Country export capability

Iceland
export capability

A reported view of Iceland's export scale, destination network, sector breadth, trade history, and market-access context. Use the indicators together; no single measure describes export readiness on its own.

ISL1995-2024 coverage270 active partner marketsMacro trend resilient
Latest exports$7.1B2024 reported value
Latest imports$9.2B2024 reported value
Trade balance-$2.1BExports minus imports
Export growth+5.8%Latest year-on-year change
Active partners270Latest reported markets

Country export profile overview

Iceland export data in one research view

This profile brings together export performance, trade balance, destination markets, HS2 sectors, partner breadth, history, and market-access context for country export research.

Export scale and balance

Start with the latest reported trade position

In 2024, Iceland recorded $7.1B in exports and $9.2B in imports. The resulting -$2.1B trade balance gives the latest country-level position a clear context.

Exports changed +5.8% year on year and show a calculated +4.3% three-year CAGR. CAGR is an annualized comparison of reported values, not a forecast.

Markets and sectors

See where export value is concentrated

Netherlands received $1.8B in reported exports, representing 25% of the latest country total. Aluminium was the largest displayed HS2 export sector at $2.4B and 33.4% of exports.

The visible page highlights five leading destinations and five leading HS2 sectors, while the complete structured files retain every row supplied for this sample.

History and coverage

Read today's number against the long series

The country series covers 1995 through 2024, with 30 observed annual rows. That longer view helps separate a single-year movement from the broader export trend.

Partner counts, tariff context, concentration, exposure shares, and momentum are supporting indicators calculated from available trade observations. Missing values remain unavailable rather than estimated.

Economy and structure

The context around Iceland's export base

Macroeconomic and structural indicators add context to merchandise trade scale. They describe the country environment; they do not predict company performance or future exports.

GDP$33.3B2024 macro context
GDP per capita$86.0KCurrent-dollar GDP
Population386.5KReported population
Labor force210Reported labor force
Investment rate23.3%National investment rate
Savings rate24.4%National savings rate
Trade openness75.7%Exports + imports / GDP
Exports / GDP33%Merchandise exports / GDP
Secondary education82.2%Education context
Tertiary education51.4%Education context

Market signals

Where to look more closely next

Route-level risk and emerging-corridor signals for further research. These are calculated indicators, not forecasts.

Destination risk contextAll covered routes
Destination risk context for Iceland
DestinationAttentionAttention shareBelow peakApplied tariffPrimary reason
NigeriaNGACritical attention96.5%55.2%27.2%Current trade remains materially below historical peaks
United KingdomGBRWatch31.5%26.9%Not reportedBuyer-market concentration is the largest observed corridor exposure
PolandPOLWatch12.6%21.6%10.3%Volatile products account for the largest observed corridor exposure
JapanJPNCritical attention95.2%49.5%4.1%Tariff, distance or agreement conditions create market-access friction
ChinaCHNHigh attention35.6%22.5%29.2%Buyer-market concentration is the largest observed corridor exposure
NetherlandsNLDWatch19.1%24.9%4.3%Buyer-market concentration is the largest observed corridor exposure
FranceFRAHigh attention57.4%7%4.3%Buyer-market concentration is the largest observed corridor exposure
USA, Puerto Rico and US Virgin IslandsUSAWatch48.4%9.3%4.7%Volatile products account for the largest observed corridor exposure
GermanyDEUWatch45.9%47.5%4.2%Current trade remains materially below historical peaks
SpainESPWatch31%47%4.3%Current trade remains materially below historical peaks

Full route coverage is retained. High attention means the route deserves closer product and access review.

Market opportunity signals

Product-market combinations worth investigating

All returned rows use buyer demand, exporter position, and calculated addressable-value fields. They are research signals, not forecasts.

Addressable-value signalsAll returned rows
Market opportunity signals for Iceland
RankMarket and productBuyer importsAddressable 3-year valueCurrent shareDemand signal
1ChinaHS6 854231 · Electronic integrated circuits: processors and controllers, whether or not combined with memories, converters, logic circuits, amplifiers, clock and timing circuits, or other circuits$158.0B$93.1B0%Growing +10.5%
2IndiaHS6 270900 · Oils: petroleum oils and oils obtained from bituminous minerals, crude$130.1B$73.0B0%Declining -0.5%
3ChinaHS6 854232 · Electronic integrated circuits: memories$80.6B$65.7B0%Declining +20.6%
4ChinaHS6 854239 · Electronic integrated circuits: n.e.c. in heading no. 8542$81.8B$61.4B0%Declining +4%
5USA, Puerto Rico and US Virgin IslandsHS6 851712 · Telephones for cellular networks or for other wireless networks$53.9B$53.8B0%Growing -8.8%
6USA, Puerto Rico and US Virgin IslandsHS6 847150 · Digital processing units: other than those of subheadings 8471.41 or 8471.49, whether or not containing in the same housing one or two of the following types of unit: storage units, input units or output units$53.9B$45.6B0%Growing +60.2%
7USA, Puerto Rico and US Virgin IslandsHS6 847130 · Data processing machines: portable, digital and automatic, weighing not more than 10kg, consisting of at least a central processing unit, a keyboard and a display$42.7B$33.3B0%Stable +6.2%
8China, Hong Kong Special Administrative RegionHS6 851712 · Telephones for cellular networks or for other wireless networks$30.3B$32.7B0%Declining -14.5%

Addressable value is a calculated field. Validate product, buyer, tariff, and route conditions before commercial decisions.

Detailed export portfolioHS4 lines beneath the leading sectorsOpen the detailed four-digit export table for Iceland.
All HS4 export lines2024 ranking
Top HS4 export lines for Iceland
RankHS4Parent HS2 sectorExportsShareActive HS6
17601HS4 detail codeAluminium (76) ↗$2.0B28.8%2
20304HS4 detail codeFish and crustaceans (03) ↗$1.2B17%40
30302HS4 detail codeFish and crustaceans (03) ↗$440.1M6.2%40
49021HS4 detail codeOptical and medical instruments (90) ↗$430.6M6.1%8
50303HS4 detail codeFish and crustaceans (03) ↗$414.0M5.8%39
63002HS4 detail codePharmaceutical products (30) ↗$283.8M4%8
70305HS4 detail codeFish and crustaceans (03) ↗$240.5M3.4%23
81504HS4 detail codeAnimal and vegetable fats (15) ↗$230.9M3.3%3
92301HS4 detail codeFood industry residues (23) ↗$224.9M3.2%2
107605HS4 detail codeAluminium (76) ↗$216.9M3.1%4
117202HS4 detail codeIron and steel (72) ↗$175.9M2.5%8
121605HS4 detail codePrepared meat and fish (16) ↗$66.2M0.9%17

HS4 values are reported observations. The hierarchy is preserved; no missing descriptions are inferred.

The country export read

Iceland combines $7.1B in exports with a broad partner network.

In 2024, Iceland recorded $7.1B in reported exports and $9.2B in imports, producing a reported trade deficit of $2.1B. Exports changed +5.8% year on year and +4.3% annualized over three years. Aluminium (HS2 76) was the largest displayed export sector by value.

Destination network

Where Iceland exports move

All returned destination lanes ranked by latest reported export value. Share is calculated against the country total. Review sources ↗

Latest reported destination lanesAll returned · 2024
Leading export destinations for Iceland
RankDestinationLatest exportsShareYear-on-year3-year CAGR
1NetherlandsNLD$1.8B25%-8.5%+1.4%
2USA, Puerto Rico and US Virgin IslandsUSA$915.0M12.9%+42.6%+20.9%
3United KingdomGBR$705.0M10%+15.4%+7.6%
4GermanyDEU$612.2M8.6%-7%+2.3%
5FranceFRA$493.6M7%+119.9%+24.1%
6NorwayNOR$354.5M5%-8.7%+21.4%
7PolandPOL$283.0M4%+20%+0.8%
8SpainESP$274.1M3.9%+9%-21%
9ChinaCHN$150.3M2.1%-24.2%+3.7%
10DenmarkDNK$133.5M1.9%-23.5%-1.8%

Destination values are reported country-to-country observations. Full returned rows remain in the downloads.

Trade history

A long view of export scale

Latest twelve years from the 30-year reported country series. Context, not a forecast.

Reported exports by year

2013
$6.0B
2014
$5.8B
2015
$5.0B
2016
$4.5B
2017
$5.0B
2018
$5.8B
2019
$5.2B
2020
$4.7B
2021
$6.2B
2022
$7.3B
2023
$6.7B
2024
$7.1B

Partner network

Scale is only one part of export capability

Partner breadth, distance, agreements, and tariffs add context to reported exports.

FTA partner markets63Reported count
WTO partner markets169Reported count
EU partner markets28Reported count
Shared-border partners0Country context
Shared-language partners0Country context
Average partner distance7,355 kmCalculated average
Partners with FTA23.3%Calculated share
Applied tariff context0.1%Calculated average
MFN tariff context0.1%Calculated average
Tariff advantage+0.1 ppPreferential vs MFN

Exposure context

Signals to examine alongside export scale

Calculated or classified route and country context. Not predictions or recommendations.

Attention share34.6%

Covered value under attention

Critical share2.5%

Covered value marked critical

Below historical peak24.8%

Distance below route peaks

FTA-covered exports81.8%

Covered value with FTA context

Weighted tariff context0.1%

Export-weighted tariff

Macro contextMacro trend resilient

Primary attention driver: High trade volatility.

Momentum score5.3

History-based indicator

Partner concentration1,095

Partner HHI

Product concentration616.5

Product HHI

Country attention level: Watch. Missing fields remain unavailable.

Complete country valuesOpen the full profile evidenceFull history, sectors, HS4, destinations, risk, opportunities, and source fields.

Profile fields

Year2,024
Country Iso3ISL
Exports Usd$7.1B
Imports Usd$9.2B
Trade Balance Usd-$2.1B
Yoy Exports Growth Pct5.8%
Yoy Imports Growth Pct3%
Exports Cagr 3y Pct4.3%
Imports Cagr 3y Pct8.2%
Export Partner Hhi1,095
Export Product Hhi616.5
Momentum Score5.3
Risk Score8.6
Gdp Million Usd33,255.18 million USD
Gdp Per Capita Usd$86.0K
Population386,506
Labor Force210
Investment Rate Pct23.3%
Savings Rate Pct24.4%
Secondary Education Pct82.2%
Tertiary Education Pct51.4%
Total Factor Productivity2,507
Trade Openness Pct75.7%
Exports Gdp Pct33%
Num Active Partners270
Num Fta Partners63
Num Wto Partners169
Num Eu Partners28
Num Shared Border Partners0
Num Shared Language Partners0
Avg Partner Distance Km7,355 km
Avg Partner Gdp Million Usd533,678,518.33 million USD
Avg Partner Gdp Per Capita Usd$15.8
Avg Buyer Biz Entry DaysNot reported
Avg Buyer Biz Entry Cost PctNot reported
Pct Partners With Fta23
Pct Partners Shared Language0
Pct Partners Shared Border0
Avg Applied Tariff Pct0.1%
Avg Mfn Tariff Pct0.1%
Avg Preferential Tariff Pct0%
Tariff Advantage Pp+0.1 pp
Avg Distance All Partners Km7,291
Num Border Partners0
Num Colonial Partners25
Avg Substitution Elasticity-9
Pct Products High Elasticity70
Pct Products Low Elasticity3
Real Market Potential92,109.2
Foreign Market Potential12,725.1

Exposure fields

Country Iso3ISL
All History Lane Count4,867
Current Lane Count1,350
Critical Lane Count9
High Attention Lane Count175
High Volatility Lane Count698
Unrecovered Drawdown Lane Count523
Declining Demand Lane Count12
Concentrated Market Lane Count553
Access Friction Lane Count118
Buyer Macro Weakness Lane Count45
Monitored Exports Current Usd$6.5B
Attention Exports Usd$2.3B
Critical Exports Usd$162.4M
High Volatility Exports Usd$2.1B
Unrecovered Drawdown Exports Usd$1.1B
Non Fta Exports Usd$1.2B
Monitored Attention Share Pct34.6%
Monitored Critical Share Pct2.5%
Fta Covered Exports Share Pct81.8%
Export Weighted Volatility Cv0.9
Export Weighted Below Peak Pct24.8%
Export Weighted Distance Km2,991 km
Export Weighted Tariff Pct0.1%
Latest Data Year2,024
First Data Year1,995
Country Years Count30
Total Exports Latest Usd$7.1B
Total Imports Latest Usd$9.2B
Trade Balance Latest Usd-$2.1B
Exports Yoy Latest Pct5.8%
Exports Cagr 3y Latest Pct4.3%
Gdp Latest Million Usd33,255.18 million USD
Gdp Per Capita Latest Usd$86.0K
Population Latest386,506
Investment Rate Latest Pct23.3%
Savings Rate Latest Pct24.4%
Trade Openness Latest Pct75.7%
Exports Gdp Latest Pct33%
Active Partners Latest270
Fta Partners Latest63
Foreign Market Potential Latest12,725.1
Gdp 5y Cagr Pct5.9%
Gdp Per Capita 5y Cagr Pct4.4%
Population 5y Cagr Pct1.4%
Partner Hhi Latest1,095
Partner Top1 Share Latest Pct25%
Partner Top3 Share Latest Pct47.9%
Partner Hhi All Avg1,048
Partner Hhi All Max1,356.9
Product Hhi Latest616.5
Product Top1 Share Latest Pct19.2%
Product Top3 Share Latest Pct34.5%
Product Hhi All Avg715.9
Product Hhi All Max1,206.9
Total Exports Attention Share Pct31.8%
Total Exports Critical Share Pct2.3%
Attention LevelWatch
Primary Risk DriverHigh trade volatility
Macro Resilience LabelMacro trend resilient

Annual country history

YearExportsImportsTrade balanceExports YoYExports CAGR 3Y
1995$1.8B$1.6B$241.1MNot reportedNot reported
1996$2.0B$1.9B$137.1M+10%Not reported
1997$1.9B$1.9B$63.1M-3.6%Not reported
1998$2.1B$2.3B-$241.7M+6.4%+4.1%
1999$2.2B$2.3B-$140.2M+5.1%+2.5%
2000$2.1B$2.6B-$483.4M-3.8%+2.5%
2001$2.3B$2.5B-$270.7M+8.1%+3%
2002$2.4B$2.2B$264.1M+8%+3.9%
2003$2.6B$2.7B-$102.9M+6.4%+7.5%
2004$3.1B$3.7B-$504.8M+21.3%+11.7%
2005$3.2B$4.8B-$1.6B+0.3%+9%
2006$3.5B$5.5B-$2.0B+12%+10.9%
2007$4.3B$6.4B-$2.1B+21.9%+11.1%
2008$4.9B$5.7B-$732.2M+14.7%+16.1%
2009$4.1B$3.6B$531.1M-17.2%+5%
2010$4.8B$4.6B$196.5M+16%+3.3%
2011$5.5B$6.0B-$537.6M+15%+3.4%
2012$5.5B$5.1B$372.4M+0.2%+10.1%
2013$6.0B$4.8B$1.2B+10%+8.2%
2014$5.8B$5.0B$841.4M-3.4%+2.1%
2015$5.0B$5.4B-$418.4M-13.8%-2.9%
2016$4.5B$5.9B-$1.4B-11.1%-9.5%
2017$5.0B$6.7B-$1.6B+12.5%-4.8%
2018$5.8B$7.4B-$1.6B+16.3%+5.2%
2019$5.2B$6.2B-$991.5M-10.4%+5.4%
2020$4.7B$5.3B-$628.3M-9.8%-2.1%
2021$6.2B$7.3B-$1.0B+32.2%+2.2%
2022$7.3B$9.1B-$1.8B+17.1%+11.8%
2023$6.7B$8.9B-$2.2B-8.3%+12.4%
2024$7.1B$9.2B-$2.1B+5.8%+4.3%

Top export sectors

RankHS2SectorExportsShareExport partnersActive HS6
176Aluminium$2.4B33.4%5635
203Fish and crustaceans$2.3B32.7%91195
390Optical and medical instruments$527.4M7.5%113142
430Pharmaceutical products$327.2M4.6%8038
515Animal and vegetable fats$247.5M3.5%8548
623Food industry residues$229.3M3.2%3616
772Iron and steel$200.5M2.8%34146
884Machinery$151.5M2.1%119506
916Prepared meat and fish$120.2M1.7%7041
1085Electrical machinery$81.8M1.2%111262

Detailed HS4 export lines

RankHS4Parent HS2ExportsShareActive HS6
17601Aluminium (76)$2.0B28.8%2
20304Fish and crustaceans (03)$1.2B17%40
30302Fish and crustaceans (03)$440.1M6.2%40
49021Optical and medical instruments (90)$430.6M6.1%8
50303Fish and crustaceans (03)$414.0M5.8%39
63002Pharmaceutical products (30)$283.8M4%8
70305Fish and crustaceans (03)$240.5M3.4%23
81504Animal and vegetable fats (15)$230.9M3.3%3
92301Food industry residues (23)$224.9M3.2%2
107605Aluminium (76)$216.9M3.1%4
117202Iron and steel (72)$175.9M2.5%8
121605Prepared meat and fish (16)$66.2M0.9%17

Top export destinations

RankDestinationISO3ExportsShareYoYCAGR 3Y
1NetherlandsNLD$1.8B25%-8.5%+1.4%
2USA, Puerto Rico and US Virgin IslandsUSA$915.0M12.9%+42.6%+20.9%
3United KingdomGBR$705.0M10%+15.4%+7.6%
4GermanyDEU$612.2M8.6%-7%+2.3%
5FranceFRA$493.6M7%+119.9%+24.1%
6NorwayNOR$354.5M5%-8.7%+21.4%
7PolandPOL$283.0M4%+20%+0.8%
8SpainESP$274.1M3.9%+9%-21%
9ChinaCHN$150.3M2.1%-24.2%+3.7%
10DenmarkDNK$133.5M1.9%-23.5%-1.8%

Destination risk context

RankDestinationAttentionAttention shareBelow peakApplied tariffPrimary reason
1Nigeria (NGA)Critical attention96.5%55.2%27.2%Current trade remains materially below historical peaks
2United Kingdom (GBR)Watch31.5%26.9%Not reportedBuyer-market concentration is the largest observed corridor exposure
3Poland (POL)Watch12.6%21.6%10.3%Volatile products account for the largest observed corridor exposure
4Japan (JPN)Critical attention95.2%49.5%4.1%Tariff, distance or agreement conditions create market-access friction
5China (CHN)High attention35.6%22.5%29.2%Buyer-market concentration is the largest observed corridor exposure
6Netherlands (NLD)Watch19.1%24.9%4.3%Buyer-market concentration is the largest observed corridor exposure
7France (FRA)High attention57.4%7%4.3%Buyer-market concentration is the largest observed corridor exposure
8USA, Puerto Rico and US Virgin Islands (USA)Watch48.4%9.3%4.7%Volatile products account for the largest observed corridor exposure
9Germany (DEU)Watch45.9%47.5%4.2%Current trade remains materially below historical peaks
10Spain (ESP)Watch31%47%4.3%Current trade remains materially below historical peaks

Emerging corridor signals

RankDestinationHS6SignalMarket importsCurrent shareStrength
1Ireland (IRL)842720new$91.1M0.2%100
2Sweden (SWE)293719new$31.8M2.2%100
3Israel (ISR)030486new$1.7M7.5%100
4Sweden (SWE)293790new$955.0K70.4%100
5Sweden (SWE)880211new$21.7M1.1%100
6China (CHN)030441new$23.4M2%100
7Turkey (TUR)842820new$22.9M6.6%100
8Ukraine (UKR)160415new$1.5M7.8%100
9Togo (TGO)850720new$9.0M1.2%100
10World excl. Intra-EU (WXD)721220new$172.0K87.2%100

Market opportunity signals

RankMarketHS6Buyer importsAddressable 3-year valueCurrent shareSignal
1China (CHN)854231$158.0B$93.1B0%Growing (+10.5%)
2India (IND)270900$130.1B$73.0B0%Declining (-0.5%)
3China (CHN)854232$80.6B$65.7B0%Declining (+20.6%)
4China (CHN)854239$81.8B$61.4B0%Declining (+4%)
5USA, Puerto Rico and US Virgin Islands (USA)851712$53.9B$53.8B0%Growing (-8.8%)
6USA, Puerto Rico and US Virgin Islands (USA)847150$53.9B$45.6B0%Growing (+60.2%)
7USA, Puerto Rico and US Virgin Islands (USA)847130$42.7B$33.3B0%Stable (+6.2%)
8China, Hong Kong Special Administrative Region (HKG)851712$30.3B$32.7B0%Declining (-14.5%)

How to read this page

Separate reported scale from calculated context.

Reported exports, imports, trade balance, sector rows, destination rows, and annual history describe merchandise trade observations for the stated country and year.

CAGR, shares, concentration measures, tariff context, exposure shares, and momentum are calculated indicators built from the available observations. They help organize research but are not additional reported trade or forecasts.

Coverage runs from 1995 through 2024 for this profile. Missing values are shown as Not reported. Read the full methodology ↗

Reported observations

OECD BIMTS merchandise trade values are the primary series for this view.

Calculated indicators

Growth, share, HHI, tariff, and exposure fields are derived from available reported values.

Coverage limits

Unavailable values remain unavailable. No company sales, shipment records, or forecasts are implied.

Questions about this profile

Iceland export capability, in context

Short answers for readers comparing country export scale, partner breadth, and calculated trade indicators.

What does the Iceland export profile measure?

It combines reported exports, imports, history, destinations, HS2 sectors, partner context, and calculated indicators for Iceland.

What is the latest reported export value for Iceland?

Iceland recorded $7.1B in reported exports in 2024.

Which markets receive the most exports from Iceland?

Netherlands leads by reported export value at $1.8B in 2024. Five destination lanes are highlighted.

Which sectors lead Iceland's exports?

Aluminium leads by reported value at $2.4B. Five HS2 chapters are highlighted.

How many years of Iceland trade history are available?

This sample contains 30 observed annual rows covering 1995 through 2024. Missing observations are not estimated.

Are the growth and exposure values forecasts?

No. They are calculated or classified from reported observations, not forecasts or market-access guarantees.

Continue your research

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Data source

OECD trade statistics with CEPII context

OECD (2025), Balanced international merchandise trade statistics (BIMTS) - HS2017-6D, OECD Data Explorer (accessed on 2026-08-28). OECD BIMTS is the primary trade series for this view. Supporting bilateral trade context uses CEPII BACI bilateral trade flows (202601) under Etalab 2.0 Open Licence. Yugalinks presents derived views of reported observations and calculated indicators. Data terms: OECD Terms & Conditions.