48 million
1998$2.2 billion$2.7 billion-$462 million
1999$2.3 billion$2.5 billion-$196 million
2000$2.3 billion$2.8 billion-$505 million
2001$2.5 billion$2.9 billion-$380 million
2002$2.6 billion$2.6 billion$67 million
2003$2.9 billion$3.2 billion-$301 million
2004$3.3 billion$4.1 billion-$772 million
2005$3.4 billion$5.5 billion-$2 billion
2006$4 billion$6.6 billion-$2.6 billion
2007$5.1 billion$7.4 billion-$2.3 billion
2008$5.3 billion$6.7 billion-$1.4 billion
2009$4.9 billion$4.2 billion$726 million
2010$5.6 billion$5.4 billion$208 million
2011$5.8 billion$6.6 billion-$783 million
2012$5.8 billion$5.9 billion-$23 million
2013$6.6 billion$5.5 billion$1.1 billion
2014$6.7 billion$5.8 billion$945 million
2015$5.7 billion$6 billion-$376 million
2016$5.1 billion$6.7 billion-$1.6 billion
2017$5.9 billion$7.7 billion-$1.8 billion
2018$6.6 billion$8 billion-$1.4 billion
2019$6 billion$6.9 billion-$916 million
2020$5.2 billion$5.8 billion-$608 million
2021$7 billion$8.1 billion-$1.1 billion
2022$7.6 billion$9.9 billion-$2.3 billion
2023$7.6 billion$9.8 billion-$2.2 billion
2024$7.5 billion$10 billion-$2.5 billion

World rank

Iceland fell from 89th to 116th among the world's exporters

Rank among 222 countries by export value (1st at the top).

  • 89th in 1995
  • 116th in 2024

Source: CEPII BACI

Show the numbers
YearRank
199589th
199690th
199795th
199890th
199990th
2000102nd
200197th
200298th
200399th
2004105th
2005109th
2006112th
2007103rd
2008111th
2009107th
2010106th
2011111th
2012111th
2013111th
2014106th
2015107th
2016113th
2017110th
2018108th
2019114th
2020115th
2021114th
2022116th
2023116th
2024116th

What it sells

Aluminum became its top export group: from 9% to 32%

% of exports by Harmonized System chapter.

  • Other 12%
  • Mechanical machinery 2%
  • Iron and steel 3%
  • Animal feed and food waste 3%
  • Fats and oils 3%
  • Pharmaceuticals 5%
  • Precision and medical instruments 8%
  • Fish and seafood 31%
  • Aluminum 32%

Source: CEPII BACI

Show the numbers
Chapter19952024
Aluminum9.3%32.1%
Fish and seafood53.9%30.8%
Precision and medical instruments0.57%7.9%
Pharmaceuticals0.57%5.3%
Fats and oils2%3.4%
Animal feed and food waste4.8%3.3%
Iron and steel4%2.6%
Mechanical machinery2.2%2.3%
Other22.8%12.2%

Who it trades with

The Netherlands went from 5% to 13% of Iceland's trade

% of total trade (exports + imports) with each partner.

  • Netherlands 13%
  • United States 11%
  • Norway 9%
  • Germany 8%
  • China 7%

Source: CEPII BACI

Show the numbers
Partner19952024
Netherlands5.3%12.7%
United States10%10.8%
Norway6.4%8.6%
Germany11.7%8.2%
China0.69%7.3%

Production hubs

Largest industrial emission sources (Climate TRACE, 2025)

No hubs above the globe threshold.

View on the globe

Largest economic production hubs (gridded GDP, 2024)

  • Reykjavík$20.8 billion (PPP, 2021 dollars)
View on the globe

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), in current US dollars, with exports and imports reconciled between countries. The transport mode is our own estimate based on value per kilo and geography. Ranks are computed among the countries with data each year. Services are not included. Data up to 2024.

Main partners

See all countries