[1] Primary trade source
OECD Bilateral International Merchandise Trade Statistics, harmonised by Yugalinks at country-year, HS2 and bilateral-corridor levels. Coverage shown here is 1995–2024 where observations are available.
Country intelligence · ISL · 2024
Iceland trade profile
In 2024, Iceland recorded $7.1B in merchandise exports and $9.2B in imports, producing a $2.1B trade deficit. Exports changed +5.8% from the previous year, while imports changed +3.0%.[1]
Exports
$7.1B
+5.8%
Imports
$9.2B
+3.0%
Trade balance
-$2.1B
deficit
Active partners
270
63 FTA-linked
Historical evidence
Ten-year trade movement
The bars compare exports and imports on the same scale. The accompanying table preserves the exact values so the trend is usable without interpreting a graphic.
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
ExportsImports
Exact annual values
Leading export sectors
HS2 chapters rank broad product groups by observed export value in 2024.
1$2.4B
HS 76 · HS chapter
35 active HS6 lines · 56 export partners
2$2.3B
HS 03 · HS chapter
195 active HS6 lines · 91 export partners
3$527.4M
HS 90 · HS chapter
142 active HS6 lines · 113 export partners
4$327.2M
HS 30 · Pharmaceutical products
38 active HS6 lines · 80 export partners
5$247.5M
HS 15 · HS chapter
48 active HS6 lines · 85 export partners
6$229.3M
HS 23 · HS chapter
16 active HS6 lines · 36 export partners
7$200.5M
HS 72 · HS chapter
146 active HS6 lines · 34 export partners
8$151.5M
HS 84 · Machinery
506 active HS6 lines · 119 export partners
Leading export markets
Destinations rank bilateral export flows from Iceland; growth describes each corridor rather than the whole economy.
1$1.8B
Netherlands
Annual change -8.5% · 3-year CAGR 1.4%
2$915.0M
United States
Annual change +42.6% · 3-year CAGR 20.9%
3$705.0M
United Kingdom
Annual change +15.4% · 3-year CAGR 7.6%
4$612.2M
Germany
Annual change -7.0% · 3-year CAGR 2.3%
5$493.6M
France
Annual change +119.9% · 3-year CAGR 24.1%
6$354.5M
Norway
Annual change -8.7% · 3-year CAGR 21.4%
7$283.0M
Poland
Annual change +20.0% · 3-year CAGR 0.8%
8$274.1M
Spain
Annual change +9.0% · 3-year CAGR -21.0%
Sources, definitions and limitations
Calculation notes
USD values are aggregated from reported merchandise records. YoY compares consecutive annual totals; three-year CAGR is the mart-provided compound annual growth rate. Missing values are not inferred.