Who does Iceland rely on?

1. China$1.1 billion · 11.3%
2. Norway$1.1 billion · 10.7%
3. United States$830 million · 8.3%
4. Germany$794 million · 8%
5. Denmark$688 million · 6.9%
6. Netherlands$634 million · 6.4%
7. Sweden$414 million · 4.2%
8. United Kingdom$381 million · 3.8%
9. Brazil$293 million · 2.9%
10. Poland$280 million · 2.8%

Some of these goods may have been produced in another country: countries record origin in different ways.

Of the 534 products Iceland buys for more than $1 million in 2024, these are the highest-value ones with a dominant supplier.

and 85 more

A product has a dominant supplier when a single country sells more than 50% of what is bought of it; we flag it separately above 75%.

Some of these goods may have been produced in another country: countries record origin in different ways.

Largest customer: Netherlands

21.2%

Concentration (HHI)

957

Concentration index (HHI): 957 out of 10,000; equivalent to splitting sales among 10 customers of the same size

66 of the 143 products Iceland sells for more than $1 million have a customer buying more than 50% of what Iceland sells of that product; in 32, more than 75%. In those products, sales to each one’s dominant customer add up to 17.2% of what Iceland sells.

and 51 more

The closest countries in the concentration ranking (HHI, highest first).

• Trade profile of Iceland
• Trade between Iceland and China
• Trade between Iceland and Germany
• Trade between Iceland and the Netherlands
• Trade between Iceland and Norway
• Trade between Iceland and the United States
• All countries

Sources and licenses

• CEPII BACI · Licence Ouverte Etalab 2.0
• Natural Earth · Public domain

Methodology

The data come from CEPII BACI (Etalab 2.0 licence), which reconciles what the exporting and the importing country report, in current USD, FOB. Data up to 2024.

Dependence is the share of a country’s imports (or exports) that each partner accounts for. It does not measure whether a product has a substitute or how much it would cost to change supplier.

The concentration index (HHI) adds up the square of each partner’s share, in percent: it runs from 0 to 10,000. Its equivalent is 10,000 ÷ HHI, the number of partners of the same size that would give that value.

Products are HS4 headings of the 1992 nomenclature (some combine different goods), with a floor of $1 million per product and country.

The EU is the 27 current members in every year; the United Kingdom is outside the EU throughout the series.

Re-exports: countries that act as redistribution hubs carry their notice and the figures are not corrected.